Energy News Beat
Norway’s richest man, John Fredriksen, has launched a blistering critique of the state of life in both Norway and the UK, confirming he is relocating some of his business to the United Arab Emirates to escape what he sees as a Western world in steep decline.
The 81-year-old shipping magnate spoke candidly to Norwegian title E24 this week at Oslo’s Tjuvholmen waterfront, where he was attending Nor-Shipping events.
“I try to avoid Norway as much as I can,” Fredriksen said flatly when asked about the Norwegian government’s decision to sell its stake in airline Norwegian, in which he is the largest private shareholder.
Having long called London home, Fredriksen revealed he has now moved some of his business to the UAE, citing Britain’s new tax regime as a key factor behind the move—but not the only one. Late last year, he closed the London headquarters of Seatankers, one of his private shipping concerns.
“Britain has gone to hell, like Norway,” Fredriksen said, expressing dismay over what he sees as creeping dysfunction in both countries. He accused both governments of overseeing environments where initiative is stifled and excessive regulation dominates.
Fredriksen didn’t mince words when assessing the broader picture. “The entire Western world is on its way down and home,” he said, lamenting what he sees as a weakening work ethic and complacency in developed nations.
He criticised the rise of remote work, calling instead for a return to traditional office culture: “People should get up and work even more, and go to the office instead of having a home office.”
Asked about his views on Donald Trump and trade policy, the shipping tycoon dismissed them as “completely hopeless.”
Fredriksen’s disillusionment with Norwegian politics and society runs deep. “I gave up on them a long time ago,” he said, noting his departure from the country in 1978. “It has only gotten worse. Norway is completely uninteresting,” he added, with the only positive remark reserved for the country’s public-sector workers: “Norway is good for those who work for the state.”
Despite his harsh words, Fredriksen’s shipping empire remains tightly linked to Norway. He retains major stakes in companies such as tanker giant Frontline and seafood powerhouse Mowi.
Fellow shipowner Arne Blystad was among those present at the event. He described Fredriksen’s attitude as unchanged despite the geographic shift. “He is a bull, as always,” Blystad told E24, referencing Fredriksen’s famously aggressive business style.
Fredriksen, arguably the most famous name in shipping, does not give media interviews often but has used his trip to Nor-Shipping to get a number of issues off his back.
Fredriksen sharply criticised Norway’s political climate for maritime business in an interview on Sunday with Finansavisen, a leading Norwegian business daily.
Fredriksen, now a Cypriot citizen, declared: “The framework conditions for shipping in Norway have never been weaker than they are now.” His remarks come as frustration grows within Norway’s maritime sector over what many perceive as eroding state support and a dwindling talent pipeline.
Fredriksen’s warning reflects a wider unease among Norwegian shipowners, who have long felt sidelined by government policies seen as unfavourable to the shipping industry. His comments coincide with mounting concerns over a shortage of qualified maritime professionals, a shrinking domestic investor base, and the diminished role of the Oslo Stock Exchange in global shipping finance.
“Shipping is almost wanted away,” Fredriksen stated, suggesting that successive regulatory decisions have alienated a sector traditionally seen as one of Norway’s most important industries.
Fredriksen also shared with Finansavisen his current investment strategy, telling the newspaper: “We are opportunistic and look for good investments—not necessarily control.” He explained his group’s recent surge in equity purchases across multiple maritime and offshore companies including Star Bulk Carriers, International Seaways and offshore driller Valaris.
Fredriksen’s strategy focused on undervalued shipping equities, with the expectation of strong returns as supply tightens and geopolitical volatility reshapes global trade flows.
“It can be valuable to have gas in the tank when others run out,” he noted, suggesting that liquidity and timing will be critical differentiators in the coming years.
“Shipping has always been cyclical,” he said. “The question is who’s prepared when the cycle turns.”
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