However, the shipping titan still has a fortune worth around £7.2bn, according to The Sunday Times Rich List.

The annual review by the British broadsheet seeks to detail the fortunes of the 1,000 wealthiest individuals and families in Britain.

Despite the huge declines in his fortune shipping the Norwegian tycoon is still the eleventh richest man in Britain.

However, Fredriksen’s decline in net worth was the largest among the top 25 billionaires and pushed him down from the sixth place he held in 2014.

The