Another great year for the Ocean team at SVW has ended. The Shipping industry had a great year, as we have witnessed it through our clients’ engagements. More steps have been taken toward environmentally smarter investments by many clients, not only within the fuel engine options in new-building orders, but also piloting strategic joint ventures and collaborations in the fuel terminals infrastructure (hydrogen/ammonia), as well as power plants. On the financing structures, a mixture of syndicated projects, fund backed, leasing, and bank financing. Asian leasing houses have been most active, with a steep increase in volume of Japanese leases in the Norwegian market. The shipbuilding orders have also seen a rise, including on speculative or contracted CSOVs for the offshore wind industry.

There have also been some industry-wide challenges imposed on the industry, foreseen and not. Chief amongst them, on the regulatory, the EU ETS regulation, and the most recent #12 EU package of sanctions targeting Russia; while on the geopolitical, the aggravated Middle East instability, and the Suez disruptions adding to the Ukraine conflict challenges. It is regretful that these crises are also humanitarian. If we could get one wish granted, it is that these are resolved soonest.

In terms of our Oslo team’s figures for 2023, and, with a due dose of sobriety, sticking to the number of vessels only:

• Sale and Purchase: 53
• Leasing: 32
• Newbuildings: 28 (of which, 6 ammonia-ready)
• Bank Financings: 58 vessels, 16 power plants, 1 rig

A total of 172 vessels, and 16 power plants

On behalf of the entire Ocean team, we are fortunate and grateful for the continuous trust of our clients for engaging us in most interesting and often pioneering projects. Shipping is 24/7, and so we thank every member of our team, for the commitment and loyalty in servicing our good clients, and for the good humour even during the most hectic periods. New associates and paralegals joined us this year, strengthening and reinvigorating our team.

We wish everyone all the best for the new year.