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Property tax kills shipowner's plans

Norwegian shipowner John Fredriksen drops his plans of moving his business back to Norway due to the huge property tax he would be required to pay.

Norwegian Fredriksen is one of the world’s largest shipowners, but much of his business is conducted abroad. The Norwegian financial paper Dagens Næringsliv quotes Shipbroker Peter M. Anker stating that Fredriksen had plans to collect his business in Norway, but he has now given up on the plans.

Anker now fears that Frontline Management may be moved from Oslo also. This company is responsible for the daily management of the listed tank shipping line Frontline which is registered in Bermuda.

“I have discussed this with Fredriksen, who was aware that I would post the problems at Ansgar Gabrielsen’s (minister at the Ministry of Trade and Industry) meeting regarding the new note on the shipping industry,” Anker said to the paper.

According to Anker, Fredriksen would have to pay as much as NOK 16,000 (USD 2285) per hour, amounting to NOK 140 million (USD 20 million) annually in property tax, based on the current regulations, if he was to move back to Norway.

Frediksen is currently living in London, but he also has houses in Spain and on Cyprus.

Much indicates that if there would be a move to Norway, the gas shipping line Golar Ing and Fredriksen’s Spanish chemical tank shipping line would have been moved to Oslo.

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