John Fredriksen: Norway’s controversial Viking king

Norwegian shipping magnate John Fredriksen is no stranger to controversy. But has he bitten off more than he can chew in his showdown with President Obama?

In an industry where "leaders' risk appetites rival only their personalities for size, it would be easy to mistake John Fredriksen for a mere buccaneer", says the Financial Times. The world's most closely watched ship-owner "a bear-shaped man whose lived-in look lends credence to stories of his large capacity for drink" has a reputation for undertaking deals that few rivals would contemplate. Yet by following his more cautious instincts for a change, Norway's "Viking King" seems to have played a blinder.

Shipping is notoriously cyclical, but "there's been no cycle like this one", says Forbes. As the owner of the world's largest oil tanker fleet, Frontline, Fredriksen like everyone else made a killing during the years of economic boom. But the speed of the subsequent ruinous bust shocked everyone. According to Fredriksen's right-hand man, Tor Olav Trim, the shipping industry hasn't been in such bad shape since Europe was gripped by the Black Death. "The market," says Fredriksen, "has collapsed totally." Yet his fortune is up 180% in the past three years. How?

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