Member Article

It has been an interesting year. Trade, and therefore, shipping can only circumnavigate the persisting and many awful geopolitical challenges.

The Shipping industry’s commitment to improvement continues, both introvert (governance) and extrovert (environment and social responsibility). The Norwegian shipping cluster pioneers still in those areas, not least on the development of technologies and infrastructure toward minimizing impact on the environment.

It has been a good year for shipping trade in general. A good year for our clients (even if more for the owners, but less the financiers, though this seems to be on a balancing course). It has therefore been a good year for our Ocean team too.

The most notable trend of this year was the increase in newbuild orders.

On the financing structures, syndicated projects had a better year than last. The supremacy of the Chinese and Japanese leasing in 2023 is slowly being balanced by their competition in Europe. We are very proud to have assisted in the Eurazeo/Samskip leasing which was awarded Leasing Deal of the Year by the international publication, Marine Money.

On the regulatory front, shipping is still challenged (even if with the best intentions) with the Fuel EU Maritime joining the EU ETS regulations. But this will soon be part of the business planning for all shipping players.

In number of new transactions, our team had a total of 212 vessels transacted and financed (and 3 more eagerly lined up for the 1.5 banking day available between Christmas and New Year).

Our litigation team has represented clients in various disputes, both before courts in Norway and in arbitrations and courts in London. Our most recent success was winning an appeal at High Court of an LMAA arbitration award, regarding a bareboat charterers’ termination of the bareboat charter due to an Owners’ default, and the obligation of the Owners to take repossession (where we acted for Charterers).

We are very proud and happy to announce the promotion to partnership for Camilla Flatum in our Oslo team, as well as the arrival of our new associate Silje Marie Skålevåg (both effective from 1 January 2025). We have also further strengthened our ship-financing and maritime litigation teams of Ocean, with the recently joined partners Linn Hertwig Eidsheim, and Øyvind Grøneng.

Congratulations and thanks to our clients (minding your business is our business).

And to our team here: we are lucky to have you on board. Every one of you make this firm a top choice for our clients, and a great place to be, and to be working in.

On behalf of our entire Ocean team, from the offices of Bergen, Singapore and Oslo, we wish everyone all the best for the new year.

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