Lighthouse Navigation


Frode Teigen’s Lighthouse is merging a fleet of ultramax and supramax dry bulk carriers into Sverre Tidemand’s Oslo-listed Belships. A merger plan in order to bring two profitable shipowning companies and a ship management company was agreed between Sverre Tidemand’s Oslo-listed Belships and privately-owned Lighthouse. Lighthouse and Belships merger will create a shipping company with a fleet of 16 dry bulk carriers. Norwegian shipowner and operator Lighthouse Shipholding AS is led by Frode Teigen. Lighthouse Shipholding AS’s chartering is controlled by Lighthouse Navigation which is based in Thailand and Dubai.

Lighthouse Navigation is also included in the merger. Lighthouse Navigation manages both the Lighthouse ships and chartered in vessels. Lighthouse Shipholding AS was established in 2013 in Norway and ordered ultramax dry bulk carriers at the Chinese Shipyard Jiangsu Hantong Ship Heavy Industry. Lighthouse Shipholding AS’s fleet consists of ultramax dry bulk carriers 63K DWT MV Indian Light, MV Baltic Light and MV Atlantic Light, Northern Light and MV Southern Light. All Lighthouse Shipholding AS ultramax dry bulk carriers will merge into Belships.

Norwegian shipowner and operator Lighthouse Shipholding reported a profit of $10.7 million in 2016 and a further $11.5 million in 2017. Sister company Lighthouse Shipholding II AS is the owner of supramax dry bulk carriers 50K DWT MV Orient Light, MV Bering Light, MV Pacific Light, and MV Eastern Light. Norwegian Lighthouse Shipholding II AS was established in 2016 in order to acquire second-hand dry bulk carriers. Norwegian Lighthouse Shipholding II AS reported a profit of $300K in 2016 and $500K in 2017. Lighthouse and Belships merger will create an increased earnings capacity and provide opportunities to realize synergies through improved cost efficiency. Belships has 6 dry bulk carriers trading on long-term deals with Canpotex and Cargill. Belships reported a profit of $6.34 million in 2017 and a loss of $14.59 million in 2016. Frode Teigen’s investment vehicle Kontrari will hold a near 69% stake in the merged company of Lighthouse and Belships, with Sverre Tidemand’s Sonata left with just below 10%.


Norwegian Teigen family’s Lighthouse Shipholding has purchased 2 supramax dry bulk carriers built-in 2008. Lighthouse Shipholding bought 50K DWT MV Orient Light (ex MV Saturnus) and MV Bering Light (ex MV Serpentine) from compatriot owner Seven Seas Carriers. CEO Frode Bjorklund does not mention the price tag of the supramax dry bulk carriers. According to current market vessels are around $24 million. Bergen-based Seven Seas Carriers has sold 2 supramax dry bulk carriers in order to concentrate on newer Japanese built ships. After the sale, Seven Seas Carriers has left with a fleet of 2 ships.

Lighthouse Shipholding started building its fleet in 2014 by ordering 5 ultramax dry bulk carriers 64K DWT at Chinese shipyard Jiangsu HantongShip Heavy Industry Co. for about $25 million each. In November 2016, Lighthouse Shipholding acquired 2007 built MV Pacific Light (ex MV Embdens Welvaart) for just $4.8 million. The Lighthouse Shipholding fleet is operated by Lighthouse Navigation in Thailand. Norwegian Teigen family was a major shareholder in Thoresen Thai Agencies. Norwegian Teigen family sold out its stake in 2005 for about $190 million.