John Fredriksen's Frontline And Tankers Strategy For 2026 | Lars Barstad

We have the major shareholder, Mr. Frederickson, who is... and if you think about it, he could have been organized like a family firm, a family office, and it is to some extent organized like a family office, but all the key investments are stock-listed vehicles, not private vehicles. And why is it stock-listed vehicles? It's so messy. It's the demand for transparency, the demand for governance, the demand from investors and so forth. Well, it's an extremely efficient way to mark to market your portfolio whenever you want. You can literally just look at the stock exchange, and it also puts the transparency there so that everything that happens in the companies that you own a major share of is very transparent. And I've said it many times, but Frontline is shareholder driven, it's not management driven, it's shareholder driven. So it means that whatever we do, we do it to optimize the return the shareholder can have on the share. But one has to remember, we are a vehicle for people that want to invest in tankers. So it means that you also have to accept the volatility of the tank market, and mind you, we also try to stay spot exposed. So you know, Stan loved the flex story, loves the SFL Corp story, but with those companies you sleep well at night. Frontline, you should not sleep. Well, hopefully you sleep because you've made a lot of money, but you should stay on your toes. So basically our proposition to the market is to offer you a similar excitement as investing in a ship itself, because it's a straight-through processing of oil or tanker revenues straight through, with of course some cost has to be covered, and then it ends up being dividend.