Renowned shipowner John Fredriksen is now worth close to NOK 200bn ($20.3bn) after shares in tanker and gas companies rose sharply.
An investigation by Norway's Finansavisen has calculated the worth of the London-based tycoon’s public and private investments to come up with the figure.
Fredriksen and daughters Cecilie and Kathrine Astrup Fredriksen saw their fortunes boosted by rises in the stock and property markets, but shipping and offshore continued to be the mainstay of their empire.
Finansavisen believes the net worth of the Fredriksen group rose by up to NOK 18bn last year.
The newspaper admits it is not easy to keep track of Fredriksen’s wealth, as a significant proportion comprises private funds both inside and outside the Hemen Holding and Seatankers structure.
Of the near-NOK 200bn total, NOK 160bn is held within Greenwich Holdings.
Shareholdings in tanker companies Euronav and International Seaways have gained in value, as has his stake in drilling company Valaris.
Taken together with his Frontline tanker company, the tanker stakes have risen by more than NOK 9.6bn in a year as the owner plots a combination with Euronav.
Fredriksen has also invested significant funds directly in oil shares and in funds focused on shipping and oil.
Then there is his residence in London — the Old Rectory — plus houses in Spain and Cyprus, a private jet, and art and other valuables privately owned by the family.
The fortune is enough to place Fredriksen at number 75 on Bloomberg’s list of the world's richest people.
Fossil fuels not going away
“Demand for raw materials such as coal, iron ore and oil has grown steadily in line with global development for decades,” Fredriksen told Finansavisen in August last year.
“I know we are facing a shift towards more sustainable growth, but it will take time and we can see the effect of the desire for rapid changes now, especially on energy prices. One can easily forget that the densely populated parts of the world are completely dependent on fossil fuels, and will be so for a long time to come.”
The total value of investments in Oslo-listed gas carrier companies Flex LNG and Avance Gas have almost doubled to NOK 12.7bn over the last 12 months.
Fredriksen also owns shares in companies including Equinor, Aker BP and Shell.
Dividends from Seatankers group companies amounted to NOK 4.5bn in 2022.
Bulker company Golden Ocean Group paid out almost NOK 2bn.
