This story is part of Forbes’ coverage of Hong Kong’s Richest 2023. See the full list here.

Hong Kong-based shipping mogul Helmut Sohmen’s wealth increased 53% to $5.5 billion amid soaring demand for maritime services offered by over a dozen companies under his BW Group. Sanctions against oil shipments from Russia following its invasion of Ukraine sent buyers scrambling for alternative supplies from the Middle East and the U.S. The resulting shortage of vessels drove up freight rates for transporting oil and gas. Shares of Hafnia and BW LPG, Oslo-listed companies controlled by BW Group, surged 217% and 76%, respectively, in a year as their earnings skyrocketed.

For the first nine months of 2022, Hafnia’s revenue more than doubled to $1.26 billion from a year earlier and the tanker company swung into the black with a net profit of $488 million. BW LPG, which boasts the world’s largest fleet of liquefied petroleum gas (LPG) carriers, posted double-digit net profit and revenue growth for the same period. In its earnings presentation, BW LPG affirmed its positive outlook for 2023, underpinned by strong export growth from the U.S. and the Middle East as well as rising demand from China. Austria-born Sohmen handed over the reins of BW Group to his son, Andreas Sohmen-Pao, in 2014.