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With Nor-Shipping 2025 just around the corner, Euronext Oslo Børs CEO Øivind Amundsen shares why Oslo remains the exchange of choice for global shipping companies – thanks to its fast, flexible listings, maritime-savvy investors and a regulatory environment built for efficient capital-raising.
When it comes to shipping finance, there’s one stock exchange that continues to punch above its weight – and it’s not in London or New York. “Shipping is part of the Norwegian DNA,” says Amundsen. “That gives us a structural advantage others simply can’t replicate.”
Oslo has quietly become the world’s leading venue for shipping listings by number of companies, with maritime firms accounting for 10% of total market capitalisation. From Okeanis Eco Tankers to Himalaya Shipping, a steady stream of international companies have also chosen to list – and raise capital – on the Norwegian stock exchange.
“Shipping is a volatile sector,” Amundsen acknowledges. “In many markets, investor interest disappears during a downcycle. But in Norway, investors stay engaged. They understand the sector’s rhythm and are prepared to invest through the cycles.”
That long-term view is embedded in an ecosystem that brings together deep financial expertise, maritime heritage and institutional commitment. “You’ve got brokers, investment banks, analysts, auditors – all with specialist shipping knowledge,” he explains. “They know how to evaluate risk, and they’re not scared of volatility.”
A listing venue with staying power
Euronext Oslo Børs boasts 313 listed companies and NOK 3.8 trillion in market value[1] – equivalent to nearly 80% of Norway’s GDP. It forms part of the wider Euronext group, which connects over 1,800 listed companies and a €6.3 trillion aggregated market.
Yet Oslo retains a distinct profile within that landscape, especially for maritime and energy firms. Its peer group is deep and diverse – from car carriers and bulkers to LNG, offshore and diversified fleets – and the OBX Index includes a strong shipping presence, with 12 of the 25 most-traded companies in shipping or energy.
That visibility matters. “It’s not just about access to capital,” says Amundsen. “You’re also getting sector-specific analyst coverage, media attention and institutional engagement.”
From growth to global – Oslo’s listing ladder
Oslo is especially well-positioned for smaller or mid-sized shipping companies. Its listing ecosystem enables a natural progression from Euronext Growth to Euronext Expand or directly to the main market, Euronext Oslo Børs, providing flexibility and structure as companies scale.
Examples like MPC Container Ships, Cool Company and 2020 Bulkers all illustrate the pathway – and reinforce Oslo’s reputation as a long-term partner for maritime companies, not just a launchpad.
“These listings highlight Oslo’s appeal as a hub for accessing capital and maritime-savvy investors who value cyclical and niche strategies. The streamlined and fast listing process and the regulatory flexibility attract companies seeking to efficiently raise capital,” says Amundsen.
Still, some companies seek a broader reach via a dual listing on the NYSE. That can be valuable, Amundsen adds – but it comes with trade-offs. “New York offers liquidity and visibility, but the regulatory burden and costs are higher. And shipping interest there tends to disappear quickly in a down market.”
His advice? “For large companies, dual listing might make sense. But for most, Oslo remains the more efficient and reliable platform – especially in uncertain times.”
Regulation that supports growth
While the US has long been seen as more flexible in regulatory terms, recent EU reforms may be shifting the balance. The EU Listing Act, which came into force in December 2024, significantly reduces the burden on companies raising capital, particularly through secondary issues.
“This is especially important for shipping,” Amundsen explains. “It’s a capital-intensive industry, and companies need to move fast. Being able to raise capital without months of paperwork is a real advantage.”
The new Omnibus Regulation will also ease ESG reporting requirements for smaller companies, helping Oslo maintain its edge.
“We’re seeing a welcome shift in Europe – away from over-regulation and towards practical competitiveness,” he says. “That’s good for shipping, and good for Oslo.”
Bonds, ESG and broader access
Oslo’s bond market is also playing a growing role in maritime finance, with recent high-yield issuances from SFL Corporation, Ocean Yield and Diana Shipping reflecting strong investor appetite.
Oslo is also innovating around access. Through its partnership with PrimaryBid, retail investors can now participate in private placements and accelerated offerings.
“We’re democratising access to capital,” says Amundsen. “And we believe that will be increasingly important.”
The exchange also offers a dedicated ESG bond list, positioning Oslo as a strategic partner for companies seeking sustainable finance options.
Looking ahead – stability and energy transition
Amundsen is cautiously optimistic about the next five years. “After years of shocks – COVID, war, geopolitical upheaval, tariff flip-flops – what we need now is some stability,” he says.
Still, Oslo is prepared. “We’ve built a resilient, globally connected exchange that supports shipping and energy companies through every phase of their journey. And we’re well placed to help them navigate capital shifts and decarbonisation efforts.”
Today, 19 jurisdictions are represented among the companies listed on Oslo Børs. “That tells you something,” he says. “This is a global platform – and a trusted one.”
Nor-Shipping matters more than ever
It’s fitting that Oslo also plays host to Nor-Shipping – one of the most important meeting places for the maritime world. “Everyone in the industry is here,” says Amundsen. “Not just shipowners, but bankers, investors, technology providers, advisors – it’s a full-spectrum gathering.”
This year, Euronext Oslo Børs is once again a partner of Nor-Shipping, hosting the opening bell ceremony for Nor-Shipping on Monday 2 June.
While they won’t have a stand, the team will be present in full force – with Amundsen himself speaking at the Ocean Leadership conference on the future of maritime finance.
“For us, it’s not about booths – it’s about conversations,” he says. “Nor-Shipping gives us the chance to connect with the industry, share insights and help shape what comes next.”
