In the light of Nor-Shipping 2019, VesselsValue takes a look at Norway’s biggest spenders. Many Norwegian shipping and offshore industries have recorded sustainable growth during some of the most turbulent times ever experienced.
Since the last Nor-Shipping in 2017, Norwegian companies owning ships have risen from 205 to 238. In addition, the Norwegian owned fleet has gone up by 119 vessels, reaching 2,055 ships, and in exchange the gross tonnage of the fleet has grown to 47.74 million GT.
These new vessels have advanced the overall fleet value of the Norwegian owned fleet by USD 3.5 billion, increasing their total fleet value to USD 44 billion, and becoming the fifth most valuable in the world.
Among the most notable Norwegian companies, are:
- Borr Drilling: Borr has 36 high specification Jack Up rigs and is a respected player amongst the long established owners. Its current fleet value stands at USD 3.5 billion.
- Solstad: The offshore market conditions during the past years have affected Norwegian supply boat owners, and Solstad as well. In January 2019, Finanstilsynet required Solstad to revalue its entire fleet, reducing the total value by NOK 850m (USD 99 million). Solstad has maintained its fleet valuation figures, and this reduction indicates not only Solstad’s acceptance of the continued poor market conditions, but also the consequent asset prices which is a step forward.
- 2020 Bulkers: 2020 Bulkers has ordered eight newbuild Capesize Bulkers at New Times Shipbuilding since late 2017, at a total of about USD 350 million. VesselsValue’s value of these ships today is USD 453 million, marking an important rise in value since their order date. What is more, in January, 2020 Bulkers secured a long term bank loan running to USD 240 million for its Newcastlemax newbuilding programme.