Fluctuations in the Ship Registers – Norwegian vessels on the move

THE SHIP REGISTER: The Norwegian Ordinary Ship Register (NOR) remains stable across all segments. The industry was highly optimistic before the summer, especially in the recreational craft segment. However, neither the industry nor the register has seen the expected level of activity.

The Norwegian International Ship Register (NIS), on the other hand, has experienced a net decrease of 30 vessels since New Year.

Ownership changes dominate the summer in NOR

A total of 941 vessels changed ownership during these months – an increase from 889 in the same period last year. 204 new vessels were registered, while 168 were deleted. In NOR, several recreational craft were deleted without being transferred to a new register, also as a result of sales to foreign buyers. To finance the vessels, as many as 1,293 mortgages were registered during this period.

13 ships deleted from NIS by Norwegian owners

From April through July, a total of 24 ships were deleted from NIS. Of these, 13 were transferred to a new register by Norwegian owners. Seven were reflagged by foreign owners, and the remaining four changed flag due to sales to foreign owners. The total gross tonnage removed was 150,829.

"At the same time, 17 new ships were registered. We're pleased that six of them are newbuilds," says Henning Lerkerød Rasmussen, Head of Department at the Ship Registers.

In addition to renewing the fleet, the new vessels also contributed significant tonnage. With a total addition of 482,504 gross tonnage, the register ended up with a positive tonnage balance, despite a reduction in the number of ships.

Breakbulk ships deleted, larger ships added

As many as 12 of the deleted ships from NIS were general breakbulk ships. The incoming vessels were of various types.

"Three tankers, three vehicle carriers, and one cruise ship definitely helped increase tonnage in this part of the fleet," Rasmussen confirms.

It is also notable that eight of the new ships are owned by foreign owners, continuing a long-standing trend where ownership often lies with foreign financing companies. There is also significant variation amongthe registers that transferred ships to NIS during this period. From Cyprus, Spain, and Singapore, two ships each were received, while one came from Panama and another from Tuvalu.

Where are the Norwegian ships being transferred?

Five ships were reflagged to Cyprus, four to Portugal's International Ship Registry (MAR), and three each to Panama and Liberia.

Most ships were thus transferred to other EU flags, while the largest commercial registers continue to be widely used.

What's next for the fleet?

Henning Lerkerød Rasmussen hopes the trend in both NOR and NIS will soon reverse. "If interes rates remain low and stable, we believe this will positively impact several NOR segments."

Together with the industry, the Norwegian Maritime Authority is actively working to ensure Norway remains among the world's leading maritime administrations.