- Norway’s fleet, valued at USD 66.2 billion, ranks Tankers and MODUs as its most valuable segments, while Small Dry boasts the highest vessel count.
- Almost half of all vessels on order in Norway feature dual-fuel capabilities—well above the global average—driven by government-backed green incentives and strong OEM demand.
- Major S&P activity highlights Odfjell Tankers and Nordic American Tankers as top buyers, while Avance Gas and Knutsen OAS top the sellers list.
Using VesselsValue data, the Norwegian merchant and leisure fleet carries a total valuation of USD 66.2 billion. Tankers lead in market value at USD 12.74 billion across 347 vessels, closely followed by MODUs at USD 10.7 billion for 56 units. LNG carriers occupy third place with USD 9.95 billion in value from 57 vessels. Vehicle Carriers—boosted by new-build orders for light and heavy OEM cargo—hold USD 9.71 billion across 135 ships, while OCVs account for USD 5.42 billion in 76 units. The Small Dry sector, though lower in value (USD 2.1 billion), comprises the largest count with 369 vessels.
Green Transition and Dual-Fuel Orders
Thanks to schemes like Enova’s financial support for green technologies, Norway outpaces the global fleet on dual-fuel adoption: 46 percent of vessels on order have dual-fuel capabilities versus 27 percent worldwide. Excluding inherently dual-fuel LNG carriers, Norway’s orderbook shows every one of its 39 Vehicle Carriers specified for dual fuel, reflecting OEMs’ drive to transport new cars—including EVs—on lower-emission ships. The LPG segment follows with roughly 64 percent dual-fuel orders (seven vessels), compared to 48 percent globally. Offshore construction vessels (OCVs) rank third at 59 percent dual fuel versus 18 percent elsewhere. Tankers and Bulkers round out Norway’s orderbook with 26 percent and 21 percent dual-fuel respectively, more than double the global shares of 12 percent and 7 percent.
S&P Activity Over the Past Year
In buying activity, Odfjell Tankers tops the list, investing USD 685 million in 11 Handy chemical tankers. Nordic American Tankers follows with USD 282 million spent on four Suezmax tankers, and MPC Container Ships in third place, allocating USD 227 million for six Panamax and Post-Panamax containers. Avance Gas acquired two modern VLGC LPG carriers for USD 217 million, while Ocean Yield rounded out the top five, purchasing three vessels for USD 207 million. On the seller side, Avance Gas led disposals by offloading 16 LPG ships valued at USD 1.3 billion. Knutsen OAS Shipping sold three large LNG carriers worth USD 679 million, and Ocean Yield followed with 15 vessels (spanning tankers, bulkers, containers, and a LEG) for USD 678 million. Hoegh Autoliners and Nordic American Tankers complete the top five sellers with notable car and Suezmax tanker divestments.
Top Norwegian Shipowners
The Knutsen Group ranks first among Norwegian owners, with a combined live and on-order fleet valued at USD 10.4 billion, comprising primarily tankers and LNG carriers. Wallenius Wilhelmsen leads by fleet size, with 98 vehicle carriers valued at USD 6.95 billion. Borr Drilling holds third place (24 MODUs worth USD 4.58 billion), followed by Ocean Yield (44 vessels across multiple sectors, USD 3.18 billion) and BW LNG (22 vessels valued at USD 2.99 billion).
Norway’s Maritime Edge
As Nor-Shipping 2025 approaches, Norway’s diversified and high-value fleet, combined with nearly half of its newbuilds incorporating dual fuel, underscores its leadership in sustainable shipping. Government incentives and strong industry commitment to green technologies ensure the Norwegian fleet remains at the forefront of the global maritime transition.https://blog.vesselsvalue.com/norway-sets-the-bar-high-with-green-orders/
Did you subscribe to our Daily newsletter?
It’s Free! Click here to Subscribe!
Source: VesselsValue Blog
