Latest news with #NorShipping
Yahoo
26-06-2025
- Business
- Yahoo
'Britain has gone to hell': UK's ninth richest man moves business out of London
The UK's ninth richest billionaire, Norwegian-born shipping tycoon John Fredriksen, has said 'Britain has gone to hell' and has moved his business out of London in the latest worrying sign of the huge exodus of wealth from the capital. The 81-year-old, who owns one of London's most prestigious private homes, The Old Rectory in Chelsea, is now said to spend most of his time running his empire from the United Arab Emirates. The oil tanker magnate, whose wealth was estimated at around £13.7 billon in this year's Sunday Times Rich List, is the latest in a series of wealthy foreign-born London residents who are quitting the UK – or at least loosening their links – because of Labour's scrapping of the non-dom tax regime and their disillusion with Britain's poor economic prospects. He made his outspoken criticism at the Nor-Shipping event in Oslo earlier this month. Asked by Norwegian title E24 about his feelings for the UK, Fredriksen said: 'It's starting to remind me more and more of Norway. Britain has gone to hell, like Norway.' The billionaire, who became a Cypriot citizen nearly 20 years ago, added: 'I try to avoid Norway as much as I can.' The comments came after it emerged he has closed the London headquarters of Seatankers Management, one of his private shipping businesses, which was based on Sloane Square. Fredriksen, the son of an Oslo welder, left Norway in 1978 and bought his Grade II listed riverside Chelsea mansion for £37 million in 2001 from rival Theodore Angelopoulos of Greek tanker group Metrostar/Metrofin. The property is now estimated to be worth as much as £250 million, making it one of Britain's most valuable private residences. In 2004 former Chelsea owner Roman Abramovich reportedly offered £100 million for the home but was turned down. The home includes ten bedroom suites and a vast ballroom, as well as a swimming pool and a tennis court. The Old Rectory was once home to the rector of Chelsea parish church, and dates to 1725. Its secluded two acres of gardens are among the largest of any private home in London. Former rectors include when George Valerian Wellesley, brother of the Duke of Wellington and Charles Kingsley Sr, father of Charles Kingsley, author of the Water Babies. It is not thought to be currently on the market. Wellington is said to have planned the Battle of Waterloo on its lawns. In the interview Fredriksen, widely known as JF in the shipping industry, added: 'The entire Western world is on its way down.' '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'. Frederiksen got into oil trading in the 1960s in Beirut, before buying his first tankers in the 1970s. The father of twin daughters Kathrine and Cecilie made his fortune during Iran-Iraq war in the 1980s and become the world's largest tanker owner, with more than 70 oil tankers. The family also have major interests in oil rigs and salmon farming. A number of other wealthy Norwegians have also reportedly left London this year, according to E24. Billionaire Helene Odfjell, 59, the biggest shareholder in Odfjell Drilling emigrated to the UK in 1989 but is now said to be based in Lugano, Switzerland. She bought a home on Victoria Road in Kensington £3.75 million in 2002. Another Norwegian shipping billionaire Peter T. Smedvig, 78, reportedly moved to Stavanger in Norway in March having lived in London since 1991. His townhouse in Chelsea Square is on the popular shopping street Kings Road, according to Norwegian newspaper VG. The centuries old non-dom system that has allowed wealthy foreign-born British residents to shield their overseas assets and income from UK tax ended on April 6 this year. Its abolition has been blamed for an unprecedented exodus of millionaires from the UK. There has been particular anger that foreign assets placed in trusts have lost their exemption from inheritance tax. Wealthy Londoners who have reportedly decided to quit London include steel tycoon Lakshmi Mittal. Advisers Henley & Partners forecast that the UK will lose 16,500 high-net-worth individuals this year, more any other country. Sign in to access your portfolio
Times of Oman
04-06-2025
- Business
- Times of Oman
India Pavilion inaugurated by Crown Prince of Norway with Union Minister Sarbananda Sonowal in Oslo
Oslo: Union Minister of Ports, Shipping & Waterways (MoPSW), Sarbananda Sonowal, joined His Royal Highness (HRH) The Crown Prince of Norway, Haakon, in Oslo, on Tuesday to jointly inaugurate the India Pavilion at Nor-Shipping, a premium global maritime event. Marking India's first-ever participation in this premier global maritime event, the pavilion is designed to showcase the country's maritime strengths and serve as a platform to foster alliances and cooperation with international maritime players, enhancing India's capabilities in the sector. HRH The Crown Prince was accompanied by the Union Minister as both of them visited the stalls at the India pavilion. The Union Minister escorted the Crown Prince around the India Pavilion before taking him to show the National Maritime Heritage Complex (NMHC) model at the pavilion, which drew applause from the Norwegian Prince. The Crown Prince enquired about India's maritime legacy and quipped that 'India's four thousand years old maritime history is older than Norwegian Viking maritime tradition'. The NMHC, being developed at Lothal in Gujarat, is aimed at preserving and showcasing India's maritime heritage from the Indus Valley Civilisation up to this date. NMHC is dedicated to the legacy of maritime heritage of India. Speaking on the occasion, the Union Minister, Sonowal, said, "Under PM Narendra Modi ji's guidance, India is embarking on an ambitious maritime journey, one that is simultaneously rooted in our heritage and geared for the future. PM Modi ji's philosophy of "Vikas Bhi, Virasat Bhi", Development as well as Heritage, guides all our endeavours. It reminds us that as we build smart ports, modern ships, and digital infrastructure, we must also preserve and celebrate the ancient wisdom of our seas, our shipbuilders, and our sailors. India has a glorious maritime past that stretches back over 5,000 years, from the dockyards of the Indus Valley to the vibrant spice trade of the southern coast. In line with this philosophy, we are developing a world-class institution: the National Maritime Heritage Complex (NMHC) at Lothal, Gujarat." During his visit to the India Pavilion, The Crown Prince took a keen interest in India's recent economic performance and expressed admiration for the country's robust annual growth exceeding 8 per cent this year. The Crown Prince confirmed his upcoming visit to India later this year, accompanied by a high-level business delegation. As a gesture of goodwill, Union Minister Sarbananda Sonowal presented the Crown Prince with a commemorative plaque inspired by the Harappan civilisation. The Minister also extended an invitation to the Crown Prince to visit the upcoming NMHC and sought Norway's cooperation in the project's successful realisation. At the India Pavilion in the Nor-Shipping event, there are leading Indian maritime companies such as Cochin Shipyard Ltd (CSL), Garden Reach Shipbuilders & Engineers Ltd (GRSE), Goa Shipyard Ltd, Mandovi Dry Docks, and L&T Shipbuilding. They are accompanied by key MSME players in the maritime sector, including Chowgule & Company, Yeoman Marine Services, Shoft Shipyard, Marine Electricals, SEDS, SWAN Defence, Buoyancy Consultants, among others, showcasing the breadth and depth of India's maritime industry. Adding further, Sarbananda Sonowal said, "We see Norway not just as a maritime leader of the modern era, but as a natural and trusted partner in this journey. Your seafaring legacy, your pioneering spirit, from Viking longships to Arctic expeditions, is truly inspiring. India proposes a comprehensive partnership with Norway for the NMHC, encompassing three kinds of collaboration, Cultural collaboration, through exchange of maritime artefacts, archival material, and exhibitions that tell the story of global navigation and Indo-Nordic connections; Technological collaboration, drawing upon Norway's expertise in museum design, digital storytelling, sustainability, and heritage conservation; and Academic and institutional collaboration, with Norwegian museums and universities, to jointly promote research in marine archaeology, shipbuilding traditions, and conservation science. This is not merely a project, it is a living bridge between our civilisations, our innovations, and our visions for the future. I believe that with your partnership, India and Norway can together chart a new maritime horizon--one that is sustainable, inclusive, and inspired by heritage." During the Crown Prince's visit to the India Pavilion, Union Minister Sarbananda Sonowal also highlighted the special bilateral relationship that both countries enjoy with each other. India and Norway, as key maritime nations, share a robust and growing partnership. Norwegian shipowners have offices in India, with Indian seafarers making up 10% of their vessel crews. Indian shipyards, like Cochin Shipyard, have built several large Norwegian vessels, showcasing India's shipbuilding strength. The collaboration extends to the blue economy, with joint initiatives in marine spatial planning, pollution research, tsunami early warning systems, and deep-sea mining. The Joint Task Force on Blue Economy, established in 2019, continues to drive sustainable development and innovation in the maritime sector. Sarbananda Sonowal paid homage at the 'Minnehallen Memorial' in Stavern, Norway Union Minister Sarbananda Sonowal became the first Indian Minister to visit the 'Minnehallen Memorial' in Stavern, paying tribute to fallen sailors with solemn respect. Sonowal paid obeisance and remembered the 86 Indian seafarers who made the ultimate sacrifice during World War II. Speaking after the visit, Sarbananda Sonowal said, "It is an honour to visit the Minnehallen Memorial and pay tribute to the brave 94 Indian sailors who served with courage and sacrifice during World War II. Their legacy of dedication and commitment inspires us to strengthen maritime ties and uphold their spirit of resilience." During World War II, Indian seafarers formed the third largest foreign national group serving aboard Norwegian merchant ships. Most hailed from Punjab and Bengal, with a notable number of Christian sailors from Goa as well. At least 86 Indian seamen lost their lives in the line of duty. In honour of their sacrifice, the Norwegian government inscribed their names on copper plaques, which are now installed at the Minnehallen Memorial. The Seamen's Memorial Hall is Norway's official memorial in commemoration of the seafarers who perished during the First and Second World War. In the crypt of the memorial, 8000 names of deceased seafarers are engraved into copper plates.
