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The purpose of the Shipowners of the Faroe Islands is to gather companies in the sector. The main activities are to negotiate wage agreements with the relevant labour unions – on its own and as part of the FEA. These agreements are binding for the members of the association.

The association also lobbies politicians and authorities so that laws and regulations serve the interests of the industry and represent the interests of the industry towards different authorities.

The association also organises when needed seminars and courses with the purpose of improving qualifications and competence in the industry.