Wealth is building for Norwegian-born businessman John Fredriksen, whose main part of investments links to shipping.

Norwegian media Finansavisen has leafed through his empire and tallied the combined asset value of the Fredriksen group to near NOK 200bn (USD 20.2bn).

His holdings in listed oil carriers Frontline, Euronav and International Seaways have been an extraordinary good business for him, Finansavisen writes.

Carriers are currently benefitting from skyrocketing freight rates of crude oil following the Russian invasion of Ukraine.

The sanctions against Russia has prompted western countries to obtain oil from more faraway suppliers causing carrier earnings to go up, as longer distances mean more days at sea.

Fredriksen also owns major parts of gas tanker Flex LNG and Avance Gas, which are also profiteering on the current energy crisis.

The 79-year-old business exec also controls major bulk carrier Golden Ocean as well as a chunk of offshore drilling contractor Valaris.

Additionally, Fredriksen has invested in real estate and salmon producing, which is a billion-dollar industry in Norway. He also holds a large position in airline Norwegian, which has been struggling on the stock exchange this year.

John Fredriksen is a Norwegian-borne Cypriot citizen.

English edit: Simon Øst Vejbæk

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