By Jenny Wagler
Vancouver’s proximity to Chinese shipyards and its thriving shipping community have drawn Norway-based international ship brokers Lorentzen & Stemoco to set up shop in town.
“I think it’s a perfect hub between China, the Pacific Rim, and Canada and the U.S. in general,” CEO Axel Lorentzen said.
He added that the five-person Vancouver office’s principal business will focus on brokering deals for new and second-hand Chinese-built ships and help arrange charters.
The company has approximately 100 employees in offices in Oslo, London, New York, Singapore, Beijing, Shanghai, Hong Kong, Geneva and Antwerp.
Lorentzen added that a further incentive to open an office in Vancouver was the federal government’s decision in October 2010 to lift a 25% import duty on ships built overseas.
“It’s encouraging news for Canadian owners to build their ships in China,” he said.
Asked if the company intends to broker deals for Canadian-built ships, Lorentzen said: “That certainly could be.”
“I think the Chinese ship-building industry is somewhat larger than Canada’s but ship brokers are used to grabbing every opportunity that they can see and going with it to its clients.”
Pacific Coast Shipbuilders Association chairman John Shaw said he anticipates that the newcomer in town, with its focus on the Chinese market, will have a neutral impact on local shipbuilders.
“There are other brokers in town that have done that and have been doing that over many years, and they’re typically dealing in ships that we would not normally build here.”
Lorentzen said he’s optimistic for the new business the Vancouver office will attract.
“Norwegians are used to doing quite well in Vancouver. We won nine gold medals in the [2010] Winter Olympics, so we think of repeating that.”