SSG No 10 - Shipgaz

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SHIPPING AND SHIP MANAGEMENT The Bourbon Peridot was completed by Ulstein Verft in 2005 as a platform supply vessel, but converted for subsea support for Amerada-Hess off Equatorial-Africa. wrestling with the dilemma of investing now, rather late in the cycle and at high prices, or miss the boom altogether. Trusting the proverb of striking when the iron is hot, the shipping industry at large has Proposal overruled ❯ The much-publicized official report on taxation of shipping companies by a working group headed by professor Guttorm Schjelderup, launched in March last year, was quickly condemned to the political shredding machine. As may be recalled, the group recommended that all tax benefits to shipowners and seafarers be repealed, the tax credit paid and all arrangements for foreign-based ventures effectively plugged. The capital and human resources should rather be employed in the domestic economy. This rather radical and perhaps not very wise conclusion – given Norway’s ever-stronger dependency on the oil industry – reveals the ill effects of academic oversimplification and economic theory. When presenting the agenda for the new policy for the maritime industries to the NSA general meeting, the Minister of Trade, Dag Terje Andersen, mentioned specifically that the Schjelderup proposal had been shelved. played along when investors and banks are willing to finance new equipment. Compared to the estimated value of the trading fleet of USD 32.9 billion (NSA figures), investment in orders and secondhand vessels went from USD 10 billion in 2005 to USD 16.7 billion last year – drilling rigs not included. The new orders in 2006 amounts to 231 ships of USD 12.1 billion, of which 53 per cent is for cargo vessels – mostly tankers, 45 per cent for offshore vessels and the rest for passenger vessels and specialized units. The volume of second-hand purchases reached 194 ships of USD 4.6 billion, a figure not seen since 1988/1989. A heady USD 6.8 billion in drilling rigs may be added on top, as it draws largely from maritime community and financial market. There is, however, little reason to expect a larger Norwegian fleet – the 231 vessels will have a tonnage of 8.1 million DWT, against 27.5 million DWT ordered by Greek owners at a cost of 16.6 billion. The trend from the 1980s is still prevailing: Smaller and more expensive vessels. Polarization What has been unique about the Norwegian maritime industry is its broad range, from every aspect of international shipping to a strong offshore sector with support vessels, subsea and FPSO (Floating production, storage, off-loading) units. Unlike for example the US maritime offshore sector, the Norwegian is strongly related to the shipping industry from which it evolved. The maritime offshore sector draws on much of the same infrastructure in opera- tion, manning, financing and organization; although it has also given the rise to a strong technological cluster. The strategy of Maritimt Forum and particularly the NSA since 1990 has been to wedge political goodwill from the importance of the entire maritime cluster. This has paid off well in theory, as reflected by the shipping whitebook rhetoric of 1996 and 2005, but not in reality. The offshore sector carries the largest political weight; hence the supply ships were given a net wage system in 2004. The resignation to pragmatism by the companies in international shipping, as witnessed by Wilh Wilhelmsen taking its ships to UK registry and management, is bound to widen the gap between shipping and offshore. In all probability the maritime sector will become more bi-polar in the future. This means that the shipping community will adapt to the commercial realities in a wider world, whereas the maritime offshore industry will develop as an integral part of a technology cluster with a stronger foothold in Norway. This may be inevitable for more reasons than one, but the wobbly and ever-changing conditions offered by Norwegian politicians have indeed been a contributing factor. On the move There is no doubt that the shipping activities carried out from Norway have been strengthened over the last few years. The most conspicuous deals have been driven by entrepreneurs only partly considered as Norwegian, like John Fredriksen, Arne Blystad and Axel Eitzen, and partly by a broader range of offshore entrepreneurs. But the advances are driven by more people than these; in fact the majority of the 300 shipping companies have in some way played the opportunities of a dynamic market to profit, invest and prepare for the future. Perhaps not as spectacular as the Greeks and Germans, the Norwegians have still shown a healthy appetite for tonnage and deals. Even more promising is the entry of a new generation; for better or worse without the shell-shock of the shipping crisis, but with an international outlook and ambition. The shipping industry is generally considered important and desirable; to the extent that low-marginal sea transport can be interesting in a country that is often seen as the richest in the world. dag bakka jr 70 SCANDINAVIAN SHIPPING GAZETTE • MAY 21, 2007 BOURBON OFFSHORE NORWAY
Ask DNV about … Shipping and the Global Environment DNV’s objective is “To safeguard Life, Property and the Environment”. As a leading international ship classification society, we provide several services to the shipping industry. Do you wish to communicate your environmental performance and efforts to the market? Increasingly, leading companies understand the need to do this. As evidence of your company’s focus on environmental issues, documentation proving that environmental issues are incorporated into your ships is necessary. Assigning an environmental class notation such as CLEAN or CLEAN DESIGN will give such documentation from an independent source. Please visit us at Nor-Shipping 2007 12–15 June – DNV Stand No. D02-04 Det Norske Veritas, Oslo tel +47 67 57 99 00 Det Norske Veritas, Stockholm tel +46 8 587 940 00 www.dnv.com Det Norske Veritas, Helsinki tel +358 9 681 691 Det Norske Veritas, Copenhagen tel +45 39 45 48 00 Det Norske Veritas, Gdansk tel +48 58 5115 000
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Page 27 and 28: Think local. Act global. PureBallas
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SSG No 10 - Shipgaz

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