According to Lloyd’s, “Oslo remains Norway’s largest hub for international shipping and related industries with a range of businesses from shipping to financial services and maritime research, with few rivals worldwide.” Though Norway is still feeling the repercussions of a long tax debate, Lloyd’s characterizes the concentration of shipowners based in the Norwegian capital as “impressive.”

With the advent of a favorable shipping tax, Oslo shipowners together with leading service companies have turned their attention to developing high-tech and environmentally friendly solutions for the industry. Lloyd’s highlights among others development by IM Skaugen of small-scale gas carriers, and Lief Höegh building re-gassification vessels for service to the eastern US.

Leading classification society Det Norske Veritas (DNV) is a major contributor to these developments, with a range of research initiatives connected to green shipping, safety and the environment. The financial sector in Oslo continues to support industry activity, with Oslo Bourse and Imarex trading shipping shares and freight derivatives, maritime banking giants DnB NOR and Nordea, and leading brokerage houses like Fearnlys, Pareto and RS Platou.