Shipping magnate John Fredriksen has seen his wealth grow substantially in a very positive year for shipping.
The Norwegian-born businessman is now worth NOK 230bn ($22bn), according to Norwegian daily Finansavisen’s annual audit of his public and private operations.
The figure was NOK 200bn at the end of 2022.
This year saw shares in tanker and gas carrier companies rise steeply in hot markets.
These gains added NOK 17bn to the total, including dividends.
Gains have also been made in oil services, fish farming group Mowi and the private share portfolio.
Bonds and property have also been crucial.
Fredriksen’s fortune grew by NOK 20bn in 2022 and $3bn in 2021, Finansavisen reported.
Dividends from shares held in US tanker company International Seaways boosted the total in 2023, as did the major holding in Belgian tanker owner Euronav, which has now been sold for added liquidity.
Huge loans were arranged to pay the $2.35bn bill Fredriksen’s Frontline incurred for 24 VLCCs acquired from Euronav as part of that transaction.
Analysts believe these ships could soon be worth $350m more than the price tag as asset values continue to rise.
Avance Gas gains
Fredriksen also has a 10%-plus slice of Swedish property group Fabege valued at $360m.
Tankers enjoyed another strong year on the back of disruption arising from the war in Ukraine, while VLGCs saw record rates largely due to Panama Canal delays.
Oslo-listed Frontline has added NOK 5.1bn to Fredriksen’s wealth this year, plus dividends amounting to NOK 2.2bn.
And VLGC owner Avance Gas holding has risen to around NOK 4.3bn in value.
Thorolf Aurstad, chief financial officer of Fredriksen’s private Seatankers company, told the newspaper in June that the group had built up good positions in its sectors.
Fredriksen, 79, son of a welder and canteen worker, started in shipping at 17 when his father told him about a job advert from shipbroker Blehr & Tenvig for a courier.
The tycoon, now a Cypriot citizen, lives in London.
Other companies in the group include bulk carrier player Golden Ocean Group, Flex LNG and shipowner SFL Corp.
He also counts drill ship company Valaris among his investments.
Fredriksen owns a residence in London, the Old Rectory, plus houses in Spain and Cyprus, art and other valuables.
