Shipping Representation in the Market

Contrast shipping’s 0% representation in the U.S. S&P 500 with its 12% representation in Norway’s Oslo Børs Benchmark Index––in the U.S., professionals often confuse "shipping" with logistics giants like FedEx or UPS; in Norway, professionals are immersed in the maritime world, with financial media regularly covering shipping and offshore markets.

After saturating the Oslo investor base, the largest Norwegian shipping companies often make the leap from being big fish in a small pond in Oslo to being small fish in a big pond in New York.

Some examples of Norwegian shipping companies with dual listings:

• Frontline Management AS

• Golden Ocean Group

• FLEX LNG

• Hafnia

• BW LPG

In Norway, these companies lead the shipping industry and are integral to the broader Oslo capital markets. But in their dual U.S. listings, none make it into the S&P 500, and only Golden Ocean and Flex LNG feature in the broader Russell 3000 Index.