Early Life
John Fredriksen was born on May 10, 1944, in Oslo, Norway, to a welder and his wife. He later became a Cypriot citizen. His early exposure to the shipping industry began with his initial ventures in oil trading in Beirut during the 1960s.
Rise to Success
Fredriksen's career took off during the Iran-Iraq War in the 1980s, when he transported oil at great risk, amassing substantial profits. He purchased his first tankers in the 1970s and grew his fleet to over 70 oil tankers. His wealth expanded by strategically acquiring distressed assets and skillfully timing market cycles.
Key Business Strategies
Fredriksen's business strategy has been marked by his willingness to take calculated risks, particularly during volatile periods in the shipping industry. He has focused on assets with global demand, employed creative funding strategies, and maintained flexibility to adapt to changing market conditions. His approach has involved diversifying his portfolio beyond oil tankers, including interests in offshore drilling, fish farming, and dry bulk shipping. Fredriksen has shown a strong ability to manage and expand his investments through his holding companies, Hemen Holdings and Meisha.
Philanthropy
Fredriksen has shown support for medical research through donations to hospitals in Norway. His twin daughters, Kathrine and Cecilie, have also been involved in philanthropy and family business, focusing on diversifying the portfolio beyond shipping and offshore operations.