Fred Olsen company Bonheur enjoyed a strong day’s trading after revealing plans for a merger with sibling Ganger Rolf on an otherwise bleak day for shipping equities.

Bonheur, which will be the surviving public company after the deal is completed, finished Monday 5.31% up at NOK 54.50 ($6.34) each.

Its climb defied the gloom in Oslo on a day when the main index slumped by 4.39%.