LONDON, Dec 20 (Reuters) – Private oil trading company Alta Trading, controlled by shipping tycoon John Fredriksen, is winding down its operations after taking losses on market positions despite clocking up a profit earlier this year, three industry sources familiar with the matter said .
A spokesperson for 78-year-old Fredriksen, who has been one of the world’s most successful investors in shipping markets for decades, declined to comment.
The winding down of Alta Trading was first reported by Bloomberg news.
Alta Trading was formerly known as Arcadia Trading.
Arcadia had a total annual turnover of $20 billion-$25 billion in 2013, according to one estimate reported by Reuters.
Alta Trading, which specializes in trading petroleum and related products, operates from headquarters in London and offices in Houston, its website said.
Alta Trading UK Ltd reported a post-tax profit for the year to end March of $34.2 million in 2022, versus $23.8 million in 2021, according to a filing with Britain’s Companies House.
Gross sales for the period to end March reached $705.4 million versus $562.6 million in the same period in 2021, the filing showed.
Reporting by Julia Payne and Jonathan Saul; editing by David Evans
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