SSG No 10 - Shipgaz

HöegH AuTolinerS
SHIPPING AND SHIP MANAGEMENT
a time for growth
Four years of strong, dynamic markets,
restored profitability and ambition and,
at last, a satisfactory shipping policy.
What more could the Norwegian
shipping industry possibly crave for?
Norway
The NOK 22 billion (USD 4.3 billion)
deferred tax has to be paid, of course, by
the companies that had taken benefit of the
1996 deferred tax scheme for shipping. The
most painful political failure ever suffered
by the Norwegian Shipowners’ Association
(NSA) will cut deeply into what had been
considered to be the equity of the companies
involved (see separate story). Yet, rather
than tax-grumbling, the NSA has turned
to a more appealing message: Environmental
responsibility and ambitious emission
targets.
Ambitions
After four years of shipping boom – the
longest period of consistent strong and
dynamic markets in living memory – the
Norwegian shipping industry has at last
regained some of its ambition and stamina.
This is reflected in the high figures for new
investment since 2004, for cargo ships, offshore
vessels and second-hand acquisitions.
From an average investment exposure of
USD 3–4 billion in the 1990s, 2006/2007
peaked at 15–17 billion per annum, drilling
rigs excluded.
This may be a major share of the global
order book in terms of value, but insignificant
in tonnage – some 7.5 million DWT
(according to NSA figures) or just 1.6 per
cent of the total tonnage. This, however,
bears testimony to the structure of the fleet:
smaller but expensive specialized vessels.
64 SCANDINAVIAN SHIPPING GAZETTE • MAY 16, 2008