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DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2008 – 044<br />
The new Norwegian shipping tax regime announced at the end of 2007 introduces general conditions in line with those<br />
in the EU. This will provide internationally <strong>com</strong>petitive tax rules for Norwegian shipping. Höegh Autoliners has<br />
therefore decided to move its ship-owning activities from Bermuda to Norway.<br />
"We have decided to move to Norway because the new Norwegian tax scheme is attractive and will provide an even<br />
more efficient base for our global business" says Thor Jørgen Guttormsen, CEO of Höegh Autoliners.<br />
Key <strong>com</strong>mercial and technical management activities are already located in Oslo with 268 employees. Another 320<br />
employees operate from 30 locations world-wide.<br />
"The Norwegian maritime cluster provides a unique base for collaboration with experienced resources in all maritime<br />
related fields," says Guttormsen. "Maritime <strong>com</strong>petency of a very high standard is available here."<br />
22 vessels in Höegh Autoliners' fleet are registered in the Norwegian International Ship Registry (NIS). All newbuildings<br />
are entered into NIS when they are delivered from the yard.<br />
While the new Norwegian shipping tax regime is attractive as outlined, the Government has proposed a scheme for<br />
terminating the existing regime which will seriously affect the industry negatively. By forcing payments of tax<br />
retroactively calculated on earnings since 1996, Norwegian shipping <strong>com</strong>panies have been told to pay a huge bill in<br />
accumulated tax. The legality of this demand has been disputed by the industry.<br />
"It is a paradox that <strong>com</strong>panies established outside Norway will be better off than those who remained within the<br />
Norwegian shipping tax regime introduced in 1996," says Guttormsen. "We will also be affected because we have<br />
maintained a presence in Norway all along. However, our evaluation of the new scheme is independent of these<br />
termination rules."<br />
Under the provisions for terminating the existing tax regime Höegh will be liable for around NOK 1.3 billion (about USD<br />
240 million).<br />
In January Höegh Autoliners announced that it acquires a fleet of car carriers from A.P.Moller-Maersk and that the<br />
Danish <strong>com</strong>pany will be<strong>com</strong>e a shareholder in the Norway based <strong>com</strong>pany.<br />
With A.P.Moller-Maersk as a partner, Höegh Autoliners has further strengthened its platform for broad based growth<br />
and enhanced customer service.<br />
Höegh Autoliners started its Ro/Ro car carrier operation in 1969 and now deploys some 67 vessels in its global trade<br />
systems. Vessels already ordered will grow the Company's carrying capacity by 45 per cent to 85 ships in 2012.<br />
Main customers are major manufacturers of new cars, heavy machinery and rolling goods. In 2008 Höegh Autoliners<br />
expect to carry about 2.2 million car equivalent units (CEU) making close to 3 000 port calls. The Company estimates<br />
2008 revenues of about USD 1.4 billion and a balance sheet of close to USD 3 billion. Source : Höegh<br />
Pipavav Shipyard Wins $1.06b Order<br />
Pipavav Shipyard has won an order worth $1.06bn to build 26 Panamax bulk carriers, making it India's largest<br />
shipbuilding order to date. The orders are from Golden Ocean Group, Norway; SETAF, France; and AVGI Maritime,<br />
Greece. Source: Money Control<br />
Distribution : daily 3800+ copies worldwide Page 18 2/14/2008
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