| The economy in Norway is undergoing a period of | | | | Norwegian economy. |
| transformation as it prepares for a post-petroleum | | | | As shipping companies face the new challenges, the |
| era. Norway is facing the challenge of re-inventing its | | | | sector is showing innovation as shipping companies |
| economy. The freight services industry in Norway is | | | | identify and seize new opportunities that are relevant |
| also looking to adapt and embrace new opportunities | | | | for the post petroleum era. |
| in response to changing market conditions. | | | | For example, the Norwegian freight company sector |
| Norway is a country that is extremely rich in natural | | | | is set to break new ground with the launch of the |
| resources and its economy has been largely based on | | | | world's first gas-powered ro-ro vessels. Norwegian |
| exploiting these natural strengths in oil, gas and | | | | shipping company Sea-Cargo AS is building the |
| minerals. Norway's largest export is petroleum and | | | | vessels and they are expected to be launched by |
| petroleum products. In fact, petroleum and natural | | | | 2010. With the focus on lower exhaust emissions |
| gas currently account for nearly half of its total | | | | from short sea and coastal vessels, Sea Cargo AS |
| exports and it is the world's third largest exporter of | | | | identified liquified natural gas as the fuel of the future. |
| oil and gas. However, the challenge is now to adapt | | | | These vessels will reduce CO2 emissions by 25% |
| to the fact that the North Sea has past its peak oil | | | | compared with a vessel run on conventional fuel. |
| production. Norway's offshore Oil production peaked | | | | Another way in which the freight transport sector is |
| in 2002 and so the Norwegian government is well | | | | facing the challenge of new opportunities is exploiting |
| aware that it cannot depend on oil revenues | | | | new markets, created by changing economic |
| indefinitely into the future. The challenge facing | | | | conditions. An especially important area of |
| Norway is diversification of its economy, so that it | | | | opportunity for shipping companies in Norway is the |
| can maintain its high standard of living into a | | | | Baltic Sea Region. |
| post-petroleum future. | | | | Norway, like its neighbour Finland, has a significant role |
| So over the last decade, Norway has faced the | | | | to play in serving the Baltic region. Although the global |
| challenge and begun a process of reshaping its | | | | economic crisis is having a negative impact on freight |
| economy by diversifying into new sectors so it can | | | | forwarding in many countries worldwide, international |
| prosper after petroleum revenues decrease. This | | | | freight to and from the Baltics remains a growth |
| includes government support to create a competitive | | | | area. The majority of shipping companies and |
| private sector with strengths in IT and technology. | | | | economic commentators are expecting growth in the |
| Norway is now encouraging the growth of small | | | | Baltic region to continue to be strong in the next few |
| businesses and encouraging new private sector | | | | years. This will strengthen the freight services sector |
| industry in a number of ways. By doing so, it is | | | | in those countries like Norway and Finland on which |
| following the approach earlier adopted successfully by | | | | freight transport to the Baltic region depends. |
| its neighbours Sweden and Finland. | | | | The Baltic Region is now a main trading area for the |
| Norway is fortunate in that is in a strong economic | | | | freight forwarding and shipping company industry |
| position and is one of the world's richest countries | | | | based in Bergen. They offer a frequent service to |
| per head. Norway has large foreign trade surpluses | | | | the Baltic Region, mainly with its fleet of side door |
| due to the high cost of oil in recent times. This is | | | | vessels.The main item requiring freight transport is |
| enabling the government to invest in developing new | | | | frozen fish from Norway, Scotland and Iceland. This is |
| industries to support its strategy of diversification. | | | | transported to many destinations in the Baltic Region. |
| The Norwegian government is thus able to help | | | | This is an expanding market, with an increasing |
| support the freight services sector as it faces the | | | | demand for fish products as the buying power of |
| challenge of adapting to new conditions. | | | | customers increases in the countries that make up |
| One of the private sector industries that is robust | | | | the Baltic Region. |
| and growing in Norway in shipping. Shipping companies | | | | In ways such as these, shipping companies in Norway |
| originally developed in Norway to serve the offshore | | | | are showing that they can identify and seize the new |
| petrolem industry and have now achieved a dominant | | | | opportunities created by changing market conditions. |
| market position. In fact, the shipping fleet in Norway | | | | This means that the freight forwarding and |
| is one of the most modern in the world. | | | | international freight industry in Norway face a bright |
| Shipping and freight services has therefore been | | | | future as they rise to the challenge of responding to |
| identified as an industry to be further developed and | | | | change. |
| strengthened in future, as a key part of the | | | | |