Bergesen Worldwide
Encyclopedia
The BW Group, previously Bergesen Worldwide is an international maritime group that through its subsidiaries operates within the tanker
, gas
and offshore
segments, with a fleet of more than 150 owned, part-owned or controlled vessels. The group has seven business areas: crude tankers, product tankers, chemical tankers, LNG (liquefied natural gas) carriers, LPG (liquefied petroleum gas) carriers, offshore floating production vessels (FPSO) and offshore technology (mooring systems for FPSOs and offshore LNG terminals). The company was created as a merger between Bergesen d.y. and World-Wide Shipping. Operations are performed by subsidiaries, with BW Gas and BW Offshore being publicly listed companies. BW Gas delisted in 2009. Main offices are in Oslo
and Singapore
while the holding company is registered in Bermuda
.
BW Shipping Managers, later renamed BW Maritime, located in Singapore and supported by a network of BW Shipping offices around the world, is the commercial and technical manager of BW’s tanker fleet, and the technical manager of a number of BW’s dry bulk vessels. APL, which produces offshore mooring systems, was acquired by BW Offshore in 2007 and operates as an independent subsidiary in Arendal, Norway. Berge Bulk is engaged in the transportation of coal and iron ore, and these vessels are managed but not owned by companies in the BW Group.
The company employs around 300 people in the BW Gas and BW Offshore businesses in Oslo and 120 people at the BW Maritime office in Singapore. They are supported by a global network of BW Shipping representative and agency offices. Total staff, including seafarers, number over 4,000.
) and Bergesen d.y. which was acquired by World-Wide in 2003.
In the late 1970s, two British Hongs were taken over by indigenous Chinese entrepreneurs in what signalled a new era in Hong Kong
’s capitalism: Hutchison Whampoa Ltd. by Li Ka-Shing and Kowloon Wharf by Yue-Kong Pao
. Y.K. Pao was a native from Ningbo
, Zhejiang
province who came to Hong Kong in 1949 and acquired an aging ship to establish the Worldwide Shipping Company in 1955. At its peak in 1979 World-Wide was by far the largest shipping company in the world with 204 ships totalling . In the shipping downturn starting in 1978, World-Wide astutely read the market and aggressively sold tonnage whilst prices were still reasonable, paying off debt and building cash resources. In less than five years the fleet had halved in size and thus World-Wide avoided the crises that were suffered by many of their industry peers.
Pao passed on his interest in World-Wide in 1989 to his eldest daughter, Anna Sohmen-Pao, shortly before his death in 1991. World-Wide was ranked as the sixth largest shipping fleet (number of vessels) in the world in 2004 and has been chaired by Helmut Sohmen, Pao's eldest daughter's husband, since 1986.
Following a period of stakebuilding starting in late 2000 in Bergesen, Norway's largest shipping company and the largest gas carrier operator in the world, the Sohmen family came to an agreement in March 2003 with Morten Bergesen and Petter Sundt, the controlling family shareholders, to buy their interest in Bergesen and mount a full public offering for all outstanding shares. Following completion of this transaction, 2004 saw a reorganisation of the Sohmen family interests with the creation of a new top holding company, Bergesen Worldwide Ltd., registered in Bermuda, which is owned 93% by the Sohmen family and 7% by HSBC
. The holding company was subsequently renamed BW Group Limited. In 2005 a further re-organisation took place, accompanied by the re-branding of the business under a single group brand, BW.
Tanker (ship)
A tanker is a ship designed to transport liquids in bulk. Major types of tankship include the oil tanker, the chemical tanker, and the liquefied natural gas carrier.-Background:...
, gas
Gas
Gas is one of the three classical states of matter . Near absolute zero, a substance exists as a solid. As heat is added to this substance it melts into a liquid at its melting point , boils into a gas at its boiling point, and if heated high enough would enter a plasma state in which the electrons...
and offshore
Offshore (hydrocarbons)
"Offshore", when used relative to hydrocarbons, refers to an oil, natural gas or condensate field that is under the sea, or to activities or operations carried out in relation to such a field...
segments, with a fleet of more than 150 owned, part-owned or controlled vessels. The group has seven business areas: crude tankers, product tankers, chemical tankers, LNG (liquefied natural gas) carriers, LPG (liquefied petroleum gas) carriers, offshore floating production vessels (FPSO) and offshore technology (mooring systems for FPSOs and offshore LNG terminals). The company was created as a merger between Bergesen d.y. and World-Wide Shipping. Operations are performed by subsidiaries, with BW Gas and BW Offshore being publicly listed companies. BW Gas delisted in 2009. Main offices are in Oslo
Oslo
Oslo is a municipality, as well as the capital and most populous city in Norway. As a municipality , it was established on 1 January 1838. Founded around 1048 by King Harald III of Norway, the city was largely destroyed by fire in 1624. The city was moved under the reign of Denmark–Norway's King...
and Singapore
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
while the holding company is registered in Bermuda
Bermuda
Bermuda is a British overseas territory in the North Atlantic Ocean. Located off the east coast of the United States, its nearest landmass is Cape Hatteras, North Carolina, about to the west-northwest. It is about south of Halifax, Nova Scotia, Canada, and northeast of Miami, Florida...
.
BW Group
The BW Group is one of the world’s leading maritime groups, comprising BW Gas, BW Maritime and BW Offshore. BW Gas was listed in Oslo in October 2005 as a pure gas shipping company with the BW Group retaining a majority share. BW Offshore followed suit by being listed in May 2006. The other assets remain in private ownership. In 2009, BW Gas was privatised.BW Shipping Managers, later renamed BW Maritime, located in Singapore and supported by a network of BW Shipping offices around the world, is the commercial and technical manager of BW’s tanker fleet, and the technical manager of a number of BW’s dry bulk vessels. APL, which produces offshore mooring systems, was acquired by BW Offshore in 2007 and operates as an independent subsidiary in Arendal, Norway. Berge Bulk is engaged in the transportation of coal and iron ore, and these vessels are managed but not owned by companies in the BW Group.
The company employs around 300 people in the BW Gas and BW Offshore businesses in Oslo and 120 people at the BW Maritime office in Singapore. They are supported by a global network of BW Shipping representative and agency offices. Total staff, including seafarers, number over 4,000.
History
The BW group’s leading position in the maritime industry has been underpinned by the historic achievements of two long-standing shipping businesses: World-Wide Shipping (founded by Sir Yue-Kong PaoYue-Kong Pao
Sir Yue-Kong Pao CBE, JP , often referred to as "Sir Y.K. Pao" or just "Y.K.", was the founder of Hong Kong's World-Wide Shipping Group which in the 20 years from purchasing its first second-hand ship in 1955 became by far the largest shipping company in the world with over...
) and Bergesen d.y. which was acquired by World-Wide in 2003.
In the late 1970s, two British Hongs were taken over by indigenous Chinese entrepreneurs in what signalled a new era in Hong Kong
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
’s capitalism: Hutchison Whampoa Ltd. by Li Ka-Shing and Kowloon Wharf by Yue-Kong Pao
Yue-Kong Pao
Sir Yue-Kong Pao CBE, JP , often referred to as "Sir Y.K. Pao" or just "Y.K.", was the founder of Hong Kong's World-Wide Shipping Group which in the 20 years from purchasing its first second-hand ship in 1955 became by far the largest shipping company in the world with over...
. Y.K. Pao was a native from Ningbo
Ningbo
Ningbo is a seaport city of northeastern Zhejiang province, Eastern China. Holding sub-provincial administrative status, the municipality has a population of 7,605,700 inhabitants at the 2010 census whom 3,089,180 in the built up area made of 6 urban districts. It lies south of the Hangzhou Bay,...
, Zhejiang
Zhejiang
Zhejiang is an eastern coastal province of the People's Republic of China. The word Zhejiang was the old name of the Qiantang River, which passes through Hangzhou, the provincial capital...
province who came to Hong Kong in 1949 and acquired an aging ship to establish the Worldwide Shipping Company in 1955. At its peak in 1979 World-Wide was by far the largest shipping company in the world with 204 ships totalling . In the shipping downturn starting in 1978, World-Wide astutely read the market and aggressively sold tonnage whilst prices were still reasonable, paying off debt and building cash resources. In less than five years the fleet had halved in size and thus World-Wide avoided the crises that were suffered by many of their industry peers.
Pao passed on his interest in World-Wide in 1989 to his eldest daughter, Anna Sohmen-Pao, shortly before his death in 1991. World-Wide was ranked as the sixth largest shipping fleet (number of vessels) in the world in 2004 and has been chaired by Helmut Sohmen, Pao's eldest daughter's husband, since 1986.
Following a period of stakebuilding starting in late 2000 in Bergesen, Norway's largest shipping company and the largest gas carrier operator in the world, the Sohmen family came to an agreement in March 2003 with Morten Bergesen and Petter Sundt, the controlling family shareholders, to buy their interest in Bergesen and mount a full public offering for all outstanding shares. Following completion of this transaction, 2004 saw a reorganisation of the Sohmen family interests with the creation of a new top holding company, Bergesen Worldwide Ltd., registered in Bermuda, which is owned 93% by the Sohmen family and 7% by HSBC
HSBC
HSBC Holdings plc is a global banking and financial services company headquartered in Canary Wharf, London, United Kingdom. it is the world's second-largest banking and financial services group and second-largest public company according to a composite measure by Forbes magazine...
. The holding company was subsequently renamed BW Group Limited. In 2005 a further re-organisation took place, accompanied by the re-branding of the business under a single group brand, BW.