Faroe Business Report — The International Review of Faroe Islands Industry and Trade - Faroe Business Report — The International Review of Faroe Islands Industry and Trade
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Enabling Fresh Deliveries Across the Globe
Written by B. Tyril —
Shipping thousands of tonnes of fresh seafood in an unbroken refrigeration chain to the UK, across the Atlantic, and to the Far East, the Fresh Link freight service connects the Faroes to the world via Scotland and London Heathrow.
Since founded in 2008, freight carrier Fresh Link has confirmed that the Faroe Islands’ old sea connection to northern Scotland represents a vital trade route and can indeed be economically viable for those who operate it. Unexpectedly, the service has also contributed to dramatic growth in the export of Faroese fresh seafood by air to the United States as well as to China and other markets in the Far East.
Technically, this has all been possible for decades, yet the option of using air freight for transport in large quantities has only recently been utilized by Faroese seafood exporters.
“It all started with the vacuum left by Chile’s salmon exporters a few years back when the spread of ISA [infectious salmon anemia] caused serious disruptions as producers were forced to shut down operations temporarily,” said Fresh Link managing director Rógvi Hansen. -
FAS: White Banner in Sight
Written by B. Tyril —
Prospects look positive for the Faroe Islands International Ship Register (FAS) following a successful voluntary flag state audit by the IMO—with anticipation for the Faroese flag to be included in the Paris MoU White List from 2012.
It’s been 20 years since the Faroese first floated their own open ship registry, known as FAS (Føroyska Altjóða Skipaskráin), or the Faroe Islands International Ship Register. Back in 1992 this was a legislative provision intended to convince a few merchant vessels not to flag out over fiscal and related issues. After leading a low key life for about a decade-and-a-half, the FAS was recently repurposed and refitted to attract international merchant fleets to ‘Merkið’ (‘the Banner’—the Faroese flag). -
Runavík’s Bid for Top Spot
Written by B. Tyril —
With business buzzing and a new freight carrier moving in, the Port of Runavík continues its commitment to long-term, large-scale harbor development—with a plan in place to serve industries ranging from seafood to oil and gas.
At the turn of the year 2010- 11, the mood was somber in a number of Faroese towns and villages as the bankruptcy of Faroe Seafood had brought activities to a grinding halt in several seafood processing locations.
Luckily in some places though, notably Runavík, it didn’t take long before factories were up and running again, with associated fishing boats back in business as well.
“To be honest, we were a bit nervous at the time,” said Tórbjørn Jacobsen, harbor master of the Port of Runavík. “But thankfully the situation changed for the better rather quickly.” With Faroe Origin taking over much of what used to be Faroe Seafood’s assets, including the large ‘Lynfrost’ processing plant at Runavík and virtually all of the group’s fishing vessels, things were back to normal in a matter of weeks. -
Going Beyond Five Stars to Charm Business Travelers
Written by B. Tyril —
The Faroe Islands’ only five-star conference venue, Hotel Føroyar is enchanting a growing number of businesspeople from everywhere who choose to meet in the North Atlantic archipelago for a truly out-of-the-ordinary experience.
With increasing international discovery of the Faroe Islands as a prime destination for meetings and conferences, the country’s leading conference hotel, Hotel Føroyar, has invested in a new gourmet restaurant to enhance its offerings for the business tourism market.
After refurbishments were made back in 2008 to secure the upgrade from four to five-star conference venue, Hotel Føroyar, in 2011, transformed its traditional middle-of-the-road restaurant to make way for the recently opened Koks, a gourmet eatery that ranks in the Scandinavian Top 60.
Welcome to the 2012 Edition of the Faroe Business Report
I’m proud to present the 2012 edition of the Faroe Business Report—The International Review of Faroe Islands Industry and Trade. The fact that this is the seventh volume in this annual series gives, in my view, a clear indication of the success of this project. It has indeed been a journey into the unknown—no other publication has ventured into an editorial mission of the same kind, creating a bridge of communication between the Faroese business community and an international readership consisting largely of businesspeople with existing or potential interests in the Faroe Islands. I wholeheartedly recommend that you read some of the inspiring business stories found in this publication.
Búi Tyril
Publisher, Editor in Chief
Sannførandi søgur byggja álit millum viðskiftarar og veitarar
Fyri bæði fyritøkur og stovnar er umráðandi at samskifta væl við umheimin, soleiðis at góð og hóskandi kunning altíð er tøk í rættari tíð. Hesin samskiftis tørvur ger seg altíð galdandi, eisini tá vit ikki beinleiðis síggja hann.
Hetta kemst millum annað av at broytingar við meir ella minni avgerandi ávirkan á virksemið hjá fyritøkuni ella stovninum kunnu henda óvæntað skjótt.