2 companies ranked against comparable companies in four Morning company classes. Fiscal year 2026. Source: Brønnøysund Register Centre. Methodology
Ranking · 2026 · Morning class Medium
Too few companies in this class (2, at least 10 needed) for a ranking of its own. They are compared with the whole sector.
| # | Company | Score | Change |
|---|---|---|---|
| 1 | NIPPON SANSO EUROPE SHIP AS | 68 | +10 |
| 2 | AURORA SHIPPING AS | 30 | −6 |
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
- NIPPON SANSO EUROPE SHIP AS+10
From 2025 to 2026: the operating margin fell from 18.8% to 9.8% and revenue fell by 11%.
Top lists in the sector · 2026 · Morning class Medium
Combined profit before tax for the 2 ranked companies: 13 MNOK.
Highest revenue
- AURORA SHIPPING AS 152 MNOK
- NIPPON SANSO EUROPE SHIP AS 127 MNOK
Operating revenue.
Highest operating margin
Operating result divided by operating revenue.
Largest profit
- NIPPON SANSO EUROPE SHIP AS 10 MNOK
- AURORA SHIPPING AS 2 MNOK
Profit before tax.
Largest loss
No company meets the requirement this year.
Profit before tax, the largest negative.
Most solid
- NIPPON SANSO EUROPE SHIP AS 69.9%
- AURORA SHIPPING AS 6.2%
Equity ratio: equity divided by total assets.
Fastest growth
- AURORA SHIPPING AS +277.4%
Revenue growth from the year before, only from at least NOK 10 million in revenue.
Largest revenue decline
- NIPPON SANSO EUROPE SHIP AS −11.4%
Revenue decline from the year before, only from at least NOK 10 million in revenue.
Biggest climbers
- NIPPON SANSO EUROPE SHIP AS +10.0 points
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 · 2026 · 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.
Too few ranked companies to draw the map.
Summary · fiscal year 2026 · Morning class Medium
The sector's median operating margin is 6.1%. 0 of 2 companies have negative equity. The median equity ratio is 38.1%.
All figures are for fiscal year 2026. Ranked: 2 operating companies. Holding companies, excluded companies and companies without enough data are shown but not ranked. How to read the index
- 1 company reports in another currency. Its revenue is converted at the mean rate for the accounting period and makes up 55% of the total.
Climbers and fallers · Morning class Medium
Change in rank from 2025 to 2026, for 1 companies ranked in both years.
Climbers
- 122NIPPON SANSO EUROPE SHIP ASfrom rank 123 to 168
Fallers
None.
Awards · 2026 · Morning class Medium
Needs attention · 2026 · Morning class Medium
2 companies show at least one warning sign. Showing the 2 most important.
- watchAURORA SHIPPING ASVery low equity ratio (6.2%)
- watchNIPPON SANSO EUROPE SHIP ASCurrent ratio below 1 (0.57)
Sector map · 2026 · Morning class Medium
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 |