MARITIME CENTRES:OSLO
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1 MARITIME CENTRES:OSLO AspecialreportfromLloydsList lloydslist.com Thursday24thMay,2012 A special report from Lloyd s List lloydslist.com Thursday 24th May, 2012 CONTENTS INCLUDE... Oslo takes centre stage but Norways shipping prowess is nationwide 2 Oslo remains dedicated to shipping finance 4 DNVturnsitshandto other areas 6 Two Oslo companies that share a common characteristic 7 lloydslist.com
2 2 Maritime Centres: Oslo Thursday May 24, 2012 Lloyd s List Oslotakes centrestage butnorway s shipping prowessis nationwide Oslo may rank number twointheworld,butthe Norwegian capital is one of several maritime clusters in the country CRAIG EASON OSLOmaybethecapitalofNorway, butitisnottheonlymaritimecluster 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, Grimstadandinthefarnorthofthe country as Norwegian expertise in the Arctic gains more recognition. While Ålesund is focused today on theoffshoresectorandbergenisa ship operators cluster albeit with ancillary and important businesses Oslo is the Norwegian maritime centre that competes on the international sceneandinturnensuresthatthe 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,butthesetendtobetheones with international operations the Höeghs, Wilh. Wilhelmsens and the John Fredriksen-led outfits, though manypeoplehavelongpointedtohis 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. Itisironicthentopointoutthat onlyabout3%oftheoslopopulation is employed in the shipping sector, comparedwithmorethan40%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. Norwayasawholehas 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 headofficesinthecitywhile 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 Bridging the gap: the liquidity of Oslo s financial markets means that many offshore companies are keen to retain an Oslo base. players have abandoned shipping. The result is that businesses are keen toretainapresenceinosloasthisis wheretheystandagoodchanceof raising capital. The integration of the maritime services companies and the shipping sectorinosloandinnorwayasa wholeisoneofthereasonsthe country has such a strong international presence. Government support for shipping inosloisminor,butithasdonethree things to enhance the cluster. The government has implemented two aspects of European maritime policy, namely the European tonnage tax regimeanda setanetwagefor seafarers. The third development has been to co-operate with industry in research and development and education in Bloomberg 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, buthasapositiveeffectonosloasthe financial, insurance and ancillary service centre are subsequently strengthened. n Expansive outlook: Norway as a whole has experienced a move away from traditional shipping sectors towards the offshore arena. lloydslist.com/specialreport Shutterstock
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4 4 Maritime Centres: Oslo Thursday May 24, 2012 Lloyd s List Lloyd s List Thursday May 24, 2012 Maritime Centres: Oslo 5 Osloremains dedicated toshipping finance OSLO DOESN T DO IT SOLO Oslo may be the capital of Norway but the country s maritime prowess is spread across several maritime clusters TOP 10 PORTS 2011 By called dwt Narvik 2 Oslo s appetite for shipping investment may have slimmed down but it still exists albeit for companies with a solid reputation FOR the whole shipping industry, as muchasthatfocusedonoslo, traditional financing through loans from shipping banks has shrunk. Private equity, the bond markets and export credit seems to be picking upsomeoftheslack.but,accordingto some experts, there is more demand than available credit. Banks willingness to undertake loans has withered, with new front runners emerging, namely two Oslobased shipping banks Nordea and DnB NOR. Thetwobanksrankfirstand 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 toldanaudienceatanordeaseminar in Stockholm that while Nordea may have some appetite for loans, there are certainly fewer syndication partners available. Someofthebanksthathaveexited 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. Inthefirstquarterofthisyearthe institute issued 42 guarantees, at a total of NKr4bn. Inthefirstquarter,therewerea surprising number of bond placements as shipowners looked to raise capital through debt. WithmorethanNKr3bninbond activity in the first three months, shipping and offshore took the lion s shareoftheseasownerslookedto 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 itmayhaveslimmeddownbutitstill 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 exists albeit for companies with a solid reputation. The Norwegian financial houses arekeenplayersintheoffshoreand shipping sectors, so while they are not asbigassomeoftheotherfinancial institutions around the globe, they are bigintheeyesoftheshipping 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, tooktothemarketsinabidtostaveoff creditors,amovethatsawitpush through a huge restructuring move thatledtoareversesharesplit,the saleofmostofitsdivisionsandthe eventualmoveoutofakerbryggeand a name change. TheEitzennamestillremainsinthe 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 madeuseofthewillingnessofthe Norwegian financial market to invest inshipping,ashashöeghlng,the gas carrier division of the de-listed Höegh Group. The high investment needed for the company s LNG and floating production storage offloader planssawitre-listitsgasdivisionlast 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. Butdespitethisdrivetotakeloans andacceptbondsfromaselectfew, thereisstilltheappetiteforship 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. Theremaynotbeasmany 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. Intotal,theOsloexchanges there aretwoofthem have25owners listed on the Oslo Shipping Index. Of theseone,golarlng,isintheprocess 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, shorebased maritime technology groups, and even Sinoceanic Shipping which has switched to becoming a container vessel tonnage provider in the last year. n Oslo Mongstad Narvik Sture Kaarsto Stavanger Sola Slagen Åsgard Haugesund 42.6m Bulk 0 10m 20m 30m 40m 50m 60m 15.2m 52.5m 18.5m 18.4m 14.4m 14.4m 14m 13.7m 13.6m 12.3m PORT CALLS BY VESSEL TYPE By called dwt m Container 17.6m Gas Tanker 53.3m General Cargo 50.7m Other 22.1m Passenger All dwt refers to the sum of dwt that has called at a port Source: Lloyd s List Intelligence 5.4m Reefer 15.7m RoRo 159.7m Tanker 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 dwt Spar Shipping 1.4m dwt Wilh. Wilhelmsen 1.2m dwt Viken Shipping 1.2m dwt OSLO OSLO OSLO HAUGESUND SANDEFJORD 10 3 Haugesund 7 Sture Sola Eggesbonnes Mongstad Bergen Kaarsto Stavanger Ålesund Moltustranda 5 Åsgard 9 over 40% of the population of Ålesund is employed in the shipping, maritime or offshore sectors 1 6 Ulsteinvik Volda 8 Slagen 4 ALL 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 only 3% of the population of Oslo is employed in the shipping or shipping service sectors lloydslist.com/specialreports bringing you the maritime news as it happens
5 6 Maritime Centres: Oslo Thursday May 24, 2012 Lloyd s List Changing approach: the Norwegian risk assurance group generates no more than40%ofitsrevenues from class work. DNVturnsitshandtootherareas Norwegian organisation isgrowingtheamountof revenue it generates from non-classification work 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 groupgeneratesnomorethan40%of its revenues from class work, the remainder comes from its consultancy services, and the growing number of acquisitions. ItissafetosaythatDNVismoreof 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 havebeenmergedintoasingleunitas part of the greater reorganisation within DNV. The new organisation consists of DNVMaritimeandOil&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 Kemastake,thegrouphasalso secured interests in five other companies this year. InMarch,itboughtCOEXAS,a Norwegian IT company. It also came intoa12.5%stakeintheswedish Transmission Research Institute when it acquired the Vattenfall shares in STRI. STRI is instrumental in electrification of the oil and gas industry. InApril,DNVboughtanoilspill preparedness business, NPS, with a focusinthearctic,andinmay,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 saidinitslatestannualreportthatit 14.6% of the world s fleet is classed by DNV (in gross tonnes) 21.1% of newbuilding contracts signed in 2011 were to DNV Class 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 wereup3.7%on2010andprofitfor theyearrosefromnkr613mto NKr730m. DNV s classification work still has acentralroleinthegroup.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. ThetotalDNVclassedfleetof vessels and mobile offshore units stoodat6,166unitsattheendof2011, agrowthof4%. n Generationplanning keytooslo sfuture THE Youngship organisation, a rapidly expanding network of young executives around the world, is testament perhaps to Oslo s optimism, certainly its enthusiasm. Itwasfoundedanumberofyears ago,butonlyinpasttwoyearshas it really begun to flourish, and that drive has largely come from Norway, and Oslo in particular. Over the last year, the organisation hasgrownitslinkswithyoung 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. MsLioddenwasthewinnerofthe leadership award this year from the Norwegian branch of WISTA in recognitionofherworktoraisethe profile of the shipping industry to the younger generation, especially attracting more women to careers in the shipping. Osloisstilloneofthelarger Youngship groups, and one reason for thisistheexistenceofastrongculture and structure for training and development of young potential in the city. Osloisoneofninemaritime centres identified in Norway, a surprise number given the relative size of the Norwegian population compared to other countries with a dominant maritime sector. YetinOsloonly3%ofthe population is employed by the shipping or shipping service sectors. InÅlesundover40%ofthe population is employed in the shipping, maritime or offshore sectors. The difference is that employees in Oslowillbemorehighlypaid,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 thereisstillafutureintheindustry andthatashippingcareerdoesnot have to start with an obligatory period outatsea. Such training is also helping strengthen the direction of the Norwegian maritime industry as the industry takes generation planning more seriously. Overthepasteightyears,130 young executives have been put through the two-year course aimed at finding Norway s next generation leaders. This maritime training programme Liodden: a driving force behind Youngship. 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 totake. n lloydslist.com/specialreport
6 Lloyd s List Thursday May 24, 2012 Maritime Centres: Oslo 7 TwodifferentOslocompaniesthat shareacommoncharacteristic Asian investment has transformed the fortunes of Siva and Sinoceanic SIVA Shipping and Sinceanic Shipping are two Oslo-based shipowners that have gone through hugechangesinthelastfiveyears,but withonekeyfeaturethattheyboth share theinfluxofasianmoney. Siva shipping was formerly JB Ugland, a diverse Oslo family run shipowner until selling off its last tonnage to the Indian conglomerate Siva in 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, andshortlyafterthatgtbinvestasit sold off the tender barge business. When Oceanic bought into the company, the new management made thedecisiontomoveawayformtheoil 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 for MSC Vega, MSC Regulus, and MSC Altairthathadalreadybeen secured into contracts with liner operator Mediterranean Shipping Co. The company has now taken delivery of all three 13,100 teu vessels, thelastonewashandedovertomsc forcharteringinmidmaythisyear. Thebareboatcharterforthelastofthe vessels, MSC Regulusisat$46,650a 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 of MSC 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 plansearlierthisyearduetothepoor market,optingforaloanformits major shareholder and a bank Rikke Lind totakeup rescue role RIKKE Lind has stepped down from herjobassecretaryofstatefortrade and Industry to head up Norwegian Sea Rescue, a voluntary membership based organisation with rescue boats permanently located along the Norwegian coastline. MsLindhasbeenStateSecretaryof IndustryandTrade,withafocuson the Norwegian maritime industry, since 2007, serving under ministers Dag Terje Andersen, Sylvia Brustad and lately Trond Giske. Shehasbeenheldinhighrespect for her overall support of the maritime industry in Norway during her tenure and is credited with the development lloydslist.com/specialreport The chemical tanker Siva Singapura: the company has diverse fleet of about 35 vessels. syndication instead until the markets pick up. JBUwasabletochangeitsnameto SivainMay2011threeyearsafterthe Indian conglomerate bought it. It has now brought in a new chief executive, andopenedupanewofficein Mumbai. For chief executive Michael Valentin, a Dane with experience in 35 number of vessels in the Siva fleet AP Moller-Maersk, there are some real market challenges ahead but having the Siva Group behind the shipping business is a good support. TheSivaparentgrouphasmoreor less left the shipping business to run itsowncourseupuntilnow,saidmr Valentin, and will do so providing the company retains its value. It has retained its business model intact Lind: has been State Secretary of Industry and Trade since of the government s maritime strategy in2007 StaytheCourse:The Government Strategy for environmentally friendly Growth in the Maritime Sector Shehasbeenacentralfigurefor overthelastthreeyears,witha 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 totheoslomaritimeclusterisoneof thereasonsthesivagrouphaskeptits shipping operations in the city, and he believes the company will retain its Oslopresenceforsometimetocome. Hethinkstherearestillsomekey 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 unabletopaytheirdebts. 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 Valentin:accesstotheOslomaritimeclusterisoneofthereasonsthattheSivagrouphaskeptits shipping operations in the city. Strong results keep Skuldonahigh SKULD, the Oslo-based insurer and P&I club, is celebrating its continued run of profits after its 2011 resultscamein$8maheadof budget. Thegrouphadastrongresultin light of market conditions, says Skuld president and chief executive Douglas Jacobsohn as the insurer reportedanetprofitof$24mforthe 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 Dietmar Hasenpusch incidents including Costa Concordia and Rena. 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 businessforlittleoverayearandis thefirsttimeap&iclubhas launched a Lloyd s syndicate. Skuld isthemaincapitalproviderforthe syndicate with UK-listed Randall and Quilter Investment, the syndicates manager, and French reinsurer SCOR providing the remaining capital. n
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