Fearnleys
Fearnley Securities AS
Fearnley Securities is the Oslo-based investment bank of the Astrup Fearnley group, focused on shipping, offshore, energy and related industries. Its equity and credit research covers more than 100 companies, mainly in shipping, offshore, energy and aquaculture.
Company history
The Fearnleys name dates to 1869, when Thomas Fearnley set up a shipbroking and agency business in Christiania, now Oslo; Hans Rasmus Astrup became sole owner of Astrup Fearnley in 1972. The group established Fearnley Project Finance in 1981 and Fearnley Securities in 1987, merging the two in 2020. Ownership passed to the Hans Rasmus Astrup Foundation in 2014, and the securities arm opened offices in New York (2015), Singapore (2022) and London (2023).
- 1869Thomas Fearnley founded shipbroking business in Christiania (Oslo)
- 1972Hans Rasmus Astrup became sole owner of Astrup Fearnley
- 1987Fearnley Securities AS established in Oslo
- 2014Ownership transferred to Hans Rasmus Astrup Foundation
- 2015Opened New York office
- 2020Fearnley Project Finance merged into Fearnley Securities
Research
Fearnley Securities covers more than 100 companies as of 2025, with equity and credit research on shipping, offshore, exploration and production, energy services, renewables and aquaculture. Equity ratings are absolute over 12 months: Buy when the target price is more than 15% above the market price, Hold within ±15%, and Sell when it is 15% or more below.
Coverage12M
- Stocks
- 1
- Ratings
- 1
- Price targets
- 0
- Upgrades
- 1
- Downgrades
- 0
- Initiations
- 0
- Reiterations
- 0
- Positive0%0
- Neutral100%1
- Negative0%0
Sectors
Ratings
Listing
Activity24M
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 SFLSFL Corporation Ltd. | Buy | — |
 ZIMZIM Integrated Shipping Services Ltd. | Hold | — |
Recent actions
| Stock | Rating action | Rating | Date |
|---|---|---|---|
| ZIM Integrated Shipping Services Ltd.ZIM | Upgrade | Sell →Hold | Dec 19, 2025 |
| SFL Corporation Ltd.SFL | Upgrade | Hold →Buy | Nov 21, 2024 |
| EREnergy Recovery, Inc.ERII | Upgrade | Hold →Buy | May 9, 2023 |
| NFNew Fortress Energy Inc.NFE | Reiterate | Buy | Aug 26, 2020 |
| NMNavios Maritime Partners L.P.NMM | Downgrade | Buy →Hold | Jan 27, 2020 |
 Genco Shipping & Trading LimitedGNK | Downgrade | Buy →Hold | Jan 27, 2020 |
| SBStar Bulk Carriers Corp.SBLK | Downgrade | Buy →Hold | Jan 27, 2020 |
 Valaris LimitedVAL | Upgrade | Hold →Buy | Jan 3, 2020 |
 Noble Corporation PlcNE | Reiterate | Sell | Oct 18, 2018 |
 Transocean Ltd.RIG | Reiterate | Buy | Oct 18, 2018 |
| Transocean Ltd.RIG | Reiterate | Accumulate | Aug 1, 2018 |
| Noble Corporation PlcNE | Reiterate | Sell | Jul 20, 2018 |
References
- Our Company – Fearnley Securities ASfearnleysecurities.com
- Message from the CEO – Fearnley Securities ASfearnleysecurities.com
- An Astrup Fearnley Company – Fearnleys storyfearnleys.com
- The Astrup Fearnley Group – Fearnley Securities presentation (Capital Link, 2025)capitallink.com
- Fearnley Securities research disclosures – definitions of equity ratings (2025)research.fearnleysecurities.no
- Fearnley Securities Market Report 2021fearnleysecurities.com