Fredriksen may move to Cyprus

Fredriksen may move to Cyprus

The Fredriksen Group, led by shipping magnate John Fredriksen, is contemplating moving a significant portion, if not all, of its shipping operations from Norway to Cyprus, citing dissatisfaction with Norway’s framework conditions.

In a Finansavisen newspaper interview, Fredriksen expressed frustration over the nature of Norway’s regulatory environment, including sudden rule changes, fees and taxes, which hinder strategic planning and investment. He criticized the government for exacerbating conditions rather than fostering an environment conducive to business growth.

Norwegian Shipowners’ Association President Harald Fotland echoed concerns, emphasizing the potential loss to Norway’s shipping industry if Fredriksen were to relocate operations, chartering and activities out of the country.

Fredriksen, who holds Cypriot citizenship and lives in London, highlighted what he sees as Norway’s deteriorating maritime environment, exacerbated by burdensome taxes and duties that hinder recruitment efforts in shipping. An internal assessment is under way within the group to determine a feasible localization strategy should conditions in Norway remain unfavorable.  ekathimerini

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