18 companies ranked against comparable companies in four Morning company classes. Fiscal year 2022. Source: Brønnøysund Register Centre. Methodology
Ranking · 2022 · Morning class Medium
Too few companies in this class (7, at least 10 needed) for a ranking of its own. They are compared with the whole sector.
| # | Company | Score | Change |
|---|---|---|---|
| 1 | SAMSKIP LOGISTICS AS | 80 | – |
| 2 | RISØR BULK I AS | 65 | – |
| 3 | HAV LINE VESSEL ASsubsidiary of HAV LINE GRUPPEN AS | 46 | – |
| 4 | HX FINANCE IV AS | 42 | – |
| 5 | HANNAH KRISTINA AS | 34 | – |
| 6 | BASE MARINE NORWAY AS | 12 | – |
| 7 | HAV LINE ASsubsidiary of HAV LINE GRUPPEN AS | 10 | – |
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 · Morning class Medium
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 · 2022 · Morning class Medium
The five largest companies account for 85% of the sector's revenue. Combined profit before tax for the 7 ranked companies: −47 MNOK.
Highest revenue
- SAMSKIP LOGISTICS AS 234 MNOK
- HAV LINE ASsubsidiary of HAV LINE GRUPPEN AS 177 MNOK
- HAV LINE VESSEL ASsubsidiary of HAV LINE GRUPPEN AS 97 MNOK
- BASE MARINE NORWAY AS 63 MNOK
- RISØR BULK I AS 61 MNOK
Operating revenue.
Highest operating margin
- HX FINANCE IV AS 63.9%
- HAV LINE VESSEL ASsubsidiary of HAV LINE GRUPPEN AS 21.5%
- RISØR BULK I AS 21.2%
- HANNAH KRISTINA AS 17.0%
- SAMSKIP LOGISTICS AS 5.1%
Operating result divided by operating revenue.
Largest profit
- HX FINANCE IV AS 17 MNOK
- RISØR BULK I AS 12 MNOK
- SAMSKIP LOGISTICS AS 12 MNOK
- HAV LINE VESSEL ASsubsidiary of HAV LINE GRUPPEN AS 8 MNOK
- HANNAH KRISTINA AS 6 MNOK
Profit before tax.
Largest loss
- HAV LINE ASsubsidiary of HAV LINE GRUPPEN AS −52 MNOK
- BASE MARINE NORWAY AS −50 MNOK
Profit before tax, the largest negative.
Most solid
- SAMSKIP LOGISTICS AS 63.2%
- RISØR BULK I AS 34.6%
- HAV LINE VESSEL ASsubsidiary of HAV LINE GRUPPEN AS 30.9%
- HANNAH KRISTINA AS 29.6%
- HX FINANCE IV AS 9.3%
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
Employees according to the Central Coordinating Register.
Highest revenue per employee
- SAMSKIP LOGISTICS AS 39.1 MNOK
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 · 2022 · Morning class Medium
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.
Bubble size shows relative revenue, not exact figures.
Lion · LeaderHigh profitability, high solidity
Cheetah · SprinterHigh profitability, lower solidity
Elephant · StewardLower profitability, high solidity
Beaver · BuilderLower profitability, lower solidity
Show the positions as a list
| Company | Profile | Profitability | Solidity |
|---|---|---|---|
| RISØR BULK I AS | Lion | 76 | 54 |
| HX FINANCE IV AS | Cheetah | 76 | 15 |
| SAMSKIP LOGISTICS AS | Lion | 65 | 87 |
| HANNAH KRISTINA AS | Cheetah | 59 | 41 |
| HAV LINE VESSEL AS | Cheetah | 50 | 48 |
| BASE MARINE NORWAY AS | Beaver | 6 | 0 |
| HAV LINE AS | Beaver | 6 | 0 |
Summary · fiscal year 2022 · Morning class Medium
The sector's median operating margin is 17.0%. 2 of 7 companies have negative equity. The median equity ratio is 29.6%.
All figures are for fiscal year 2022. Ranked: 7 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.
- 1 company reports in another currency. Its revenue is converted at the mean rate for the accounting period and makes up 8% of the total.
Climbers and fallers · Morning class Medium
Climbers need at least two fiscal years. They appear once next year's accounts are fetched or history is imported.
Awards · 2022 · Morning class Medium
Needs attention · 2022 · Morning class Medium
5 companies show at least one warning sign. Showing the 5 most important.
- criticalHAV LINE ASNegative equity · Current ratio below 1 (0.63) · Loss before tax
- criticalBASE MARINE NORWAY ASNegative equity · Loss before tax
- watchHX FINANCE IV ASVery low equity ratio (9.3%) · Current ratio below 1 (0.23)
- watchRISØR BULK I ASCurrent ratio below 1 (0.83)
- watchHANNAH KRISTINA ASCurrent ratio below 1 (0.05)
Sector map · 2022 · Morning class Medium
Profitability against solidity for the ranked companies. Size shows revenue. Coral triangle: negative equity. Click to open the company. Outliers are placed on the edge.
Show the map's figures as a table
| Company | Operating margin | Equity ratio | Revenue |
|---|---|---|---|
| SAMSKIP LOGISTICS AS | 5.1% | 63.2% | 234 MNOK |
| RISØR BULK I AS | 21.2% | 34.6% | 61 MNOK |
| HAV LINE VESSEL AS | 21.5% | 30.9% | 97 MNOK |
| HX FINANCE IV AS | 63.9% | 9.3% | 59 MNOK |
| HANNAH KRISTINA AS | 17.0% | 29.6% | 51 MNOK |
| BASE MARINE NORWAY AS | −79.8% | −31.5% | 63 MNOK |
| HAV LINE AS | −28.2% | −26.4% | 177 MNOK |
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 | 9.55 (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 30 October 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 31 October 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 |