Page 95: of Maritime Reporter Magazine (April 1998)

Oslo Exchange

Makes It Mark

The Oslo Stock Exchange (OSE) has emerged as a maritime force in the past year, attracting a host of companies seek- ing initial and second listings. The

Exchange's list of shipping and offshore companies has quickly gained significant stature among the maritime community as providing a bellwether of industry trends.

The Exchange's shipping and offshore list has enjoyed such rapid growth — alto- gether, there are around 60 shipping and offshore companies listed on the OSE, more than 20 with tanker activities, with a total value of about $7 billion — through careful management and promo- tion.

Tore J. Fjell, OSE's senior vice presi- dent, has been touting the high level of attention shipping and offshore compa- nies receive in Oslo, whereas a company listing on the larger exchange in, for example New York, would be quickly lost due to relatively small capital values. "We want to be the world leading stock exchange in shipping and offshore, not the largest overall," said Mr. Fjell.

With the realization that it's not going to replace the New York Stock Exchange anytime soon, OSE has successfully sold listing on the shipping and offshore lists based on the outstanding, in-depth cover- age and analysis available with such as listing. "Shipping and offshore compa- nies need both the U.S. and Oslo," said

Mr. Fjell. 'The U.S. capital markets are the largest in the world, so a company needs that market for the money. But

Oslo provides high interest, knowledge and analysis." He specifically notes the very strong interest and knowledge of maritime matters in Norway, and pledges that companies will receive no finer expo- sure elsewhere. OSE has also made it easy for companies to list, lifting bureau- cratic tie-ups common in other markets, and allowing for companies with limited histories — providing that the companies meet other qualifying standards — to list.

Also, it's worthy to note that shipping and offshore companies listed with OSE raised more than $2 billion last year.

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Tanker companies listed on the OSE

Awiko

Benor Tankers

Bona Shipholding Ltd.

Bonheur

Borgestad

First Olsen Tankers Ltd.

Frontline Ltd.

Ganger Rolf

Jahre Tankers

Loki

MIF Ltd.

Mercur Tankers

Mosvold Shipping Ltd.

Nordit Am.Tankers

Stolt Nielsen SA

Storli

Team Shipping

Ugland Nordic Shipping

Waterfront Shipping

Willi. Wilhelmsen design follow-up to one of the industry's most successful and pro- gressively enhanced medium- speed types, the Vaasa 32, will be manufactured at an assembly plant to be established at Hitachi's

Innoshima works. Under the aegis of the joint production firm

Wartsila Diesel Japan Company, the Innoshima assembly operation will use engine components from

Wartsila NSD's sub-suppliers and from the group's Vaasa factory in

Finland.

A Concentration Of Building

Resources

Finnish shipbuilding - now overwhelmingly concentrated in two Norwegian-owned companies,

Kvaerner Masa-Yards (KMY) and

Aker Finnyards — has been boost- ed by a strong order flow in recent months. KMY, as one of the world's most skilled practitioners in sophisticated vessel design and construction, has consolidated its (Continued on page 90)

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E X c H A N G E R S 88B Circle 365 on Reader Service Card