World leading maritime finance
Norway is today a leading ship financer with Oslo-based DnB NOR and Nordea as the two leading organisers of syndicated shipping loans. The attractiveness of Oslo as a centre of ship finance is proved by Stockholm-based Nordea’s choice to locate their shipping headquarter in Oslo and Danske Bank’s recent choice to establish a shipping division at their Oslo branch of Fokus Bank, a wholly-owned subsidiary of Danske Bank.
In 2001, the International Maritime Exchange (IMAREX) was established in Oslo as the first professional freight derivatives exchange for the global maritime industry within freight of oil, refined products, and other bulk commodities. Oslo Børs (Bourse) is also a natural ally of the maritime cluster. Its position as a leading market for shares in maritime enterprises has evolved along with the shipping activities. It is also attractive as an international shipping exchange, with companies like the Greek-owned Tsakos Energy Navigation listed since 1994.
20% of global insurance market
The market for ship insurance is relatively concentrated with a few players operating on a global scale. Norwegian companies hold approximately 20 percent of the world market. One of the leading insurance companies (P&I clubs) of the world, Skuld, operates globally from its headquarter in Oslo. Other leading international insurance companies based in the Oslo region are Willis Sev Dahl, Polaris Insurance Brokers and Aon Grieg. In 2001, fast-growing Bluewater Insurance was added to this list.
"The maritime cluster in Norway is a fundamental and stable basis for maintaining and developing insurance products and services that are demanded by both national and international clients".
Tore Forsmo, former Managing Director of Cefor (Central Union of Underwriters), Oslo, now vice-president in charge of operations for Frontline
World class ship brokers
Shipbrokers are the mediators in four markets – freight, sales and purchase, newbuilding and demolition – linking sellers and buyers of ships, and ship owners to charterers and yards. Oslo alone has approximately 180 registered brokerages. Though most of these are smaller firms, the two largest, Fearnleys and R.S Platou, are widely known and respected, and both are among the world’s largest ship broking groups.
High quality legal services
Legal services in the maritime sector are routinely required for contentious and non-contentious work relating to a wide range of matters including charter parties, shipbuilding, finance, commodities, energy, insurance, cargo, collision, salvage, general average and pollution. Vogt og Wiig and Wiikborg Rein are two of the best-known of Oslo law firms specialising in maritime law and transactions. Also, the Scandinavian Institute of Maritime Law at the University of Oslo is one of the leading academic milieus in the world within maritime legal issues, and an important strength of the cluster. Another vital actor is Nordic Defence Club.
16% of classification market
DNV (Det Norske Veritas) is one of the oldest and most important actors in Oslo’s maritime cluster. The company is one of the four large ship classification companies of the world, and its’ market share has grown significantly in recent years. DNV is a knowledge and R&D intensive enterprise, and is one of the cornerstones of the Oslo maritime cluster, with representation in over 300 countries.
"Shipping is one of the most interesting businesses for Veritas today, and the Oslo region is an excellent location for a company like ours, given the variety of actors from the sector to be found here. Compared to other shipping centres around the world, such as London, New York, Piraeus and Singapore, the environment in the Oslo region is the most complete. We still have some of the largest shipping owners in the world, brokers, financial institutions, classification and insurance companies, and a highly developed and knowledge-based ships’ gear sector."
Tore Høifødt, Director of Information
Det Norske Veritas
Dominant equipment and port services suppliers
The maritime cluster in Norway includes a wide selection of specialized equipment producers. Most of these are small, but there are also examples of large players with a significant share of international markets, such as Aker Kværner, Kongsberg Maritime and FMC Offshore, all located in and around Oslo. Ship's equipment from all over the world is available through Oslo companies, particularly Wilhelmsen Maritime Services, which in 2005 acquired Unitor, and Eitzen Maritime Services, which shortly thereafter acquired Strømme, making them two of the leading equipment distributors and service providers in the world. There are no large yards left in Oslo, but tight linkages between yards in the rest of Norway and the shipowners in Oslo are still strong.