King of tankers John Fredriksen 'considering relocating his business to Cyprus'

Norwegian-born Cypriot national shipowner John Fredriksen, the so-called "king of tankers" appears to be considering Cyprus as a potential ‘port’ for part or even the whole of his shipping empire.

More specifically, according to reports in the Norwegian press, John Fredriksen is said to be considering the possibility of transferring most or all of his businesses to the island, as a result of new tax rules introduced by the Norwegian government. The reports said Fredriksen has indicated he considers the new legislation making it impossible for him to implement his business strategy and planning.

Based on the same publications, Fredriksen has conveyed his dissatisfaction with the new tax requirements to the Government of Norway, leaving open the possibility that this dissatisfaction may even lead to the end of the activity of part or all of his businesses in the country and their transfer to Cyprus.

It is noted that John Fredriksen, with a fortune worth 13.5 billion dollars, is the world’s richest Cypriot since he has been a Cypriot citizen since 2006. Although he lives in London, a large part of his shipping business is based in Oslo.

It is worth pointing out that the mere possibility of him moving his business from Norway has caused strong concern in the Scandinavian country’s business community, especially the shipping community.

Indicative is the statement of the president of the Norwegian Shipowners Association, Harald Fotland, who sounded the alarm speaking to the Norwegian business publication Finansavisen.

"It would be a loss for the Norwegian shipping community if Fredriksen ends up moving his operations out of the country," Fotland is quoted as saying.

On the other hand, it is easy to see what a possible decision by John Fredriksen to transfer his companies to our island would mean for Cyprus and especially for the country’s shipping sector.

• John Fredriksen

The Norwegian-born shipowner John Fredriksen acquired Cypriot citizenship in 2006 and became the richest Cypriot, with his fortune today reaching 13.5 billion dollars.

He was born in Norway but lives in London and is considered to be the ‘king of tankers’.

Fredriksen is a self-made entrepreneur who first entered the oil business in the 1960s in Beirut.

He purchased his first tankers in the 1970s and provided crude oil to Iran in the 1980s.

Frederiksen is active in shipping, and energy (oil, gas and coal), is a major shareholder in the world's largest fish farming company, MOWI, and a shareholder in Norwegian Air.

His empire today includes oil tankers, dry cargoes, LNG carriers and deepwater drilling.

(Source: InBusinessNews)