A special report from Lloyd s List| lloydslist.com | Thursday 24th May, 2012
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bringing you maritime news as it happens
CONTENTS INCLUDE...
A special report from Lloyd s List | lloydslist.com | Thursday 24th May, 2012
Oslo takes centre stage but Norways
shipping prowess is nationwide 2
Oslo remains dedicated to
shipping finance 4
DNV turns its hand to
other areas 6
Two Oslo companies that share a
common characteristic 7
MARITIME
CENTRES: OSLO
Oslo takes
centre stage
but Norway’s
shipping
prowess is
nationwide
OSLO may be the capital of Norway, but it is not the only maritime cluster in the Scandinvian country. Unlike many other nations that have a single major maritime cluster, Norway can boast a number, although three centres are dominant. There is the Bergen cluster, the Ålesund/More cluster and Oslo. There is also shipping activity in Stavanger, Grimstad and in the far north of the country as Norwegian expertise in the Arctic gains more recognition.
While Ålesund is focused today on the offshore sector and Bergen is a ship operators’ cluster – albeit with ancillary and important businesses — Oslo is the Norwegian maritime centre that competes on the international scene and in turn ensures that the other Norwegian clusters thrive.
Oslo is where financial institutions remain faithful to shipping,
supporting the industry despite challenging times.
Oslo is where Norwegian maritime high-level competence congregates, both with leading insurance, brokerage, classification and legal competence. It is home to Nordea, DnB Nor, Pareto, RS Platou,
Fearnley’s, DNV, and Wikborg Rein. There are still some shipowners in Oslo, but these tend to be the ones with international operations — the Höeghs, Wilh. Wilhelmsens and the John Fredriksen-led outfits, though many people have long pointed to his businesses being more international than Norwegian.
The Nor-Shipping commissioned report by Menon Business Economics ranked Oslo number two, after Singapore, for the top maritime clusters in the world, ahead of London, Hamburg, Hong Kong and Athens. The report named Oslo the top cluster for shipowners and maritime finance.
It is ironic then to point out that only about 3% of the Oslo population is employed in the shipping sector, compared with more than 40% in Ålesund/More.
Generally, Oslo companies are the ones that employ high-salary staff with highly influential jobs. The Norwegian west coast clusters with their remaining shipyards and high level technology business have labour intensive roles.
Norway as a whole has
experienced a structural shift towards the offshore sector. There are very few new shipowners of the traditional sort, namely listed or family run, but there are new businesses emerging in the offshore sector. Many of these are Oslo listed, and some even have their head offices in the city while
operating their businesses through satellite offices around the world.
Menon managing director Erik Jakobsen points out that there is very high liquidity in the financial markets in Oslo, particularly compared with New York and London where financial
players have abandoned shipping. The result is that businesses are keen to retain a presence in Oslo as this is where they stand a good chance of raising capital.
The integration of the maritime services companies and the shipping sector in Oslo and in Norway as a whole is one of the reasons the country has such a strong international presence.
Government support for shipping in Oslo is minor, but it has done three things to enhance the cluster. The government has implemented two aspects of European maritime policy, namely the European tonnage tax regime and a set a net wage for seafarers.
The third development has been to co-operate with industry in research and development and education in
co-operation with the Norwegian clusters. This is important for the knowledge clusters in Norway, namely Trondheim, Ålesund and the High North as the country pushes forward with its arctic development, but has a positive effect on Oslo as the financial, insurance and ancillary service centre are subsequently strengthened.n
www.lloydslist.com/specialreports
Oslo may rank number
two in the world, but the
Norwegian capital is one
of several maritime
clusters in the country
CRAIGEASON
2
Maritime Centres: Oslo
Thursday May 24, 2012 Lloyd’s List
lloydslist.com/specialreport
bringing you maritime news as it happens
Bridging the gap: the liquidity of Oslo’s financial markets means that many offshore companies are keen to retain an Oslo base. Bloomberg
Expansive outlook: Norway as a whole has experienced a move away from traditional shipping sectors towards the offshore arena. Shutterstock
Oslo takes
centre stage
but Norway s
shipping
prowess is
nationwide
OSLO may be the capital of Norway, but it is not the only maritime cluster in the Scandinvian country. Unlike many other nations that have a single major maritime cluster, Norway can boast a number, although three centres are dominant. There is the Bergen cluster, the Ålesund/More cluster and Oslo. There is also shipping activity in Stavanger, Grimstad and in the far north of the country as Norwegian expertise in the Arctic gains more recognition.
While Ålesund is focused today on the offshore sector and Bergen is a ship operators’ cluster – albeit with ancillary and important businesses — Oslo is the Norwegian maritime centre that competes on the international scene and in turn ensures that the other Norwegian clusters thrive.
Oslo is where financial institutions remain faithful to shipping,
supporting the industry despite challenging times.
Oslo is where Norwegian maritime high-level competence congregates, both with leading insurance, brokerage, classification and legal competence. It is home to Nordea, DnB Nor, Pareto, RS Platou,
Fearnley’s, DNV, and Wikborg Rein. There are still some shipowners in Oslo, but these tend to be the ones with international operations — the Höeghs, Wilh. Wilhelmsens and the John Fredriksen-led outfits, though many people have long pointed to his businesses being more international than Norwegian.
The Nor-Shipping commissioned report by Menon Business Economics ranked Oslo number two, after Singapore, for the top maritime clusters in the world, ahead of London, Hamburg, Hong Kong and Athens. The report named Oslo the top cluster for shipowners and maritime finance.
It is ironic then to point out that only about 3% of the Oslo population is employed in the shipping sector, compared with more than 40% in Ålesund/More.
Generally, Oslo companies are the ones that employ high-salary staff with highly influential jobs. The Norwegian west coast clusters with their remaining shipyards and high level technology business have labour intensive roles.
Norway as a whole has
experienced a structural shift towards the offshore sector. There are very few new shipowners of the traditional sort, namely listed or family run, but there are new businesses emerging in the offshore sector. Many of these are Oslo listed, and some even have their head offices in the city while
operating their businesses through satellite offices around the world.
Menon managing director Erik Jakobsen points out that there is very high liquidity in the financial markets in Oslo, particularly compared with New York and London where financial
players have abandoned shipping. The result is that businesses are keen to retain a presence in Oslo as this is where they stand a good chance of raising capital.
The integration of the maritime services companies and the shipping sector in Oslo and in Norway as a whole is one of the reasons the country has such a strong international presence.
Government support for shipping in Oslo is minor, but it has done three things to enhance the cluster. The government has implemented two aspects of European maritime policy, namely the European tonnage tax regime and a set a net wage for seafarers.
The third development has been to co-operate with industry in research and development and education in
co-operation with the Norwegian clusters. This is important for the knowledge clusters in Norway, namely Trondheim, Ålesund and the High North as the country pushes forward with its arctic development, but has a positive effect on Oslo as the financial, insurance and ancillary service centre are subsequently strengthened.n
www.lloydslist.com/specialreports
Oslo may rank number
two in the world, but the
Norwegian capital is one
of several maritime
clusters in the country
CRAIGEASON
lloydslist.com/specialreports
bringing you maritime news as it happens
Bridging the gap: the liquidity of Oslo’s financial markets means that many offshore companies are keen to retain an Oslo base. Bloomberg
Expansive outlook: Norway as a whole has experienced a move away from traditional shipping sectors towards the offshore arena. Shutterstock
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4
Maritime Centres: Oslo
Thursday May 24, 2012 Lloyd’s List
Lloyd’s List Thursday May 24, 2012
Maritime Centres: Oslo
5
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bringing you the maritime news as it happens
Oslo remains
dedicated
to shipping
finance
FOR the whole shipping industry, as much as that focused on Oslo, traditional financing through loans from shipping banks has shrunk.
Private equity, the bond markets and export credit seems to be picking up some of the slack. But, according to some experts, there is more demand than available credit.
Banks’ willingness to undertake loans has withered, with new front runners emerging, namely two Oslo-based shipping banks — Nordea and DnB NOR.
The two banks rank first and second in the last Dealogic tables of syndicated loans, even if the overall values of these loans has fallen. Currently, shipping accounts for 2.5% of the whole lending portfolio of Nordea.
In February, Nordea’s head of syndicated loans Ronny Björnådal told an audience at a Nordea seminar in Stockholm that while Nordea may have some appetite for loans, there are certainly fewer syndication partners available.
Some of the banks that have exited shipping altogether still retain a position in some of the Nordea-led syndicated loans, he said. This may increase refinancing risks, but is otherwise leading to the liquidity gap.
Oslo-based Norwegian Guarantee Institute for Export Credits, GIEK, recently announced that by the end of 2011 the total amount of guarantees reached NKr75.3bn ($12.5bn), up NKr16.4bn from the previous year.
In the first quarter of this year the institute issued 42 guarantees, at a total of NKr4bn.
In the first quarter, there were a surprising number of bond
placements as shipowners looked to raise capital through debt.
With more than NKr3bn in bond activity in the first three months, shipping and offshore took the lion’s share of these as owners looked to strengthen their bank accounts. The companies were however those with as solid reputation in the country: Odfjell, Stolt-Nielsen, Teekay and others.
It is clear that while other financial centres have seen the appetite for shipping investment diminish, in Oslo it may have slimmed down but it still
exists albeit for companies with a solid reputation.
The Norwegian financial houses are keen players in the offshore and shipping sectors, so while they are not as big as some of the other financial institutions around the globe, they are big in the eyes of the shipping
community.
The offshore sector is commanding the most attention, with rigs being the hot thing. Another growth area for financiers is natural gas.
The Oslo financial market is also showing patience with established shipowners that require help riding out the storm. The Camillo Eitzen Group, now known as Jason Shipping, took to the markets in a bid to stave off creditors, a move that saw it push through a huge restructuring move that led to a reverse share split, the sale of most of its divisions and the eventual move out of Aker Brygge and a name change.
The Eitzen name still remains in the parent group’s listed daughter companies, Eitzen Chemical, and Eitzen Maritime Services, which are both listed on the Oslo exchange.
Oslo-based Norwegian Car Carriers and Wilh. Wilhelmsen have both made use of the willingness of the Norwegian financial market to invest in shipping, as has Höegh LNG, the gas carrier division of the de-listed Höegh Group. The high investment needed for the company’s LNG and floating production storage offloader plans saw it re-list its gas division last year to raise capital.
However, it is worth noting that Nordea’s head of shipping, offshore and oil services Hans Christian Kjelsrud said earlier this year that while there is liquidity and while there is capital, either through equity, bonds or listings to varying degrees, it is only available to the top-tier companies.
But despite this drive to take loans and accept bonds from a select few, there is still the appetite for ship finance, says Menon Business Economics managing director Erik Jakobsen.
“There are more providers in Oslo linked to the maritime and offshore industries, “ says Mr Jakobsen.
“There may not be as many corporate finance houses or banks as in other financial capitals, but they are more dedicated to the maritime sectors,” he said.
“Bonds, equity and mergers and acquisitions. These are the areas that are doing well,” he says.
In total, the Oslo exchanges — there are two of them — have 25 owners listed on the Oslo Shipping Index. Of these one, Golar LNG, is in the process of delisting, and two companies have a double listing — Wilh Wilhelmsen and Odfjell.
There are however 60 companies listed under the Oslo Exchange’s energy index, which not only includes offshore drilling outfits, but also the offshore support vessel owners, shore-based maritime technology groups, and even Sinoceanic Shipping which has switched to becoming a container vessel tonnage provider in the last year.n
www.lloydslist.com/finance
Oslo’s appetite for
shipping investment
may have slimmed down
but it still exists albeit
for companies with a
solid reputation
OSLO DOESN’T DO IT SOLO
OSLO DOESN’T DO IT SOLO
Ålesund
Ulsteinvik
Eggesbonnes
Volda
Moltustranda
15.2m
52.5m
18.5m
18.4m
14.4m
14.4m
14m
13.7m
13.6m
12.3m
Oslo Mongstad Narvik Sture Kaarsto Stavanger Sola Slagen Åsgard Haugesund 0 10m 20m 30m 40m 50m 60mTOP 10 PORTS 2011
By called dwt
Oslo may be the capital of Norway but the country’s maritime prowess is spread across several maritime clusters
All dwt refers to the sum of dwt that has called at a port Source: Lloyd’s List Intelligence
42.6m
21.
7m
17
.6m
53.3m
50
.7
m
22.1m
5.4m
1
5.
7m
15
9.
7m
Bul k C ont ainer G as T anke r Gener al C ar go Other P as seng er R eef er Ro Ro T anke rPORT CALLS BY VESSEL TYPE
By called dwt
Bergen
Mongstad
Kaarsto
Stavanger
Slagen
Sola
Haugesund
1
5
6
8
7
10
Sture
3
Narvik 2
Åsgard 9
160 120 80 40 0of the population of
Ålesund is employed
in the shipping, maritime
or offshore sectors
over
40%
of the population of Oslo
is employed in the
shipping or shipping
service sectors
TOP 10 BENEFICIAL
OWNERS
By live dwt
Kristian Gerhard Jebsen Skipsrederi
3.7m dwt
Knutsen OAS Shipping
3.3m dwt
Nordic American Tankers Limited
3.1m dwt
Golden Ocean Group Limited
2.2m dwt
Stolt-Nielsens Rederi
2.1m dwt
Westfal-Larsen & Company
1.6m dwt
Odfjell SE
1.6m dwtSpar Shipping
1.4m dwtWilh. Wilhelmsen
1.2m dwtViken Shipping
1.2m dwtALL LISTED COMPANIES IN
OSLO SHIPPING INDEX
Aker Philadelphia
Awilco LNG
American Shipping Co
Belships
Eitzen Chemicals
Frontline
Golden Ocean
Golar LNG
Green Reefers
Hoegh LNG
Hurtigruten
IM Skaugen
Jinhui Shipping and Transportation
Jason Shipping
Norwegian Car Carriers
Odfjell
Royal Caribbean
Saga Tankers
Stolt-Nielsen
Solvang
Star Reefers
Wilh. Wilhelmsen
BERGEN HAUGESUND SANDEFJORD OSLO BERGEN BERGEN BERGEN BERGEN BERGEN OSLOOSLO 4
only
3%
“There are more providers in
Oslo linked to the maritime
and offshore industries.
There may not be as many
corporate finance houses or
banks as in other financial
capitals, but they are more
dedicated to the maritime
sectors”
Erik Jakobsen, Menon
6
Maritime Centres: Oslo
Thursday May 24, 2012 Lloyd’s List
lloydslist.com/specialreport
bringing you maritime news as it happens
Generation planning
key to Oslo’s future
THE Youngship organisation, a rapidly expanding network of young executives around the world, is testament perhaps to Oslo’s optimism, certainly its enthusiasm.
It was founded a number of years ago, but only in past two years has it really begun to flourish, and that drive has largely come from Norway, and Oslo in particular.
Over the last year, the organisation has grown its links with young executives in Brazil, Singapore and many other shipping centres.
Having expanded into an international organisation, former Youngship Oslo president Birgit Liodden has become the first secretary-general of Youngship International.
Ms Liodden was the winner of the leadership award this year from the Norwegian branch of WISTA in recognition of her work to raise the
profile of the shipping industry to the younger generation, especially attracting more women to careers in the shipping.
Oslo is still one of the larger Youngship groups, and one reason for this is the existence of a strong culture and structure for training and development of young potential in the city.
Oslo is one of nine maritime centres identified in Norway, a surprise number given the relative size of the Norwegian population compared to other countries with a dominant maritime sector.
Yet in Oslo only 3% of the population is employed by the shipping or shipping service sectors. In Ålesund over 40% of the
population is employed in the shipping, maritime or offshore sectors.
The difference is that employees in
Oslo will be more highly paid, high production, high level executives, working in capital intensive roles.
Norway has run a maritime training programme for the last eight years, which is credited for ensuring that the younger generation believe there is still a future in the industry and that a shipping career does not have to start with an obligatory period out at sea.
Such training is also helping strengthen the direction of the Norwegian maritime industry as the industry takes generation planning more seriously.
Over the past eight years, 130 young executives have been put through the two-year course aimed at finding Norway’s next generation leaders.
This maritime training programme
is owned by the Norwegian maritime industry, through the Norwegian Shipowners’ Association and 30 companies, including Skuld, Kongsberg, DNV and the Norwegian banks, which means that the programme can be tailored to suit changing industry demands as well as the direction that students may wish to take.n
www.lloydslist.com/specialreport
DNV turns its hand to other areas
A GROWING number of the shipping industry’s classification societies are now generating more income from their non-classification work, and Det Norske Veritas, the Oslo-based organisation, is one of them.
The Norwegian risk assurance group generates no more than 40% of its revenues from class work, the remainder comes from its consultancy services, and the growing number of acquisitions.
It is safe to say that DNV is more of an assurance provider, with a
classification function, than a class society with other roles.
As a result of its largest-ever acquisition in December last year when it acquired a controlling stake in Netherlands-based Kema, a
renewable energy consultancy firm, DNV has restructured it business operations.
Kema’s 1,800 employees and 500 employees from DNV’s renewable energy and sustainability activities have been merged into a single unit as part of the greater reorganisation within DNV.
The new organisation consists of DNV Maritime and Oil & Gas ( in which resides the traditional
classification services), DNV Business Assurance and DNV Kema Energy & Sustainability.
DNV is positioning itself in the sustainability market, notably outside the maritime sector. Since the
announcement that it has acquired the Kema stake, the group has also secured interests in five other companies this year.
In March, it bought COEX AS, a Norwegian IT company. It also came into a 12.5% stake in the Swedish Transmission Research Institute when it acquired the Vattenfall shares in STRI. STRI is instrumental in electrification of the oil and gas industry.
In April, DNV bought an oil spill preparedness business, NPS, with a focus in the Arctic, and in May, it secured the right to acquire shares in the global weather service provider Storm Geo, and also bought UK-based
sustainability service provider, Two Tomorrow’s Group in the same month.
Despite the outlay in acquiring suitable businesses, the organisation said in its latest annual report that it
still invests 6% of its revenues into research and development activities. With revenues in 2011 at NKr10bn ($1.7bn), this represents about NKr609m spent on R&D. Revenues were up 3.7% on 2010 and profit for the year rose from NKr613m to NKr730m.
DNV’s classification work still has a central role in the group. The organisation secured 278 new contracts in 2011, representing 12m gross tonnes, bringing it to an estimated 14% market share in terms of absolute numbers and 22% when measured by gross tonnes.
The total DNV classed fleet of vessels and mobile offshore units stood at 6,166 units at the end of 2011, a growth of 4%.n
www.lloydslist.com/class
Norwegian organisation
is growing the amount of
revenue it generates from
non-classification work
14.6%
of the world’s fleet is classed by DNV (in gross tonnes)21.1%
of newbuilding contractssigned in 2011 were to DNV Class
Changing approach: the Norwegian risk assurance group generates no more than 40% of its reve-nues from class work.
Liodden: a driving force behind Youngship.
Lloyd’s List Thursday May 24, 2012
Maritime Centres: Oslo
7
lloydslist.com/specialreport
bringing you maritime news as it happens
Two different Oslo companies that
share a common characteristic
SIVA Shipping and Sinceanic Shipping are two Oslo-based shipowners that have gone through huge changes in the last five years, but with one key feature that they both share — the influx of Asian money.
Siva shipping was formerly JB Ugland, a diverse Oslo family run shipowner until selling off its last tonnage to the Indian conglomerate Siva in 2008.
Sinoceanic, formerly an Olso-listed offshore vessel business is now controlled by Hong Kong-based, Oceanic, a division of the Chinese conglomerate HNA. The company was previously Global Geo Services when it had a different shareholder structure, management and board. It was involved in the offshore services sector through the ownership of tender drills and seismic activity.
GGS became Global Tender Barges, and shortly after that GTB Invest as it sold off the tender barge business. When Oceanic bought into the company, the new management made the decision to move away form the oil service sector and go into
shipowning, opting to become a tonnage provider of containerships.
It bought its first secondhand vessel, a 2003-built, 4,414 teu unit and then took over the newbuilding contracts forMSC Vega, MSC Regulus, andMSC Altair that had already been secured into contracts with liner operator Mediterranean Shipping Co.
The company has now taken delivery of all three 13,100 teu vessels, the last one was handed over to MSC for chartering in mid May this year. The bareboat charter for the last of the vessels,MSC Regulus is at $46,650 a day.
The company, which changed its name to Sincoeanic in 2011, needed additional finance for the
newbuilding costs and looked first to its major shareholder, and then the Oslo exchange.
The $156m purchase price ofMSC Regulus and the initial working capital requirements have been financed by a $ 100m secured priority loan. The company intended to finance purchase payments through an equity issue, but dropped initial plans earlier this year due to the poor market, opting for a loan form its major shareholder and a bank
syndication instead until the markets pick up.
JBU was able to change its name to Siva in May 2011 three years after the Indian conglomerate bought it. It has now brought in a new chief executive, and opened up a new office in Mumbai.
For chief executive Michael Valentin, a Dane with experience in
AP Moller-Maersk, there are some real market challenges ahead but having the Siva Group behind the shipping business is a good support.
The Siva parent group has more or less left the shipping business to run its own course up until now, said Mr Valentin, and will do so providing the company retains its value. It has retained its business model intact
Strong results keep
Skuld on a high
SKULD, the Oslo-based insurer and P&I club, is celebrating its continued run of profits after its 2011 results came in $8m ahead of budget.
The group had a strong result in light of market conditions, says Skuld president and chief executive Douglas Jacobsohn as the insurer reported a net profit of $24m for the year to February 20, increasing its contingency reserves to $291m.
The ninth consecutive year of underwriting profit comes despite three of its own International Group claims and having to contribute to other P&I clubs for
Rikke Lind
to take up
rescue role
RIKKE Lind has stepped down from her job as Secretary of State for Trade and Industry to head up Norwegian Sea Rescue, a voluntary membership based organisation with rescue boats permanently located along the Norwegian coastline.
Ms Lind has been State Secretary of Industry and Trade, with a focus on the Norwegian maritime industry, since 2007, serving under ministers Dag Terje Andersen, Sylvia Brustad and lately Trond Giske.
She has been held in high respect for her overall support of the maritime industry in Norway during her tenure and is credited with the development
of the government’s maritime strategy in 2007 “Stay the Course: The
Government Strategy for
environmentally friendly Growth in the Maritime Sector”
She has been a central figure for
incidents includingCosta Concordia andRena.
Premium income increased by 10% though the year, with significant contribution from the group’s new, London market syndicate, Skuld 1897, at Lloyd’s.
The syndicate has been in business for little over a year and is the first time a P&I Club has launched a Lloyd’s syndicate. Skuld is the main capital provider for the syndicate with UK-listed Randall and Quilter Investment, the syndicates manager, and French reinsurer SCOR providing the remaining capital.n
the Norwegian maritime industries, receiving the WISTA personality award last year and being recognised by Nor-Shipping in 2011 in recognition of her commitment.n
www.lloydslist.com/shipops
Asian investment has
transformed the fortunes
of Siva and Sinoceanic
Lind: has been State Secretary of Industry and Trade since 2007.
Valentin: access to the Oslo maritime cluster is one of the reasons that the Siva group has kept its shipping operations in the city.
The chemical tanker Siva Singapura: the company has diverse fleet of about 35 vessels. Dietmar Hasenpusch
over the last three years, with a diverse fleet of about 35 vessels that include aframax, long range one and medium range tankers, liquefied petroleum gas carriers, chemical tankers, dry bulk carriers and offshore support vessels.
The company has a strong footing in India, being the third largest coal importer, and the chemical tanker business. For Mr Valentin the access to the Oslo maritime cluster is one of the reasons the Siva group has kept its shipping operations in the city, and he believes the company will retain its Oslo presence for some time to come.
He thinks there are still some key risks in the shipping industry and getting close to the financial markets in a city which remains favourable to shipping is important.
The latest problems with sovereign debt has hindered owners seeing regular cash flows, says Mr Valentin, and it is frustrating when counter parties extend their capacity and are unable to pay their debts.n
www.lloydslist.com/shipops
35
number of vessels in the Siva fleetThe shipping industry’s decisions makers are now reading
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