0 companies ranked against comparable companies in four Morning company classes. Fiscal year 2020. Source: Brønnøysund Register Centre. Methodology
Ranking · 2020
No ranked companies in this class this year.
The rank is the rank in the class. A class with fewer than ten companies is compared with the whole sector. Full ranking · Press mode
Biggest moves
Climbers and fallers need at least two fiscal years with a score. Coming when next year's figures are fetched.
Top lists in the sector · 2020
Highest revenue
No company meets the requirement this year.
Operating revenue.
Highest operating margin
No company meets the requirement this year.
Operating result divided by operating revenue.
Largest profit
No company meets the requirement this year.
Profit before tax.
Largest loss
No company meets the requirement this year.
Profit before tax, the largest negative.
Most solid
No company meets the requirement this year.
Equity ratio: equity divided by total assets.
Fastest growth
No company meets the requirement this year.
Revenue growth from the year before, only from at least NOK 10 million in revenue.
Largest revenue decline
No company meets the requirement this year.
Revenue decline from the year before, only from at least NOK 10 million in revenue.
Biggest climbers
Requires an index for two financial years.
Change in index points from the year before.
Biggest fallers
Requires an index for two financial years.
Change in index points from the year before.
Most employees
No company meets the requirement this year.
Employees according to the Central Coordinating Register.
Highest revenue per employee
No company meets the requirement this year.
Only companies with at least 5 employees.
The lists cover ranked companies in the class: operating companies with at least NOK 1m in revenue, without holding companies and excluded ones. Size lists (revenue, profit, employees) count each group once. Source: Brønnøysund Register Centre. Amounts in other currencies are converted at Norges Bank's rates.
Positions in the sector · 2020
Each company is placed by profitability and solidity, measured as a place from 0 to 100 against the others in the same sector and Morning company class. The bubble shows revenue. Hover over or tap a bubble for the figures, filter by profile or search for a company.
Too few ranked companies to draw the map.
Summary · fiscal year 2020
1 of 1 companies have negative equity.
All figures are for fiscal year 2020. Ranked: 0 operating companies. Holding companies, excluded companies and companies without enough data are shown but not ranked. How to read the index
- Growth is not included in the index: it needs the previous year's accounts.
- Consistency is not included in the index: it needs accounts for several years.
Climbers and fallers
Climbers need at least two fiscal years. They appear once next year's accounts are fetched or history is imported.
Needs attention · 2020
1 companies show at least one warning sign. Showing the 1 most important.
- criticalBåtservice 1 ASNegative equity · Current ratio below 1 (0.21) · Loss before tax
Sector map · 2020
Too few ranked companies to draw the map.
Scenario analysis: the sector's weakest year
The sector's weakest year was 2026, with a median operating margin of 6.1%.
Based on the 7 fiscal years we have. The analysis grows as more years are fetched or imported.
| Fiscal year | Median operating margin | Median equity ratio |
|---|---|---|
| 2020 | – | – |
| 2021 | – | – |
| 2022 | 11.1% | 30.3% |
| 2023 | 15.8% | 40.0% |
| 2024 | 13.2% | 42.3% |
| 2025 | 14.3% | 42.2% |
| 2026 · weakest year | 6.1% | 38.1% |
In 2026, 1 ranked companies did better than the sector, 1 about the same and 0 weaker.
Held up best in 2026
- 1Nippon Sanso Europe Ship ASequity ratio 69.9%9.8%
Better than the sector: operating margin at or above the sector median and no loss or negative equity. Weaker: operating margin below the median and a loss or negative equity. Otherwise about the same as the sector. Methodology
Drivers in the sector
Interest rates, prices and exchange rates that shape the sector's year, next to the sector's median operating margin. The drivers are context and are not part of the index.
USD/NOK (kr)
USD/NOK fell 3.3% in 2025; the sector's median operating margin rose 1.1 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| USD/NOK, annual average | 8.59 | 9.61 | 10.56 | 10.75 | 10.39 | 9.54 (so far) |
| Change from the year before | −8.8% | +11.9% | +9.9% | +1.7% | −3.3% | −8.2% |
| Sector's median operating margin | – | 11.1% | 15.8% | 13.2% | 14.3% | 6.1% |
Source: Norges Bank (EXR, NLOD 2.0). Source · fetched 1 November 2026
Export price of crude oil (kr per fat)
Export price of crude oil fell 17.6% in 2025; the sector's median operating margin rose 1.1 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Export price of crude oil, annual average | 609 | 979 | 877 | 859 | 708 | 881 (so far) |
| Change from the year before | +61.1% | +60.8% | −10.5% | −2.0% | −17.6% | +24.5% |
| Sector's median operating margin | – | 11.1% | 15.8% | 13.2% | 14.3% | 6.1% |
Source: SSB (08799, CC BY 4.0). Source · fetched 1 November 2026
When USD/NOK fell in 2025, 414 of 919 ranked companies kept their operating margin at or above the year before. Among the largest: Odfjell Tankers AS (−0.3% → 0.0%), Norled AS (−30.7% → −13.9%), Boreal Sjø AS (4.3% → 4.8%), Rostein AS (24.2% → 24.5%), Nyk Saga AS (18.1% → 25.1%).
We show the drivers and the margin side by side and claim no cause. Sensitivity per company is not computed until we have at least 10 years of accounts per company: with three years such figures are false precision.
The sector in Norway (SSB)
The whole industry as Statistics Norway counts it: every enterprise, not only the limited companies we rank. Use these figures as background for the ranking above.
Enterprises, employment and turnover · 2024
- Enterprises
- 1,335
- −1.3% from 2023
- Persons employed
- 18,166
- +1.3% from 2023
- Turnover
- NOK 228.4 bn
- −1.2% from 2023
- Gross operating margin
- 27.5%
- Gross operating surplus divided by turnover
All enterprises, sole proprietorships included.
Bankruptcies in the industry
9 enterprise bankruptcies in the last four quarters (2025K4–2026K3). Change +125.0% against the four quarters before (4). That is about 6.7 per 1,000 enterprises.
Foreign-controlled enterprises · 2024
- Share of enterprises
- 14.0%
- Share of persons employed
- 32.8%
- Share of turnover
- 23.9%
SSB publishes this for groups of industries only. The figures are for the group “Sjøtransport”.
Turnover index · Sjøfart
132.3 index, 2021 = 100, seasonally adjusted · 2026M08
+4.6% against 2025M08.
Monthly, 2023M08 to 2026M08.
Source: Statistics Norway (SSB), table 12910, table 10790, table 08085, table 13863. CC BY 4.0. Our industry codes (SN2025) are linked to SSB’s (SN2007) with SSB’s correspondence table in Klass.
Latest bankruptcies and liquidations
- Romsdal Fjordcruise AS 936195555 Voluntary liquidation · 31 October 2026 · 0 MNOK (2025)
- Horizon Maritime Offshore AS 922191271 Bankruptcy · 30 October 2026 · 68 MNOK (2025)
- Partankers Xxiv AS 929140559 Voluntary liquidation · 27 October 2026 · 70 MNOK (2025)
- Seacor Grant AS 895022462 Voluntary liquidation · 27 October 2026 · 0 MNOK (2025)
- Gbsi Combi AS 930832014 Voluntary liquidation · 19 October 2026 · 138 MNOK (2025)
- Gearbulk Shipping AS 961999960 Voluntary liquidation · 19 October 2026 · 0 MNOK (2025)
- Energy Empress AS 922404593 Voluntary liquidation · 15 October 2026 · 26 MNOK (2025)
- Energy Partner AS 931480952 Voluntary liquidation · 15 October 2026 · 38 MNOK (2025)
Industry codes (NACE)
| Code | Description |
|---|---|
| 50* | Hele hovedgruppe 50 |
| 50.101 | Utenriks sjøfart med passasjerer |
| 50.102 | Innenriks kystruter med passasjerer |
| 50.109 | Kysttrafikk med passasjerer ikke nevnt annet sted |
| 50.201 | Utenriks sjøfart med gods |
| 50.202 | Innenriks sjøfart med gods |
| 50.203 | Forsyning for offshore |
| 50.300 | Passasjertransport på elver og innsjøer |