The Mosvold family of Kristiansand is following in the footsteps of John Fredriksen and Tor Olav Troim by hunting for cheap offshore assets as Mosvold Shipping group exits the bulker market after three year of losses.

“The downturn in offshore and oil services lasted longer and became more serious than what many had expected,” Mosvold Shipping boss Morten Borge told Norwegian daily Finans­avisen.