Sector

Shipping

961 companies ranked against comparable companies in four Morning company classes. Fiscal year 2024. Source: Brønnøysund Register Centre. Methodology

Morning company class

Morning company classes are our own division by revenue, not an official standard: Micro NOK 1m–10 MNOK, Small 10 MNOK–50 MNOK, Medium 50 MNOK–500 MNOK, Large from 500 MNOK. Companies are ranked only against others in the same class, and every figure below is for the class you have chosen. What are Morning company classes?

Ranking · 2024 · Morning class Large

Morning class Large · 2024
#	Company	Profile	Score	Change
1	SPAR SHIPPING AS	Leader	88	+11
2	VIKEN CRUDE AS	Leader	86	+44
3	BRYGGEN SHIPPING INTERNATIONAL AS	Leader	80	−3
4	GCC SHIPOWNING ASsubsidiary of GCC GLOBAL CAR CARRIERS AS	Leader	79	+13
5	UTHALDEN AS	Leader	75	−21
6	SEA1 AHTS POOL AS	Leader	73	+46
7	ODFJELL CHEMICAL TANKERS II AS	Leader	72	+8
8	WESTFAL-LARSEN & CO AS	Leader	71	−3
9	SIMON MØKSTER REDERI AS	Leader	71	+1
10	WESTERN BULK CARRIERS ASsubsidiary of WESTERN BULK CHARTERING AS	Leader	69	+18
11	BUKSÉR OG BERGING AS	Leader	69	−1
12	SØLVTRANS REDERI III AS	Leader	69	+10
13	HÖEGH AUTOLINERS SHIPPING AS	Leader	68	+2
14	WALLENIUS WILHELMSEN SHIPOWNING NORWAY AS	Leader	68	+20
15	KNOT FSO 1 ASsubsidiary of KNUTSEN NYK OFFSHORE TANKERS AS	Leader	68	0
16	YARA LPG SHIPPING AS	Leader	67	+10
17	NL BRØNNBÅT AS	Sprinter	66	+31
18	ODFJELL CHEMICAL TANKERS AS	Leader	66	−13
19	ROSTEIN AS	Leader	65	−4
20	UTKILEN SHIPPING ASsubsidiary of UTKILEN AS	Leader	65	−14
21	SØLVTRANS REDERI AS	Sprinter	64	+5
22	ARRIVA SHIPPING AS	Leader	64	−4
23	REM SERVICE AS	Sprinter	64	0
24	CLIPPER SHIPPING AS	Leader	63	−7
25	MASTERBULK AS	Steward	62	+5
26	AET SEA SHUTTLE II AS	Leader	62	+8
27	DOF REDERI AS	Leader	62	−1
28	WALLENIUS WILHELMSEN OCEAN ASsubsidiary of WALLENIUS WILHELMSEN OCEAN HOLDING AS	Leader	60	+20
29	CHAMPION SHIPPING AS	Leader	59	−33
30	SOLSTAD REDERI ASsubsidiary of SOLSTAD SHIPHOLDING AS	Sprinter	58	+19
31	SEA TANK SHIPPING ASsubsidiary of TANK AS	Leader	58	−21
32	NORLAT SHIPPING LTD AS	Steward	56	−15
33	SILVER SEA TC AS	Leader	56	+1
34	STENTANK AS	Leader	56	−26
35	TIDEWATER MARINE AS	Builder	54	+19
36	COLOR LINE CREW AS	Leader	50	−3
37	BELSHIPS SHIPHOLDING II ASsubsidiary of BELSHIPS AS	Sprinter	50	−14
38	NORTH SEA CONTAINER LINE AS	Steward	49	−26
39	ODFJELL MANAGEMENT AS	Sprinter	49	−2
40	TORGHATTEN SØR AS	Sprinter	48	+7
41	COLOR LINE AS	Steward	48	−4
42	SEA-CARGO ASsubsidiary of SEATRANS AS	Builder	43	−3
43	KCC CHARTERING ASsubsidiary of KLAVENESS COMBINATION CARRIERS ASA	Builder	40	+5
44	WILSON EUROCARRIERS AS	Builder	40	−3
45	TORGHATTEN NORD ASsubsidiary of TORGHATTEN AS	Builder	39	−14
46	SIEM CAR CARRIERS AS	Sprinter	39	−4
47	HURTIGRUTEN SJØ AS	Builder	38	+6
48	EIDSVAAG AS	Builder	38	+1
49	FJORD1 ASsubsidiary of EFFRA BIDCO AS	Sprinter	35	−9
50	NYK SAGA AS	Builder	35	−16

Download as CSV (opens in Excel)

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

SEA1 AHTS POOL AS
From 2023 to 2024: the operating margin rose from 12.1% to 250.5% and the equity ratio rose from −12.2% to 52.4%.
+46
CHAMPION SHIPPING AS
From 2023 to 2024: the operating margin fell from 44.2% to 24.9% and the equity ratio fell from 79.8% to 62.5%.
−33
STENTANK AS
From 2023 to 2024: the operating margin fell from 45.7% to 27.5%.
−26
NORTH SEA CONTAINER LINE AS
From 2023 to 2024: went from a profit to a loss before tax and the operating margin fell from 2.0% to −3.3%.
−26

Top lists in the sector · 2024 · Morning class Large

The five largest companies account for 46% of the sector's revenue. Combined profit before tax for the 68 ranked companies: 26,829 MNOK.

Highest revenue

WALLENIUS WILHELMSEN OCEAN ASsubsidiary of WALLENIUS WILHELMSEN OCEAN HOLDING AS 26,570 MNOK
SPAR SHIPPING AS 17,170 MNOK
G2 OCEAN AS 14,834 MNOK
HÖEGH AUTOLINERS SHIPPING AS 14,736 MNOK
ODFJELL CHEMICAL TANKERS AS 4,983 MNOK

Operating revenue.

Highest operating margin

SEA1 AHTS POOL AS 250.5%
VIKEN CRUDE AS 78.5%
NL BRØNNBÅT AS 78.3%
GCC SHIPOWNING ASsubsidiary of GCC GLOBAL CAR CARRIERS AS 68.3%
SØLVTRANS REDERI III AS 60.4%

Operating result divided by operating revenue.

Largest profit

SPAR SHIPPING AS 7,507 MNOK
HÖEGH AUTOLINERS SHIPPING AS 5,661 MNOK
ODFJELL CHEMICAL TANKERS AS 2,341 MNOK
WALLENIUS WILHELMSEN OCEAN ASsubsidiary of WALLENIUS WILHELMSEN OCEAN HOLDING AS 2,088 MNOK
SEA1 AHTS POOL AS 1,492 MNOK

Profit before tax.

Largest loss

NORLED AS −1,163 MNOK
HAVILA KYSTRUTEN OPERATIONS ASsubsidiary of HAVILA KYSTRUTEN AS −765 MNOK
HURTIGRUTEN COASTAL AS −469 MNOK
FJORD LINE AS −247 MNOK
TIDEWATER REDERI AS −220 MNOK

Profit before tax, the largest negative.

Most solid

SPAR SHIPPING AS 95.9%
UTHALDEN AS 94.5%
NORLAT SHIPPING LTD AS 88.6%
YARA LPG SHIPPING AS 79.8%
MASTERBULK AS 77.5%

Equity ratio: equity divided by total assets.

Fastest growth

SPAR SHIPPING AS +1,360.3%
NL BRØNNBÅT AS +272.3%
WALLENIUS WILHELMSEN SHIPOWNING NORWAY AS +120.3%
VIKEN CRUDE AS +95.9%
HAVILA KYSTRUTEN OPERATIONS ASsubsidiary of HAVILA KYSTRUTEN AS +86.9%

Revenue growth from the year before, only from at least NOK 10 million in revenue.

Largest revenue decline

ODFJELL TANKERS AS −89.9%
NORTHWIND TRANSENERGY AS −62.9%
UTHALDEN AS −51.5%
NORLAT SHIPPING LTD AS −39.8%
SIEM CAR CARRIERS AS −35.0%

Revenue decline from the year before, only from at least NOK 10 million in revenue.

Biggest climbers

SEA1 AHTS POOL AS +45.6 points
WALLENIUS WILHELMSEN SHIPOWNING NORWAY AS +20.1 points
WALLENIUS WILHELMSEN OCEAN ASsubsidiary of WALLENIUS WILHELMSEN OCEAN HOLDING AS +20.0 points
MST SHUTTLE LOADING AS +19.6 points
SOLSTAD REDERI ASsubsidiary of SOLSTAD SHIPHOLDING AS +19.5 points

Change in index points from the year before.

Biggest fallers

CHAMPION SHIPPING AS −33.1 points
STENTANK AS −26.3 points
NORTH SEA CONTAINER LINE AS −25.9 points
TORGHATTEN MIDT ASsubsidiary of TORGHATTEN AS −22.2 points
NORLED AS −21.8 points

Change in index points from the year before.

Most employees

COLOR LINE CREW AS 2,329
FJORD1 ASsubsidiary of EFFRA BIDCO AS 1,739
HURTIGRUTEN SJØ AS 1,424
NORLED AS 1,167
TORGHATTEN NORD ASsubsidiary of TORGHATTEN AS 883

Employees according to the Central Coordinating Register.

Highest revenue per employee

SPAR SHIPPING AS 2,146.3 MNOK
NYK SAGA AS 334.6 MNOK
G2 OCEAN AS 243.2 MNOK
WALLENIUS WILHELMSEN OCEAN ASsubsidiary of WALLENIUS WILHELMSEN OCEAN HOLDING AS 166.1 MNOK
HURTIGRUTEN COASTAL AS 86.2 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 · 2024 · 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.

Bubble size shows relative revenue, not exact figures. Dashed lines show where the 5 companies that moved most stood in 2023 (small ring).

SEA1 AHTS POOL AS profitability 44 → 99, solidity 0 → 70
NORLAT SHIPPING LTD AS profitability 67 → 19, solidity 68 → 96
WESTERN BULK CARRIERS AS profitability 4 → 58, solidity 71 → 74
NORTH SEA CONTAINER LINE AS profitability 59 → 7, solidity 80 → 86
HÖEGH AUTOLINERS SHIPPING AS profitability 89 → 87, solidity 44 → 83

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	In 2023 (profitability / solidity)
VIKEN CRUDE AS	Lion	99	76	–
SEA1 AHTS POOL AS	Lion	99	70	44 / 0
NL BRØNNBÅT AS	Cheetah	99	12	–
GCC SHIPOWNING AS	Lion	94	82	89 / 69
SOLSTAD REDERI AS	Cheetah	92	35	80 / 15
ODFJELL CHEMICAL TANKERS AS	Lion	88	67	82 / 74
HÖEGH AUTOLINERS SHIPPING AS	Lion	87	83	89 / 44
UTHALDEN AS	Lion	78	98	92 / 96
ODFJELL CHEMICAL TANKERS II AS	Lion	78	80	73 / 78
SPAR SHIPPING AS	Lion	78	99	58 / 98
REM SERVICE AS	Cheetah	77	47	67 / 53
SØLVTRANS REDERI III AS	Lion	76	58	74 / 59
DOF REDERI AS	Lion	76	73	94 / 65
STENTANK AS	Lion	75	59	92 / 72
YARA LPG SHIPPING AS	Lion	74	95	63 / 93
SØLVTRANS REDERI AS	Cheetah	73	36	71 / 33
BRYGGEN SHIPPING INTERNATIONAL AS	Lion	73	89	64 / 92
BUKSÉR OG BERGING AS	Lion	66	94	66 / 90
CHAMPION SHIPPING AS	Lion	66	79	89 / 95
SEA TANK SHIPPING AS	Lion	66	65	70 / 88
UTKILEN SHIPPING AS	Lion	65	85	84 / 77
CLIPPER SHIPPING AS	Lion	65	77	73 / 75
SIMON MØKSTER REDERI AS	Lion	64	61	82 / 56
BELSHIPS SHIPHOLDING II AS	Cheetah	64	45	65 / 62
TORGHATTEN SØR AS	Cheetah	63	39	66 / 21
SIEM CAR CARRIERS AS	Cheetah	63	29	78 / 20
WALLENIUS WILHELMSEN SHIPOWNING NORWAY AS	Lion	62	56	38 / 50
SILVER SEA TC AS	Lion	60	53	54 / 47
ARRIVA SHIPPING AS	Lion	60	64	68 / 61
WESTFAL-LARSEN & CO AS	Lion	58	92	59 / 85
WESTERN BULK CARRIERS AS	Lion	58	74	4 / 71
ROSTEIN AS	Lion	57	62	56 / 63
AET SEA SHUTTLE II AS	Lion	55	71	–
WALLENIUS WILHELMSEN OCEAN AS	Lion	55	55	49 / 36
COLOR LINE CREW AS	Lion	55	52	49 / 58
KNOT FSO 1 AS	Lion	54	90	56 / 82
FJORD1 AS	Cheetah	53	20	59 / 24
ODFJELL MANAGEMENT AS	Cheetah	50	44	42 / 52
COLOR LINE AS	Elephant	47	68	46 / 89
SEA-CARGO AS	Beaver	47	48	51 / 55
TIDEWATER MARINE AS	Beaver	46	41	–
NYK SAGA AS	Beaver	45	38	77 / 40
TORGHATTEN NORD AS	Beaver	44	32	60 / 37
MASTERBULK AS	Elephant	42	93	24 / 90
EIDSVAAG AS	Beaver	41	23	44 / 27
HURTIGRUTEN GLOBAL SERVICES AS	Beaver	40	24	40 / 14
TORGHATTEN MIDT AS	Beaver	38	30	44 / 46
BOREAL SJØ AS	Beaver	33	33	38 / 30
KCC CHARTERING AS	Beaver	28	42	20 / 43
WILSON EUROCARRIERS AS	Beaver	28	50	31 / 49

The sector in numbers

Summary · fiscal year 2024 · Morning class Large

The sector's median operating margin is 12.2%. 2 of 69 companies have negative equity. The median equity ratio is 31.9%.

Companies with accounts69

Total revenue169,882 MNOK

Median operating margin12.2%

Median equity ratio31.9%

Share with a loss19%

Share with negative equity3%

All figures are for fiscal year 2024. Ranked: 68 operating companies. Holding companies, excluded companies and companies without enough data are shown but not ranked. How to read the index

28 companies report in another currency. Their revenue is converted at the mean rate for the accounting period and makes up 69% of the total.

Climbers and fallers · Morning class Large

Change in rank from 2023 to 2024, for 64 companies ranked in both years.

Climbers

49SEA1 AHTS POOL ASfrom rank 55 to 673
27WESTERN BULK CARRIERS ASfrom rank 37 to 1069
26WALLENIUS WILHELMSEN SHIPOWNING NORWAY ASfrom rank 40 to 1468
20WALLENIUS WILHELMSEN OCEAN ASfrom rank 48 to 2860
19SOLSTAD REDERI ASfrom rank 49 to 3058

Fallers

29STENTANK ASfrom rank 5 to 3456
28NORTH SEA CONTAINER LINE ASfrom rank 10 to 3849
27CHAMPION SHIPPING ASfrom rank 2 to 2959
25SEA TANK SHIPPING ASfrom rank 6 to 3158
20NORLAT SHIPPING LTD ASfrom rank 12 to 3256

Awards · 2024 · Morning class Large

Most profitableSEA1 AHTS POOL AS250.5%

Fastest growthSPAR SHIPPING AS1,360.3%

Strongest balance sheetSPAR SHIPPING AS95.9%

Largest revenueWALLENIUS WILHELMSEN OCEAN AS26,570 MNOK

Highest revenue per employeeSPAR SHIPPING AS2,146.3 MNOK

Needs attention · 2024 · Morning class Large

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

criticalHURTIGRUTEN COASTAL ASNegative equity · Current ratio below 1 (0.50) · Loss before tax
criticalHAVILA KYSTRUTEN OPERATIONS ASNegative equity · Current ratio below 1 (0.77) · Loss before tax
watchG2 OCEAN ASVery low equity ratio (6.3%) · Current ratio below 1 (0.94) · Loss before tax
watchFJORD1 ASVery low equity ratio (8.0%) · Current ratio below 1 (0.85) · Loss before tax
watchMST SHUTTLE LOADING ASVery low equity ratio (1.3%) · Current ratio below 1 (0.64) · Loss before tax
watchNORLED ASVery low equity ratio (8.2%) · Current ratio below 1 (0.80) · Loss before tax
watchFJORD LINE ASVery low equity ratio (8.0%) · Current ratio below 1 (0.14) · Loss before tax
watchTIDEWATER REDERI ASVery low equity ratio (0.4%) · Current ratio below 1 (0.15) · Loss before tax
watchBOREAL SJØ ASCurrent ratio below 1 (0.36) · Loss before tax
watchODFJELL TANKERS ASVery low equity ratio (6.1%) · Loss before tax
watchEIDSVAAG ASVery low equity ratio (9.0%) · Current ratio below 1 (0.69)
watchHURTIGRUTEN GLOBAL SERVICES ASVery low equity ratio (9.2%) · Current ratio below 1 (0.90)
watchODFJELL CHEMICAL TANKERS ASCurrent ratio below 1 (0.81)
watchWILSON EUROCARRIERS ASLoss before tax
watchHANSA TANKERS ASVery low equity ratio (0.0%)

Sector map · 2024 · 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.

Show the map's figures as a table

Company	Operating margin	Equity ratio	Revenue
SPAR SHIPPING AS	38.5%	95.9%	17,170 MNOK
VIKEN CRUDE AS	78.5%	60.0%	996 MNOK
BRYGGEN SHIPPING INTERNATIONAL AS	13.8%	73.7%	1,504 MNOK
GCC SHIPOWNING AS	68.3%	63.9%	2,252 MNOK
UTHALDEN AS	48.5%	94.5%	830 MNOK
SEA1 AHTS POOL AS	250.5%	52.4%	658 MNOK
ODFJELL CHEMICAL TANKERS II AS	44.5%	63.8%	1,474 MNOK
WESTFAL-LARSEN & CO AS	31.1%	75.4%	573 MNOK
SIMON MØKSTER REDERI AS	35.7%	45.6%	793 MNOK
WESTERN BULK CARRIERS AS	2.4%	59.4%	4,523 MNOK
BUKSÉR OG BERGING AS	14.7%	71.6%	1,360 MNOK
SØLVTRANS REDERI III AS	60.4%	40.7%	815 MNOK
HÖEGH AUTOLINERS SHIPPING AS	40.1%	64.3%	14,736 MNOK
WALLENIUS WILHELMSEN SHIPOWNING NORWAY AS	31.2%	39.7%	1,745 MNOK
KNOT FSO 1 AS	22.4%	74.4%	589 MNOK
YARA LPG SHIPPING AS	44.8%	79.8%	613 MNOK
NL BRØNNBÅT AS	78.3%	0.8%	517 MNOK
ODFJELL CHEMICAL TANKERS AS	56.6%	50.3%	4,983 MNOK
ROSTEIN AS	24.2%	46.5%	1,649 MNOK
UTKILEN SHIPPING AS	17.6%	64.4%	1,366 MNOK
SØLVTRANS REDERI AS	56.2%	16.0%	2,134 MNOK
ARRIVA SHIPPING AS	10.7%	46.6%	715 MNOK
REM SERVICE AS	39.0%	30.3%	690 MNOK
CLIPPER SHIPPING AS	44.2%	60.4%	2,076 MNOK
MASTERBULK AS	14.8%	77.5%	919 MNOK
AET SEA SHUTTLE II AS	36.1%	54.4%	515 MNOK
DOF REDERI AS	45.1%	58.1%	995 MNOK
WALLENIUS WILHELMSEN OCEAN AS	0.0%	38.5%	26,570 MNOK
CHAMPION SHIPPING AS	24.9%	62.5%	697 MNOK
SOLSTAD REDERI AS	56.9%	15.1%	3,960 MNOK
SEA TANK SHIPPING AS	6.7%	49.7%	1,212 MNOK
NORLAT SHIPPING LTD AS	−3.5%	88.6%	564 MNOK
SILVER SEA TC AS	0.9%	36.8%	590 MNOK
STENTANK AS	27.5%	45.2%	549 MNOK
TIDEWATER MARINE AS	3.1%	26.5%	572 MNOK
COLOR LINE CREW AS	0.3%	34.2%	1,138 MNOK
BELSHIPS SHIPHOLDING II AS	47.0%	30.0%	1,331 MNOK
NORTH SEA CONTAINER LINE AS	−3.3%	65.8%	730 MNOK
ODFJELL MANAGEMENT AS	3.2%	29.3%	760 MNOK
TORGHATTEN SØR AS	13.9%	24.6%	737 MNOK
COLOR LINE AS	5.9%	51.2%	1,055 MNOK
SEA-CARGO AS	2.2%	30.6%	832 MNOK
KCC CHARTERING AS	−0.1%	28.7%	2,852 MNOK
WILSON EUROCARRIERS AS	0.2%	33.3%	2,541 MNOK
TORGHATTEN NORD AS	13.7%	14.5%	2,288 MNOK
SIEM CAR CARRIERS AS	21.3%	12.2%	733 MNOK
HURTIGRUTEN SJØ AS	0.5%	9.8%	932 MNOK
EIDSVAAG AS	8.4%	9.0%	951 MNOK
FJORD1 AS	18.9%	8.0%	3,925 MNOK
NYK SAGA AS	18.1%	22.4%	1,673 MNOK
HURTIGRUTEN GLOBAL SERVICES AS	3.6%	9.2%	562 MNOK
BOREAL SJØ AS	4.3%	14.6%	2,522 MNOK
TORGHATTEN MIDT AS	6.4%	13.5%	797 MNOK
CHAMPION TANKERS AS	0.2%	10.2%	3,841 MNOK
SEATRANS CHEMICAL TANKERS AS	0.2%	0.6%	1,167 MNOK
G2 OCEAN AS	0.5%	6.3%	14,834 MNOK
BAUMARINE AS	0.4%	0.1%	1,829 MNOK
UGLAND BULK TRANSPORT AS	−0.5%	0.3%	544 MNOK
MST SHUTTLE LOADING AS	−3.6%	1.3%	3,298 MNOK
NORLED AS	−30.7%	8.2%	2,720 MNOK
NORTHWIND TRANSENERGY AS	0.0%	0.6%	693 MNOK
HAVILA KYSTRUTEN OPERATIONS AS	−35.1%	−24.1%	1,529 MNOK
ODFJELL TANKERS AS	−0.3%	6.1%	1,182 MNOK
TIDEWATER REDERI AS	−7.2%	0.4%	1,201 MNOK
HURTIGRUTEN COASTAL AS	−15.6%	−30.4%	2,845 MNOK
FJORD LINE AS	−7.8%	8.0%	1,551 MNOK
KNUTSEN SHUTTLE TANKERS POOL AS	−1.7%	0.3%	1,156 MNOK
HANSA TANKERS AS	0.0%	0.0%	2,459 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)

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
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)

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
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)

All bankruptcies and liquidations in the sector

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