Norway Today

By Bridget Hogan

Norway has always had a strong tradition in the shipping industry but the long history has not led to a traditionalist approach to operations. Last year was no exception – the mergers and acquisitions of large companies now seems to have set down the characteristics of the industry for the rest of the decade.

Yet, despite all the excitement of last year with the activity in the who-owns-what field, and the continuing importance of the Oslo Børs for trading shipping shares, the Norwegian market remains somewhat bearish. The shipping industry in Norway is dominated by the oil tanker sector, although there are successes in niche sectors such as gas, chemical and car carrying. Granted that it is the fortunes of the oil sector which dictate the fortunes of Norwegian shipping, the sluggishness in the US market, where oil demand is not rising as much as the Norwegian shipping industry would like, will have an effect.

“Consolidation of the (Norwegian shipping) industry will continue in 1996 – despite the level of the activity in 1995. I believe that in this way Norwegian owners will be able to meet competition from other sectors of the industry around the world.”
- Berit Henriksen
General Manager, DnB Oslo

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