Cyprus will welcome the world's fourth largest shipping firm

John Fredriksen, a Cypriot naturalised billionaire, owns the company.

Frontline, owned by Cypriot citizen John Fredriksen, has opted to relocate its headquarters to Cyprus. The Norwegian-born millionaire wishes to take advantage of Cyprus's favourable tax regime.

According to a pertinent business release, Frontline is the fourth largest marine oil transport firm based in Bermuda that trades on the New York Stock Exchange. John Fredriksen intends to relocate his company's headquarters to Cyprus in order to take advantage of the island's tax policy, which is reportedly only available to tax residents.

The firm has one of the largest fleets in the world, with 82 tankers and an order for another 18. The Cypriot billionaire's Seatankers Group has a lengthy involvement in Limassol through the company Seatankers Management Co Ltd. In 2006, Fredriksen obtained Cypriot citizenship.

As previously stated, Fredriksen is now in the process of merging his company with rival Euronav, which is likely to be completed in the coming months. The combined company will own 69 extremely large crude oil tankers, 57 medium tonnage vessels, and another 20 vessels with capacities ranging from 80 to 120 thousand metric tonnes.

By fLEXI tEAM