Sector

893 companies ranked against comparable companies in four Morning company classes. Fiscal year 2023. Source: Brønnøysund Register Centre. Methodology

Ranking · 2023 · Morning class Large

Morning class Large · 2023
#CompanyProfileScoreChangeFive years
1 UTHALDEN AS Leader 96 –
2 CHAMPION SHIPPING AS Leader 92 –
3 KLAVENESS INVEST AS Leader 91 –
4 BRYGGEN SHIPPING INTERNATIONAL AS Leader 83 –
5 STENTANK AS Leader 82 –
6 SEA TANK SHIPPING ASsubsidiary of TANK AS Leader 79 –
7 UTKILEN SHIPPING ASsubsidiary of UTKILEN AS Leader 79 –
8 ODFJELL CHEMICAL TANKERS AS Leader 79 –
9 SPAR SHIPPING AS Leader 77 –
10 NORTH SEA CONTAINER LINE AS Leader 75 –
11 WESTFAL-LARSEN & CO AS Leader 74 –
12 NORLAT SHIPPING LTD AS Leader 71 –
13 BUKSÉR OG BERGING AS Leader 70 –
14 SIMON MØKSTER REDERI AS Leader 70 –
15 CLIPPER SHIPPING AS Leader 70 –
16 ROSTEIN AS Leader 69 –
17 ARRIVA SHIPPING AS Leader 68 –
18 KNOT FSO 1 ASsubsidiary of KNUTSEN NYK OFFSHORE TANKERS AS Leader 68 –
19 GCC SHIPOWNING ASsubsidiary of GCC GLOBAL CAR CARRIERS AS Leader 66 –
20 HÖEGH AUTOLINERS SHIPPING AS Sprinter 66 –
21 UGLAND BULK SHIPPING ASsubsidiary of AS UGLANDS REDERI Leader 65 –
22 BELSHIPS SHIPHOLDING II ASsubsidiary of BELSHIPS AS Leader 64 –
23 ODFJELL CHEMICAL TANKERS II AS Leader 64 –
24 REM SERVICE AS Leader 64 –
25 DOF REDERI AS Leader 63 –
26 AS KLAVENESS CHARTERING Steward 62 –
27 SØLVTRANS REDERI AS Sprinter 59 –
28 SØLVTRANS REDERI III AS Leader 59 –
29 YARA LPG SHIPPING AS Leader 57 –
30 MASTERBULK AS Steward 57 –
31 SILVER SEA TC AS Sprinter 55 –
32 TORGHATTEN NORD ASsubsidiary of TORGHATTEN AS Sprinter 53 –
33 COLOR LINE CREW AS Steward 53 –
34 TORGHATTEN MIDT ASsubsidiary of TORGHATTEN AS Builder 52 –
35 COLOR LINE AS Steward 52 –
36 NYK SAGA AS Sprinter 51 –
37 WESTERN BULK CARRIERS ASsubsidiary of WESTERN BULK CHARTERING AS Steward 51 –
38 ODFJELL MANAGEMENT AS Steward 51 –
39 ALNG 4 ASsubsidiary of ALNG ASA Sprinter 50 –
40 WALLENIUS WILHELMSEN SHIPOWNING NORWAY AS Steward 48 –
41 SEA-CARGO ASsubsidiary of SEATRANS AS Leader 46 –
42 FJORD1 AS Sprinter 44 –
43 WILSON EUROCARRIERS AS Builder 43 –
44 SIEM CAR CARRIERS AS Sprinter 43 –
45 NORLED AS Builder 43 –
46 STAINLESS TANKERS ASA Steward 42 –
47 TORGHATTEN SØR AS Sprinter 41 –
48 WALLENIUS WILHELMSEN OCEAN ASsubsidiary of WALLENIUS WILHELMSEN OCEAN HOLDING AS Builder 40 –
49 SOLSTAD REDERI ASsubsidiary of SOLSTAD SHIPHOLDING AS Sprinter 39 –
50 CHAMPION TANKERS AS Builder 38 –

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 Large

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 · 2023 · Morning class Large

The five largest companies account for 42% of the sector's revenue. Combined profit before tax for the 72 ranked companies: 48,760 MNOK.

Highest revenue

  1. WALLENIUS WILHELMSEN OCEAN ASsubsidiary of WALLENIUS WILHELMSEN OCEAN HOLDING AS 23,843 MNOK
  2. HÖEGH AUTOLINERS SHIPPING AS 14,951 MNOK
  3. G2 OCEAN AS 14,721 MNOK
  4. ODFJELL TANKERS AS 11,704 MNOK
  5. STAINLESS TANKERS ASA 6,720 MNOK

Operating revenue.

Highest operating margin

  1. KLAVENESS INVEST AS 98.3%
  2. DOF REDERI AS 83.2%
  3. ALNG 4 ASsubsidiary of AWILCO LNG ASA 80.6%
  4. SIMON MØKSTER REDERI AS 63.8%
  5. GCC SHIPOWNING ASsubsidiary of GCC GLOBAL CAR CARRIERS AS 60.6%

Operating result divided by operating revenue.

Largest profit

  1. STAINLESS TANKERS ASA 32,445 MNOK
  2. HÖEGH AUTOLINERS SHIPPING AS 5,260 MNOK
  3. ODFJELL CHEMICAL TANKERS AS 1,583 MNOK
  4. UTHALDEN AS 869 MNOK
  5. GCC SHIPOWNING ASsubsidiary of GCC GLOBAL CAR CARRIERS AS 861 MNOK

Profit before tax.

Largest loss

  1. HAVILA KYSTRUTEN OPERATIONS ASsubsidiary of HAVILA KYSTRUTEN AS −765 MNOK
  2. FJORD LINE AS −366 MNOK
  3. MST SHUTTLE LOADING AS −319 MNOK
  4. NORLED AS −228 MNOK
  5. HURTIGRUTEN COASTAL AS −196 MNOK

Profit before tax, the largest negative.

Most solid

  1. STAINLESS TANKERS ASA 99.2%
  2. SPAR SHIPPING AS 93.0%
  3. UTHALDEN AS 91.2%
  4. CHAMPION SHIPPING AS 79.8%
  5. YARA LPG SHIPPING AS 79.7%

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

  1. COLOR LINE CREW AS 2,329
  2. FJORD1 AS 1,739
  3. HURTIGRUTEN SJØ AS 1,424
  4. NORLED AS 1,167
  5. TORGHATTEN NORD ASsubsidiary of TORGHATTEN AS 883

Employees according to the Central Coordinating Register.

Highest revenue per employee

  1. NYK SAGA AS 463.5 MNOK
  2. G2 OCEAN AS 241.3 MNOK
  3. WALLENIUS WILHELMSEN OCEAN ASsubsidiary of WALLENIUS WILHELMSEN OCEAN HOLDING AS 149.0 MNOK
  4. SPAR SHIPPING AS 144.5 MNOK
  5. HURTIGRUTEN COASTAL AS 71.4 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.

Quadrant analysis

Positions in the sector · 2023 · Morning class Large

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.

WALLENIUS WILHELMSEN OCEAN AS: 49 / 36HÖEGH AUTOLINERS SHIPPING AS: 89 / 44G2 OCEAN AS: 28 / 18ODFJELL TANKERS AS: 21 / 17STAINLESS TANKERS ASA: 17 / 99HURTIGRUTEN GLOBAL SALES AS: 13 / 25SOLSTAD REDERI AS: 80 / 15ODFJELL CHEMICAL TANKERS AS: 82 / 74CHAMPION TANKERS AS: 34 / 34FJORD1 AS: 59 / 24WESTERN BULK CARRIERS AS: 4 / 71HANSA TANKERS AS: 10 / 4MST SHUTTLE LOADING AS: 6 / 0KCC CHARTERING AS: 20 / 43WILSON EUROCARRIERS AS: 31 / 49BOREAL SJØ AS: 38 / 30HURTIGRUTEN COASTAL AS: 32 / 0CLIPPER SHIPPING AS: 73 / 75NYK SAGA AS: 77 / 40NORLED AS: 30 / 42TORGHATTEN NORD AS: 60 / 37SKS POOL AS: 9 / 5NORTHWIND TRANSENERGY AS: 13 / 8GCC SHIPOWNING AS: 89 / 69UTHALDEN AS: 92 / 96BAUMARINE AS: 27 / 6FJORD LINE AS: 11 / 23UTKILEN SHIPPING AS: 84 / 77KNUTSEN SHUTTLE TANKERS POOL AS: 15 / 12SØLVTRANS REDERI AS: 71 / 33ROSTEIN AS: 56 / 63BELSHIPS SHIPHOLDING II AS: 65 / 62ODFJELL CHEMICAL TANKERS II AS: 73 / 78SEA TANK SHIPPING AS: 70 / 88SPAR SHIPPING AS: 58 / 98BUKSÉR OG BERGING AS: 66 / 90SIEM CAR CARRIERS AS: 78 / 20SEATRANS CHEMICAL TANKERS AS: 27 / 11COLOR LINE CREW AS: 49 / 58BRYGGEN SHIPPING INTERNATIONAL AS: 64 / 92CHAMPION SHIPPING AS: 89 / 95NORLAT SHIPPING LTD AS: 67 / 68DOF REDERI AS: 94 / 65COLOR LINE AS: 46 / 89TORGHATTEN MIDT AS: 44 / 46MASTERBULK AS: 24 / 90TIDEWATER REDERI AS: 17 / 28HAVILA KYSTRUTEN OPERATIONS AS: 2 / 0EIDSVAAG AS: 44 / 27SEA-CARGO AS: 51 / 55WALLENIUS WILHELMSEN SHIPOWNING NORWAY AS: 38 / 50NORTH SEA CONTAINER LINE AS: 59 / 80ODFJELL MANAGEMENT AS: 42 / 52HURTIGRUTEN SJØ AS: 21 / 39AS KLAVENESS CHARTERING: 48 / 66TORGHATTEN SØR AS: 66 / 21SEA1 AHTS POOL AS: 44 / 0ARRIVA SHIPPING AS: 68 / 61SILVER SEA TC AS: 54 / 47SØLVTRANS REDERI III AS: 74 / 59UGLAND BULK TRANSPORT AS: 11 / 9KNOT FSO 1 AS: 56 / 82STENTANK AS: 92 / 72HURTIGRUTEN GLOBAL SERVICES AS: 40 / 14ALNG 4 AS: 96 / 31SIMON MØKSTER REDERI AS: 82 / 56UGLAND BULK SHIPPING AS: 75 / 86REM SERVICE AS: 67 / 53WESTFAL-LARSEN & CO AS: 59 / 85SOLSTAD SHIPPING AS: 2 / 0KLAVENESS INVEST AS: 93 / 83YARA LPG SHIPPING AS: 63 / 9300252550507575100100Solidity, percentile against peers →↑ Profitability, percentile against peers
WALLENIUS WILHELMSEN OCEAN AS: 49 / 36HÖEGH AUTOLINERS SHIPPING AS: 89 / 44G2 OCEAN AS: 28 / 18ODFJELL TANKERS AS: 21 / 17STAINLESS TANKERS ASA: 17 / 99HURTIGRUTEN GLOBAL SALES AS: 13 / 25SOLSTAD REDERI AS: 80 / 15ODFJELL CHEMICAL TANKERS AS: 82 / 74CHAMPION TANKERS AS: 34 / 34FJORD1 AS: 59 / 24WESTERN BULK CARRIERS AS: 4 / 71HANSA TANKERS AS: 10 / 4MST SHUTTLE LOADING AS: 6 / 0KCC CHARTERING AS: 20 / 43WILSON EUROCARRIERS AS: 31 / 49BOREAL SJØ AS: 38 / 30HURTIGRUTEN COASTAL AS: 32 / 0CLIPPER SHIPPING AS: 73 / 75NYK SAGA AS: 77 / 40NORLED AS: 30 / 42TORGHATTEN NORD AS: 60 / 37SKS POOL AS: 9 / 5NORTHWIND TRANSENERGY AS: 13 / 8GCC SHIPOWNING AS: 89 / 69UTHALDEN AS: 92 / 96BAUMARINE AS: 27 / 6FJORD LINE AS: 11 / 23UTKILEN SHIPPING AS: 84 / 77KNUTSEN SHUTTLE TANKERS POOL AS: 15 / 12SØLVTRANS REDERI AS: 71 / 33ROSTEIN AS: 56 / 63BELSHIPS SHIPHOLDING II AS: 65 / 62ODFJELL CHEMICAL TANKERS II AS: 73 / 78SEA TANK SHIPPING AS: 70 / 88SPAR SHIPPING AS: 58 / 98BUKSÉR OG BERGING AS: 66 / 90SIEM CAR CARRIERS AS: 78 / 20SEATRANS CHEMICAL TANKERS AS: 27 / 11COLOR LINE CREW AS: 49 / 58BRYGGEN SHIPPING INTERNATIONAL AS: 64 / 92CHAMPION SHIPPING AS: 89 / 95NORLAT SHIPPING LTD AS: 67 / 68DOF REDERI AS: 94 / 65COLOR LINE AS: 46 / 89TORGHATTEN MIDT AS: 44 / 46MASTERBULK AS: 24 / 90TIDEWATER REDERI AS: 17 / 28HAVILA KYSTRUTEN OPERATIONS AS: 2 / 0EIDSVAAG AS: 44 / 27SEA-CARGO AS: 51 / 55WALLENIUS WILHELMSEN SHIPOWNING NORWAY AS: 38 / 50NORTH SEA CONTAINER LINE AS: 59 / 80ODFJELL MANAGEMENT AS: 42 / 52HURTIGRUTEN SJØ AS: 21 / 39AS KLAVENESS CHARTERING: 48 / 66TORGHATTEN SØR AS: 66 / 21SEA1 AHTS POOL AS: 44 / 0ARRIVA SHIPPING AS: 68 / 61SILVER SEA TC AS: 54 / 47SØLVTRANS REDERI III AS: 74 / 59UGLAND BULK TRANSPORT AS: 11 / 9KNOT FSO 1 AS: 56 / 82STENTANK AS: 92 / 72HURTIGRUTEN GLOBAL SERVICES AS: 40 / 14ALNG 4 AS: 96 / 31SIMON MØKSTER REDERI AS: 82 / 56UGLAND BULK SHIPPING AS: 75 / 86REM SERVICE AS: 67 / 53WESTFAL-LARSEN & CO AS: 59 / 85SOLSTAD SHIPPING AS: 2 / 0KLAVENESS INVEST AS: 93 / 83YARA LPG SHIPPING AS: 63 / 9300252550507575100100Solidity, percentile against peers →↑ Profitability, percentile against peers

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
CompanyProfileProfitabilitySolidityIn 2022 (profitability / solidity)
ALNG 4 ASCheetah9631–
DOF REDERI ASLion9465–
KLAVENESS INVEST ASLion9383–
UTHALDEN ASLion9296–
STENTANK ASLion9272–
GCC SHIPOWNING ASLion8969–
CHAMPION SHIPPING ASLion8995–
HÖEGH AUTOLINERS SHIPPING ASCheetah8944–
UTKILEN SHIPPING ASLion8477–
ODFJELL CHEMICAL TANKERS ASLion8274–
SIMON MØKSTER REDERI ASLion8256–
SOLSTAD REDERI ASCheetah8015–
SIEM CAR CARRIERS ASCheetah7820–
NYK SAGA ASCheetah7740–
UGLAND BULK SHIPPING ASLion7586–
SØLVTRANS REDERI III ASLion7459–
CLIPPER SHIPPING ASLion7375–
ODFJELL CHEMICAL TANKERS II ASLion7378–
SØLVTRANS REDERI ASCheetah7133–
SEA TANK SHIPPING ASLion7088–
ARRIVA SHIPPING ASLion6861–
NORLAT SHIPPING LTD ASLion6768–
REM SERVICE ASLion6753–
BUKSÉR OG BERGING ASLion6690–
TORGHATTEN SØR ASCheetah6621–
BELSHIPS SHIPHOLDING II ASLion6562–
BRYGGEN SHIPPING INTERNATIONAL ASLion6492–
YARA LPG SHIPPING ASLion6393–
TORGHATTEN NORD ASCheetah6037–
FJORD1 ASCheetah5924–
NORTH SEA CONTAINER LINE ASLion5980–
WESTFAL-LARSEN & CO ASLion5985–
SPAR SHIPPING ASLion5898–
KNOT FSO 1 ASLion5682–
ROSTEIN ASLion5663–
SILVER SEA TC ASCheetah5447–
SEA-CARGO ASLion5155–
COLOR LINE CREW ASElephant4958–
WALLENIUS WILHELMSEN OCEAN ASBeaver4936–
AS KLAVENESS CHARTERINGElephant4866–
COLOR LINE ASElephant4689–
TORGHATTEN MIDT ASBeaver4446–
EIDSVAAG ASBeaver4427–
SEA1 AHTS POOL ASBeaver440–
ODFJELL MANAGEMENT ASElephant4252–
HURTIGRUTEN GLOBAL SERVICES ASBeaver4014–
WALLENIUS WILHELMSEN SHIPOWNING NORWAY ASElephant3850–
BOREAL SJØ ASBeaver3830–
CHAMPION TANKERS ASBeaver3434–
HURTIGRUTEN COASTAL ASBeaver320–
The sector in numbers

Summary · fiscal year 2023 · Morning class Large

The sector's median operating margin is 6.0%. 5 of 73 companies have negative equity. The median equity ratio is 26.7%.

Companies with accounts73
Total revenue173,187 MNOK
Median operating margin6.0%
Median equity ratio26.7%
Share with a loss21%
Share with negative equity7%

All figures are for fiscal year 2023. Ranked: 72 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.
  • 31 companies report in another currency. Their revenue is converted at the mean rate for the accounting period and makes up 65% of the total.

Climbers and fallers · Morning class Large

Climbers need at least two fiscal years. They appear once next year's accounts are fetched or history is imported.

Awards · 2023 · Morning class Large

Most profitableKLAVENESS INVEST AS98.3%
Strongest balance sheetSTAINLESS TANKERS ASA99.2%
Largest revenueWALLENIUS WILHELMSEN OCEAN AS23,843 MNOK
Highest revenue per employeeNYK SAGA AS463.5 MNOK

Needs attention · 2023 · Morning class Large

40 companies show at least one warning sign. Showing the 15 most important.

Sector map · 2023 · Morning class Large

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.

0%20%40%60%0%20%40%60%80%Operating margin (profitability) →Equity ratio (solidity) →WALLENIUS WILHELMSEN OCEAN AS: operating margin 1.9%, equity ratio 18.8%, rank 48HÖEGH AUTOLINERS SHIPPING AS: operating margin 39.6%, equity ratio 24.6%, rank 20G2 OCEAN AS: operating margin 0.5%, equity ratio 9.9%, rank 60ODFJELL TANKERS AS: operating margin 0.1%, equity ratio 5.5%, rank 57STAINLESS TANKERS ASA: operating margin −198.5%, equity ratio 99.2%, rank 46HURTIGRUTEN GLOBAL SALES AS: operating margin 0.0%, equity ratio 12.5%, rank 58SOLSTAD REDERI AS: operating margin 44.3%, equity ratio 2.0%, rank 49ODFJELL CHEMICAL TANKERS AS: operating margin 51.2%, equity ratio 50.2%, rank 8CHAMPION TANKERS AS: operating margin 0.3%, equity ratio 16.6%, rank 50FJORD1 AS: operating margin 19.4%, equity ratio 11.8%, rank 42WESTERN BULK CARRIERS AS: operating margin −3.0%, equity ratio 49.6%, rank 37HANSA TANKERS AS: operating margin 0.0%, equity ratio 0.0%, rank 66MST SHUTTLE LOADING AS: operating margin −3.1%, equity ratio −112.1%, rank 72KCC CHARTERING AS: operating margin 0.0%, equity ratio 23.4%, rank 52WILSON EUROCARRIERS AS: operating margin 0.7%, equity ratio 27.8%, rank 43BOREAL SJØ AS: operating margin 5.8%, equity ratio 14.9%, rank 54HURTIGRUTEN COASTAL AS: operating margin −13.9%, equity ratio −44.0%, rank 67CLIPPER SHIPPING AS: operating margin 45.4%, equity ratio 58.0%, rank 15NYK SAGA AS: operating margin 39.6%, equity ratio 20.8%, rank 36NORLED AS: operating margin 3.1%, equity ratio 21.5%, rank 45TORGHATTEN NORD AS: operating margin 16.8%, equity ratio 19.1%, rank 32SKS POOL AS: operating margin −0.1%, equity ratio 0.0%, rank 68NORTHWIND TRANSENERGY AS: operating margin 0.0%, equity ratio 0.2%, rank 64GCC SHIPOWNING AS: operating margin 60.6%, equity ratio 48.6%, rank 19UTHALDEN AS: operating margin 56.5%, equity ratio 91.2%, rank 1BAUMARINE AS: operating margin 0.5%, equity ratio 0.1%, rank 62FJORD LINE AS: operating margin −10.5%, equity ratio 11.3%, rank 69UTKILEN SHIPPING AS: operating margin 38.5%, equity ratio 58.8%, rank 7KNUTSEN SHUTTLE TANKERS POOL AS: operating margin 0.2%, equity ratio 0.4%, rank 63SØLVTRANS REDERI AS: operating margin 52.0%, equity ratio 15.8%, rank 27ROSTEIN AS: operating margin 21.3%, equity ratio 43.2%, rank 16BELSHIPS SHIPHOLDING II AS: operating margin 50.9%, equity ratio 43.1%, rank 22ODFJELL CHEMICAL TANKERS II AS: operating margin 42.7%, equity ratio 64.4%, rank 23SEA TANK SHIPPING AS: operating margin 5.9%, equity ratio 69.3%, rank 6SPAR SHIPPING AS: operating margin 22.3%, equity ratio 93.0%, rank 9BUKSÉR OG BERGING AS: operating margin 16.3%, equity ratio 64.4%, rank 13SIEM CAR CARRIERS AS: operating margin 25.3%, equity ratio 10.7%, rank 44SEATRANS CHEMICAL TANKERS AS: operating margin 0.3%, equity ratio 0.4%, rank 61COLOR LINE CREW AS: operating margin 0.2%, equity ratio 37.3%, rank 33BRYGGEN SHIPPING INTERNATIONAL AS: operating margin 5.8%, equity ratio 79.4%, rank 4CHAMPION SHIPPING AS: operating margin 44.2%, equity ratio 79.8%, rank 2NORLAT SHIPPING LTD AS: operating margin 2.7%, equity ratio 48.0%, rank 12DOF REDERI AS: operating margin 83.2%, equity ratio 45.2%, rank 25COLOR LINE AS: operating margin 6.7%, equity ratio 75.3%, rank 35TORGHATTEN MIDT AS: operating margin 7.7%, equity ratio 25.0%, rank 34MASTERBULK AS: operating margin 0.9%, equity ratio 75.5%, rank 30TIDEWATER REDERI AS: operating margin 0.1%, equity ratio 14.2%, rank 65HAVILA KYSTRUTEN OPERATIONS AS: operating margin −64.2%, equity ratio −7.8%, rank 70EIDSVAAG AS: operating margin 6.1%, equity ratio 13.5%, rank 51SEA-CARGO AS: operating margin 2.3%, equity ratio 32.1%, rank 41WALLENIUS WILHELMSEN SHIPOWNING NORWAY AS: operating margin 14.2%, equity ratio 29.0%, rank 40NORTH SEA CONTAINER LINE AS: operating margin 2.0%, equity ratio 65.5%, rank 10ODFJELL MANAGEMENT AS: operating margin 3.2%, equity ratio 29.3%, rank 38HURTIGRUTEN SJØ AS: operating margin 0.2%, equity ratio 20.7%, rank 53AS KLAVENESS CHARTERING: operating margin 5.1%, equity ratio 47.3%, rank 26TORGHATTEN SØR AS: operating margin 15.8%, equity ratio 11.2%, rank 47SEA1 AHTS POOL AS: operating margin 12.1%, equity ratio −12.2%, rank 55ARRIVA SHIPPING AS: operating margin 11.3%, equity ratio 39.6%, rank 17SILVER SEA TC AS: operating margin 2.0%, equity ratio 25.6%, rank 31SØLVTRANS REDERI III AS: operating margin 55.8%, equity ratio 38.4%, rank 28UGLAND BULK TRANSPORT AS: operating margin −0.4%, equity ratio 0.3%, rank 56KNOT FSO 1 AS: operating margin 25.0%, equity ratio 65.7%, rank 18STENTANK AS: operating margin 45.7%, equity ratio 49.9%, rank 5HURTIGRUTEN GLOBAL SERVICES AS: operating margin 4.9%, equity ratio 1.6%, rank 59ALNG 4 AS: operating margin 80.6%, equity ratio 15.0%, rank 39SIMON MØKSTER REDERI AS: operating margin 63.8%, equity ratio 32.7%, rank 14UGLAND BULK SHIPPING AS: operating margin 44.4%, equity ratio 68.9%, rank 21REM SERVICE AS: operating margin 34.9%, equity ratio 31.6%, rank 24WESTFAL-LARSEN & CO AS: operating margin 30.3%, equity ratio 67.5%, rank 11SOLSTAD SHIPPING AS: operating margin −28.8%, equity ratio −18.5%, rank 71KLAVENESS INVEST AS: operating margin 98.3%, equity ratio 66.4%, rank 3YARA LPG SHIPPING AS: operating margin 38.2%, equity ratio 79.7%, rank 29
Show the map's figures as a table
CompanyOperating marginEquity ratioRevenue
UTHALDEN AS56.5%91.2%1,711 MNOK
CHAMPION SHIPPING AS44.2%79.8%1,008 MNOK
KLAVENESS INVEST AS98.3%66.4%547 MNOK
BRYGGEN SHIPPING INTERNATIONAL AS5.8%79.4%1,035 MNOK
STENTANK AS45.7%49.9%579 MNOK
SEA TANK SHIPPING AS5.9%69.3%1,200 MNOK
UTKILEN SHIPPING AS38.5%58.8%1,512 MNOK
ODFJELL CHEMICAL TANKERS AS51.2%50.2%4,202 MNOK
SPAR SHIPPING AS22.3%93.0%1,156 MNOK
NORTH SEA CONTAINER LINE AS2.0%65.5%749 MNOK
WESTFAL-LARSEN & CO AS30.3%67.5%560 MNOK
NORLAT SHIPPING LTD AS2.7%48.0%937 MNOK
BUKSÉR OG BERGING AS16.3%64.4%1,130 MNOK
SIMON MØKSTER REDERI AS63.8%32.7%565 MNOK
CLIPPER SHIPPING AS45.4%58.0%2,321 MNOK
ROSTEIN AS21.3%43.2%1,472 MNOK
ARRIVA SHIPPING AS11.3%39.6%651 MNOK
KNOT FSO 1 AS25.0%65.7%586 MNOK
GCC SHIPOWNING AS60.6%48.6%1,728 MNOK
HÖEGH AUTOLINERS SHIPPING AS39.6%24.6%14,951 MNOK
UGLAND BULK SHIPPING AS44.4%68.9%563 MNOK
BELSHIPS SHIPHOLDING II AS50.9%43.1%1,315 MNOK
ODFJELL CHEMICAL TANKERS II AS42.7%64.4%1,279 MNOK
REM SERVICE AS34.9%31.6%561 MNOK
DOF REDERI AS83.2%45.2%922 MNOK
AS KLAVENESS CHARTERING5.1%47.3%702 MNOK
SØLVTRANS REDERI AS52.0%15.8%1,480 MNOK
SØLVTRANS REDERI III AS55.8%38.4%607 MNOK
YARA LPG SHIPPING AS38.2%79.7%510 MNOK
MASTERBULK AS0.9%75.5%830 MNOK
SILVER SEA TC AS2.0%25.6%644 MNOK
TORGHATTEN NORD AS16.8%19.1%2,101 MNOK
COLOR LINE CREW AS0.2%37.3%1,058 MNOK
TORGHATTEN MIDT AS7.7%25.0%832 MNOK
COLOR LINE AS6.7%75.3%910 MNOK
NYK SAGA AS39.6%20.8%2,318 MNOK
WESTERN BULK CARRIERS AS−3.0%49.6%3,778 MNOK
ODFJELL MANAGEMENT AS3.2%29.3%723 MNOK
ALNG 4 AS80.6%15.0%571 MNOK
WALLENIUS WILHELMSEN SHIPOWNING NORWAY AS14.2%29.0%785 MNOK
SEA-CARGO AS2.3%32.1%798 MNOK
FJORD1 AS19.4%11.8%3,810 MNOK
WILSON EUROCARRIERS AS0.7%27.8%2,721 MNOK
SIEM CAR CARRIERS AS25.3%10.7%1,109 MNOK
NORLED AS3.1%21.5%2,316 MNOK
STAINLESS TANKERS ASA−198.5%99.2%6,720 MNOK
TORGHATTEN SØR AS15.8%11.2%687 MNOK
WALLENIUS WILHELMSEN OCEAN AS1.9%18.8%23,843 MNOK
SOLSTAD REDERI AS44.3%2.0%4,249 MNOK
CHAMPION TANKERS AS0.3%16.6%4,146 MNOK
EIDSVAAG AS6.1%13.5%813 MNOK
KCC CHARTERING AS0.0%23.4%2,920 MNOK
HURTIGRUTEN SJØ AS0.2%20.7%713 MNOK
BOREAL SJØ AS5.8%14.9%2,379 MNOK
SEA1 AHTS POOL AS12.1%−12.2%652 MNOK
UGLAND BULK TRANSPORT AS−0.4%0.3%595 MNOK
ODFJELL TANKERS AS0.1%5.5%11,704 MNOK
HURTIGRUTEN GLOBAL SALES AS0.0%12.5%5,216 MNOK
HURTIGRUTEN GLOBAL SERVICES AS4.9%1.6%575 MNOK
G2 OCEAN AS0.5%9.9%14,721 MNOK
SEATRANS CHEMICAL TANKERS AS0.3%0.4%1,068 MNOK
BAUMARINE AS0.5%0.1%1,708 MNOK
KNUTSEN SHUTTLE TANKERS POOL AS0.2%0.4%1,509 MNOK
NORTHWIND TRANSENERGY AS0.0%0.2%1,837 MNOK
TIDEWATER REDERI AS0.1%14.2%825 MNOK
HANSA TANKERS AS0.0%0.0%3,520 MNOK
HURTIGRUTEN COASTAL AS−13.9%−44.0%2,357 MNOK
SKS POOL AS−0.1%0.0%2,006 MNOK
FJORD LINE AS−10.5%11.3%1,540 MNOK
HAVILA KYSTRUTEN OPERATIONS AS−64.2%−7.8%818 MNOK
SOLSTAD SHIPPING AS−28.8%−18.5%550 MNOK
MST SHUTTLE LOADING AS−3.1%−112.1%3,133 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 yearMedian operating marginMedian equity ratio
2020––
2021––
202211.1%30.3%
202315.8%40.0%
202413.2%42.3%
202514.3%42.2%
2026 · weakest year6.1%38.1%

In 2026, 1 ranked companies did better than the sector, 1 about the same and 0 weaker.

Held up best in 2026

  1. 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)

Latest value: 9.46 (2026-10)

USD/NOK fell 3.3% in 2025; the sector's median operating margin rose 1.1 percentage points.

USD/NOK per year and the sector's median operating margin
Measure202120222023202420252026
USD/NOK, annual average8.599.6110.5610.7510.399.54 (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)

Latest value: 1,069 (2026M09)

Export price of crude oil fell 17.6% in 2025; the sector's median operating margin rose 1.1 percentage points.

Export price of crude oil per year and the sector's median operating margin
Measure202120222023202420252026
Export price of crude oil, annual average609979877859708881 (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.

02024K442025K102025K202025K312025K412026K122026K252026K3

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

All bankruptcies and liquidations in the sector

Industry codes (NACE)

CodeDescription
50*Hele hovedgruppe 50
50.101Utenriks sjøfart med passasjerer
50.102Innenriks kystruter med passasjerer
50.109Kysttrafikk med passasjerer ikke nevnt annet sted
50.201Utenriks sjøfart med gods
50.202Innenriks sjøfart med gods
50.203Forsyning for offshore
50.300Passasjertransport på elver og innsjøer