Richest shipping tycoons: The shipping industry has been on a downward spiral for the last five years due to overcapacity, which has in turn depressed the freight rates. The slump, however, is poised to end in 2014 according to analysts. Good news for shipping magnates and key shipping firms like TMT group who filed for bankruptcy amid the distress.
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Despite the hard-hitting effects of the plunge, we still have a good number of shipping magnates who have reaped their enormous wealth from shipping. We combed through the internet and came up with a list of the 10 richest shipping tycoons.
1. John Fredriksen Net Worth: $15 Billion
He took a dip in the shipping industry in the 1960s where he worked as a trainee in a ship broking firm. A decade later, John Fredriksen striked out on his own and bought his first tankers. Today, he stands proud as the owner of the largest oil tanker fleet in the world, which has significantly bolstered his wealth status.