According to the Clarksons World Fleet Register, growth in the global fleet is expected in the coming years. At the same time, geopolitical conflicts and disruptions to global supply chains have contributed to longer transport routes and reduced efficiency. This has increased demand for ships and driven up asset values across the market, according to an article from the Norwegian Maritime Authority’s website.

 Freight rates in the oil tanker market are at historically high levels, particularly in the VLCC (Very Large Crude Carrier) segment. The container and car carrier markets also remain strong, and record-high investments in newbuildings are expected in 2026. How does this affect the Norwegian International Ship Register (NIS)?

 RECORD-HIGH TONNAGE IN NIS
The total gross tonnage registered in NIS has never been higher than it is today. At the end of September, 686 vessels were registered, with a combined gross tonnage of 17,995,013.

From January to October, 59 vessels were registered in NIS, while 58 vessels were deregistered.

"The decline we have seen over the past two years has fortunatley now come to a halt and has stabilised over the last six months. In addition, we are actively working to increase the number of vessels being flagged into the register. At the same time, it is important to highlight that total tonnage has developed positively and that NOR has remained relatively stable. We are therefore actively promoting the advantages of the Norwegian quality flag and remain optimistic that the trend will once again turn upward, both in terms of the number of vessels in NIS and NOR," says Director General of Shipping and Navigation, Alf Tore Sørheim.

The vessels entering the register represented a combined gross tonnage of 1,595,459, while those leaving the register had a combined gross tonnage of 820,745. These figures show that vessels being registered are increasingly larger than those leaving the register.

GENERAL CARGO VESSELS AND TANKERS DOMINATED NEW REGISTRATIONS
General cargo vessels were the vessel category with the highest number of new registrations during the period. A total of 14 general cargo vessels were registered in NIS, followed by six oil tankers, five bulk carriers, five offshore vesselsm five LPG tankers and five supply vessels.

The 14 general cargo vessels accounted for a combined gross tonnage of 266,174. Although the number of oil tankers was lower, these vessels contributed more than 54 per cent of the total increase in tonnage. The five LPG tankers also made a significant contribution, accounting for more than 30 per cent of the tonnage growth.

HIGH PROPORTION OF NEWBUILDINGS
Almost half of the vessels registered during the period were newbuildings. Of the 59 new registrations, 29 vessels were newly built ships that had not previously been registered.

The four most recent newbuildings were transferred from the Shipbuilding Register upon delivery and registered directly in NIS. These comprised three offshore vessels and one cable-laying vessel.

Taken together, the newbuildings account for nearly 60 per cent of the new tonnage added to the register during the period.

GROWING SHARE OF FOREIGN OWNERSHIP
NIS is open to owners of all nationalities, and developments indicate a growing proportion of foreign ownership.

Of the vessels newly registeres during the period, 24 had owners who did not meet the nationality requirements set out in the Norwegian Maritime Code. In these cases, the connection to Norway is maintained through the operation and management of the vessels from Norway.

At the same time, the register is seeing an increasing number of registrations based on financial ownership or bareboat ownership.

INTENSE COMPETITION BETWEEN SHIP REGISTERS
Vessels leaving NIS are transferred to a wide range of flag states. During the period, vessels were transferred to 17 different ship registers.

The Bahamas received the largest amount of vessels, with 15 transfers. They were followed by the Madeira register in Portugal and the Marshall Islands, with seven vessels each, while Malta received six vessels.

"These figures illustrate the intense competition between international ship registers for tonnage. They also highlight the importance of actively promoting and raising awareness of the Norwegian flag and the advantages of choosing the Norwegian flag, particularly in these uncertain times," says Henning Lerkerød Rasmussen, Head of Department at the Ship Registers. 

OFFSHORE VESSELS AND GENERAL CARGO VESSELS DOMINATE DEREGISTRATIONS
Among the vessels deregistered from NIS, offshore vessels and general cargo vessels were the most numerous.

A total of ten offshore vessels, nine general cargo vessels, seven seismic vesseks and seven supply vessels left the register.

Although a significant number of general cargo vessels were also registered during the same period, there is an important difference: the tonnage entereing the register exceeds the tonnage leaving it. As a result, the register is being renewed with larger vessels within this vessel category.

A FLEET IN TRANSITION
NIS is experiencing a situation where the number of vessels in declining, while total tonnage continues to increase. Market conditions remain strong, and further newbuildings have been notified for registration in the period ahead. At the same time, sales to foreign owners and competition from other flag states are causing vessels to leave the register.

"Whether the anticipated influx of newbuildings will be sufficient to secure continued growth remains to be seen. However, the current trend demonstrates that NIS remains an attractive register for modern and larger vessels, while competition for tonnage is stronger than it has been for many years," Lerkerød Rasmussen concludes.