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Shipping magnate brings his daughter onto the board

The daughter of a billionaire shipping magnate has joined the board of her father's company. Kathrine Fredriksen, 24, has been made a director of Frontline Ltd, the Bermuda-based shipping company owned and run by her father, John Fredriksen.

She is replacing Tor Olav Trøim who joined the company in 1997 but has resigned to concentrate on various other roles in the Fredriksen empire. The company has said that Trøim will continue to support the board in financial matters and will act as an alternate director for Kathrine Fredriksen

Kathrine currently works for London-based Arcadia Petroleum, part of the Fredriksen empire. She is a graduate of the Wang Handels Gymnas in Norway and has studied at the European Business School in London. Her twin sister, Cecilie, is a director of the Fredriksen-controlled Aktiv Kapital, a collection agency based in Oslo.

The twins, who have been involved in their father's empire for several years, are heirs to one of the largest business fortunes in the world. John Fredriksen is worth an estimated $7 billion.

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