Faroe Islands-based offshore shipping company Thor adds a third leg to its growing international business—management and fulfilment services for shipowners that register their vessels under Faroese jurisdiction.
The Faroe Islands International Ship Register (FAS) is quietly gaining traction as an emerging registry based on international standards with a Nordic identity. According to Faroese Maritime Authority, the number of vessels registered in this flag jurisdiction is fast approaching 100 amid expectations of steady growth in the years ahead. To accommodate shipowners who consider the FAS option, Thor — a rapidly growing shipping company that specialises in providing services to the marine seismic industry as well as owning and operating a fleet of fishing vessels — has initiated a Management and Fulfilment service department in the Faroe Islands.
“We offer a range of services according to the needs and requirements of our clients,” said managing partner Gunnbjørn Joensen. “For example, we operate and man vessels on behalf of foreign shipping companies out of our head office at Hósvik in the Faroes, acting as agents and management partners for shipowners who wish to conduct business under Faroese jurisdiction.”
The first client to sign up for Thor’s Management and Fulfilment service were Svitzer Faroe Islands, part of Svitzer, the global leader in the towage, salvage and emergency response market with a fleet of more than 500 vessels. For a number of Svitzer workboats recently registered under the Faroese flag, Thor provides a solution that includes, for example, local office functions, pay roll, crew management and more.