1,018 companies ranked against comparable companies in four Morning company classes. Fiscal year 2025. Source: Brønnøysund Register Centre. Methodology
Ranking · 2025 · Morning class Large
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
- WESTERN BULK CARRIERS AS−25
From 2024 to 2025: went from a profit to a loss before tax and revenue fell by 31%.
- WALLENIUS WILHELMSEN OCEAN AS−25
From 2024 to 2025: went from a profit to a loss before tax and the operating margin fell from 0.0% to −4.2%.
- SPAR SHIPPING AS−22
From 2024 to 2025: revenue fell by 93% and the operating margin fell from 38.5% to 30.0%.
- REM SERVICE AS+21
From 2024 to 2025: the operating margin rose from 39.0% to 57.9% and the equity ratio rose from 30.3% to 59.0%.
Sjøfart, Morning class Large: 65 ranked companies in fiscal year 2025.
Best in the sector: UTHALDEN AS (score 88, operating margin 82.1%, equity ratio 94.4%). REM SERVICE AS (score 85, operating margin 57.9%, equity ratio 59.0%). KNOT FSO 1 AS (score 81, operating margin 61.8%, equity ratio 89.8%).
Weakest in the sector: HANSA TANKERS AS (score 16, operating margin 0.0%, equity ratio 0.0%). MST SHUTTLE LOADING AS (score 18, operating margin −4.7%, equity ratio 1.3%). VIASEA SHIPPING AS (score 19, operating margin −1.6%, equity ratio −7.4%).
Worth a closer look
- The median operating margin fell from 12.2% in 2024 to 6.8% in 2025 (5.4 percentage points).
- The median equity ratio rose from 31.9% in 2024 to 33.6% in 2025 (1.6 percentage points).
- The median revenue growth fell from 5.7% in 2024 to −0.1% in 2025 (5.8 percentage points).
- The share with a loss went from 19% in 2024 to 23% in 2025.
Written by fixed rules from the figures. Describes the figures, does not explain causes. Not investment or financial advice. How the summary is made
Top lists in the sector · 2025 · Morning class Large
The five largest companies account for 43% of the sector's revenue. Combined profit before tax for the 64 ranked companies: 15,920 MNOK.
Highest revenue
- WALLENIUS WILHELMSEN OCEAN ASsubsidiary of WALLENIUS WILHELMSEN OCEAN HOLDING AS 23,566 MNOK
- HÖEGH AUTOLINERS SHIPPING AS 13,979 MNOK
- G2 OCEAN AS 12,025 MNOK
- ODFJELL TANKERS AS 11,026 MNOK
- SOLSTAD REDERI ASsubsidiary of SOLSTAD SHIPHOLDING AS 5,120 MNOK
Operating revenue.
Highest operating margin
- UTHALDEN AS 82.1%
- HÖEGH AUTOLINERS SHIPPING II AS 74.1%
- KNOT FSO 1 ASsubsidiary of KNUTSEN NYK OFFSHORE TANKERS AS 61.8%
- SØLVTRANS REDERI III AS 58.2%
- REM SERVICE AS 57.9%
Operating result divided by operating revenue.
Largest profit
- HÖEGH AUTOLINERS SHIPPING AS 4,397 MNOK
- ALTERA INFRASTRUCTURE VOYAGEUR AS 2,360 MNOK
- SOLSTAD REDERI ASsubsidiary of SOLSTAD SHIPHOLDING AS 1,951 MNOK
- ODFJELL CHEMICAL TANKERS AS 1,443 MNOK
- GCC SHIPOWNING ASsubsidiary of GCC GLOBAL CAR CARRIERS AS 949 MNOK
Profit before tax.
Largest loss
- HAVILA KYSTRUTEN OPERATIONS ASsubsidiary of HAVILA KYSTRUTEN AS −1,113 MNOK
- NORLED AS −806 MNOK
- WALLENIUS WILHELMSEN OCEAN ASsubsidiary of WALLENIUS WILHELMSEN OCEAN HOLDING AS −545 MNOK
- NORSPAN LNG III AS −360 MNOK
- MST SHUTTLE LOADING AS −339 MNOK
Profit before tax, the largest negative.
Most solid
- UTHALDEN AS 94.4%
- NORSPAN LNG III AS 93.1%
- SPAR SHIPPING AS 91.6%
- KNOT FSO 1 ASsubsidiary of KNUTSEN NYK OFFSHORE TANKERS AS 89.8%
- MASTERBULK AS 84.4%
Equity ratio: equity divided by total assets.
Fastest growth
- HÖEGH AUTOLINERS SHIPPING II AS +353.5%
- NORSPAN LNG III AS +234.0%
- NORSPAN LNG II AS +182.4%
- BEL SHIP I AS +95.1%
- HOYLAND SUPPLY & RENEWABLES AS +66.6%
Revenue growth from the year before, only from at least NOK 10 million in revenue.
Largest revenue decline
- SPAR SHIPPING AS −92.6%
- BAUMARINE ASsubsidiary of REDERIAKSJESELSKAPET TORVALD KLAVENESS −38.7%
- HANSA TANKERS AS −37.4%
- WESTERN BULK CARRIERS ASsubsidiary of WESTERN BULK CHARTERING AS −31.3%
- BRYGGEN SHIPPING INTERNATIONAL AS −29.7%
Revenue decline from the year before, only from at least NOK 10 million in revenue.
Biggest climbers
- REM SERVICE AS +21.1 points
- NORTH SEA CONTAINER LINE AS +20.1 points
- HURTIGRUTEN SJØ AS +18.7 points
- UTHALDEN AS +13.6 points
- NYK SAGA AS +13.3 points
Change in index points from the year before.
Biggest fallers
- WALLENIUS WILHELMSEN OCEAN ASsubsidiary of WALLENIUS WILHELMSEN OCEAN HOLDING AS −25.7 points
- WESTERN BULK CARRIERS ASsubsidiary of WESTERN BULK CHARTERING AS −24.9 points
- SPAR SHIPPING AS −21.9 points
- BRYGGEN SHIPPING INTERNATIONAL AS −20.2 points
- GCC SHIPOWNING ASsubsidiary of GCC GLOBAL CAR CARRIERS AS −17.3 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
- NYK SAGA AS 374.8 MNOK
- G2 OCEAN AS 197.1 MNOK
- SPAR SHIPPING AS 152.9 MNOK
- WALLENIUS WILHELMSEN OCEAN ASsubsidiary of WALLENIUS WILHELMSEN OCEAN HOLDING AS 147.3 MNOK
- VIASEA SHIPPING AS 84.5 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 · 2025 · 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 2024 (small ring).
- NORTH SEA CONTAINER LINE AS profitability 7 → 62, solidity 86 → 79
- WALLENIUS WILHELMSEN OCEAN AS profitability 55 → 8, solidity 55 → 45
- WESTERN BULK CARRIERS AS profitability 58 → 11, solidity 74 → 75
- KNOT FSO 1 AS profitability 54 → 94, solidity 90 → 94
- HURTIGRUTEN SJØ AS profitability 23 → 53, solidity 26 → 42
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
Summary · fiscal year 2025 · Morning class Large
The sector's median operating margin is 6.8%. 2 of 66 companies have negative equity. The median equity ratio is 33.6%.
All figures are for fiscal year 2025. Ranked: 65 operating companies. Holding companies, excluded companies and companies without enough data are shown but not ranked. How to read the index
- 26 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
Change in rank from 2024 to 2025, for 56 companies ranked in both years.
Climbers
- 29NORTH SEA CONTAINER LINE ASfrom rank 38 to 970
- 21REM SERVICE ASfrom rank 23 to 285
- 21SEA TANK SHIPPING ASfrom rank 31 to 1068
- 20HURTIGRUTEN SJØ ASfrom rank 47 to 2757
- 16SOLSTAD REDERI ASfrom rank 30 to 1465
Fallers
- 32WESTERN BULK CARRIERS ASfrom rank 10 to 4244
- 22BRYGGEN SHIPPING INTERNATIONAL ASfrom rank 3 to 2560
- 21WALLENIUS WILHELMSEN OCEAN ASfrom rank 28 to 4935
- 19GCC SHIPOWNING ASfrom rank 4 to 2362
- 14ODFJELL CHEMICAL TANKERS II ASfrom rank 7 to 2163
Awards · 2025 · Morning class Large
Needs attention · 2025 · Morning class Large
32 companies show at least one warning sign. Showing the 15 most important.
- criticalHAVILA KYSTRUTEN OPERATIONS ASNegative equity · Current ratio below 1 (0.87) · Loss before tax
- criticalVIASEA SHIPPING ASNegative equity · Current ratio below 1 (0.67) · Loss before tax
- watchMST SHUTTLE LOADING ASVery low equity ratio (1.3%) · Current ratio below 1 (0.34) · Loss before tax
- watchNORLED ASVery low equity ratio (2.0%) · Current ratio below 1 (0.66) · Loss before tax
- watchFJORD LINE ASVery low equity ratio (5.4%) · Current ratio below 1 (0.06) · Loss before tax
- watchODFJELL TANKERS ASVery low equity ratio (5.0%) · Loss before tax
- watchGEARBULK SHIPOWNING ASCurrent ratio below 1 (0.10) · Loss before tax
- watchBOREAL SJØ ASCurrent ratio below 1 (0.46) · Loss before tax
- watchTIDEWATER REDERI ASVery low equity ratio (2.9%) · Current ratio below 1 (0.17)
- watchBAUMARINE ASVery low equity ratio (0.1%) · Current ratio below 1 (1.00)
- watchEIDSVAAG ASVery low equity ratio (8.2%) · Current ratio below 1 (0.77)
- watchNORSPAN LNG II ASCurrent ratio below 1 (0.24) · Loss before tax
- watchWALLENIUS WILHELMSEN OCEAN ASLoss before tax
- watchFJORD1 ASVery low equity ratio (8.5%)
- watchWESTERN BULK CARRIERS ASLoss before tax
Sector map · 2025 · 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 |
|---|---|---|---|
| UTHALDEN AS | 82.1% | 94.4% | 957 MNOK |
| REM SERVICE AS | 57.9% | 59.0% | 976 MNOK |
| KNOT FSO 1 AS | 61.8% | 89.8% | 571 MNOK |
| BEL SHIP I AS | 42.0% | 82.3% | 610 MNOK |
| WALLENIUS WILHELMSEN SHIPOWNING NORWAY AS | 47.3% | 54.5% | 1,738 MNOK |
| ALTERA INFRASTRUCTURE VOYAGEUR AS | 45.4% | 40.6% | 1,095 MNOK |
| SØLVTRANS REDERI III AS | 58.2% | 47.0% | 839 MNOK |
| HÖEGH AUTOLINERS SHIPPING AS | 32.0% | 64.6% | 13,979 MNOK |
| NORTH SEA CONTAINER LINE AS | 4.1% | 68.9% | 764 MNOK |
| SEA TANK SHIPPING AS | 6.8% | 59.1% | 1,249 MNOK |
| ROSTEIN AS | 24.5% | 45.3% | 1,974 MNOK |
| FRØY REDERI AS | 35.1% | 39.6% | 533 MNOK |
| SPAR SHIPPING AS | 30.0% | 91.6% | 1,223 MNOK |
| SOLSTAD REDERI AS | 36.8% | 31.1% | 5,120 MNOK |
| UTKILEN SHIPPING AS | 15.0% | 71.6% | 1,306 MNOK |
| YARA LPG SHIPPING AS | 41.0% | 82.4% | 592 MNOK |
| HOYLAND SUPPLY & RENEWABLES AS | 39.8% | 21.6% | 516 MNOK |
| ODFJELL CHEMICAL TANKERS AS | 46.9% | 55.5% | 4,081 MNOK |
| SIMON MØKSTER REDERI AS | 28.9% | 53.5% | 767 MNOK |
| HÖEGH AUTOLINERS SHIPPING II AS | 74.1% | 12.9% | 837 MNOK |
| ODFJELL CHEMICAL TANKERS II AS | 31.5% | 75.7% | 1,106 MNOK |
| DOF REDERI AS | 25.7% | 52.9% | 1,222 MNOK |
| GCC SHIPOWNING AS | 53.7% | 81.4% | 1,790 MNOK |
| BUKSÉR OG BERGING AS | 15.1% | 61.3% | 1,308 MNOK |
| BRYGGEN SHIPPING INTERNATIONAL AS | 8.7% | 73.3% | 1,058 MNOK |
| NORSPAN LNG III AS | −36.0% | 93.1% | 831 MNOK |
| HURTIGRUTEN SJØ AS | 4.7% | 28.6% | 1,077 MNOK |
| CLIPPER SHIPPING AS | 48.1% | 58.5% | 1,769 MNOK |
| TORGHATTEN SØR AS | 15.6% | 35.1% | 759 MNOK |
| SØLVTRANS REDERI AS | 52.5% | 17.8% | 2,039 MNOK |
| ARRIVA SHIPPING AS | 6.3% | 45.7% | 694 MNOK |
| BB CREWING AS | 0.3% | 14.9% | 519 MNOK |
| SILVER SEA TC AS | 2.3% | 24.6% | 566 MNOK |
| BELSHIPS SHIPHOLDING II AS | 40.6% | 42.7% | 1,194 MNOK |
| COLOR LINE CREW AS | 0.2% | 33.2% | 1,212 MNOK |
| MASTERBULK AS | 5.9% | 84.4% | 830 MNOK |
| SEA-CARGO AS | 2.2% | 33.6% | 853 MNOK |
| NYK SAGA AS | 25.1% | 27.6% | 1,874 MNOK |
| COLOR LINE AS | 6.0% | 47.9% | 1,077 MNOK |
| NORSPAN LNG II AS | −9.6% | 76.6% | 572 MNOK |
| TIDEWATER MARINE AS | 2.1% | 22.8% | 655 MNOK |
| WESTERN BULK CARRIERS AS | −1.5% | 60.3% | 3,006 MNOK |
| FJORD1 AS | 15.3% | 8.5% | 3,926 MNOK |
| EIDSVAAG AS | 8.6% | 8.2% | 1,058 MNOK |
| WILSON EUROCARRIERS AS | −0.3% | 33.8% | 2,431 MNOK |
| ODFJELL MANAGEMENT AS | 3.9% | 28.4% | 743 MNOK |
| TORGHATTEN NORD AS | 10.0% | 13.1% | 2,314 MNOK |
| TORGHATTEN MIDT AS | 6.9% | 14.3% | 762 MNOK |
| WALLENIUS WILHELMSEN OCEAN AS | −4.2% | 32.6% | 23,566 MNOK |
| BOREAL SJØ AS | 4.8% | 14.4% | 2,516 MNOK |
| KCC CHARTERING AS | −0.1% | 26.9% | 2,462 MNOK |
| CHAMPION TANKERS AS | 0.2% | 12.6% | 2,837 MNOK |
| HAVILA KYSTRUTEN OPERATIONS AS | −22.5% | −327.6% | 1,775 MNOK |
| NORTHWIND TRANSENERGY AS | 0.1% | 0.8% | 659 MNOK |
| G2 OCEAN AS | 0.2% | 12.9% | 12,025 MNOK |
| SEATRANS CHEMICAL TANKERS AS | 0.5% | 0.9% | 1,028 MNOK |
| FJORD LINE AS | −3.9% | 5.4% | 1,678 MNOK |
| ODFJELL TANKERS AS | 0.0% | 5.0% | 11,026 MNOK |
| KNUTSEN SHUTTLE TANKERS POOL AS | 1.7% | 0.3% | 918 MNOK |
| TIDEWATER REDERI AS | −8.0% | 2.9% | 1,207 MNOK |
| BAUMARINE AS | 0.5% | 0.1% | 1,085 MNOK |
| NORLED AS | −13.9% | 2.0% | 2,968 MNOK |
| VIASEA SHIPPING AS | −1.6% | −7.4% | 507 MNOK |
| MST SHUTTLE LOADING AS | −4.7% | 1.3% | 3,157 MNOK |
| HANSA TANKERS AS | 0.0% | 0.0% | 1,488 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 |