In 2015, ICAP's shipping business completed a joint venture with rival shipbroker Howe Robinson, following Clarkson's acquisition of Norwegian broker RS Platou and Braemar Shipping Services' acquisition of ACM Shipping in 2014. Fredriksen is among the world's top players in shipping, with many interests controlled via his Fredriksen Group, including rig firm Seadrill, tanker company Frontline and dry bulk carrier Golden Ocean. Separately, on Tuesday, JP Morgan downgraded Golden Ocean's shares to "Underweight" from a prior rating of "Neutral." Morgan Stanley made the same move in December. The firm's quarterly earnings released in November were a loss, and well below analyst expectations. Golden Ocean lists a fleet of 43 vessels as of January 26, including 20 capesize bulkers, the hardest-hit vessel class.