Sector

Transport og lagring

2,522 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 Medium

Morning class Medium · 2024
#	Company	Profile	Score	Change
1	BUSSCHARTER.NO AS	Leader	94	+31
2	Rederiet Stenersen AS	Leader	93	–
3	Vest Trafikk AS	Leader	91	+5
4	Redningsverket AS	Leader	89	+6
5	Olden Cruise AS	Leader	87	+13
6	Heli Team AS	Leader	85	+5
7	Turlid Transportservice AS	Leader	85	+18
8	Salten Havneservice AS	Leader	84	+3
9	Hagens Transport AS	Leader	84	−4
10	Dalen Parkering AS	Leader	84	−1
11	AS TORPA BILRUTER	Leader	83	−4
12	LASTING & Transport Alta AS	Leader	83	+5
13	BW LNG AS	Leader	83	+28
14	Oleif Simensen Transport AS	Leader	83	+19
15	Atlantico AS	Leader	82	−3
16	Midtstøl Transport AS	Leader	82	−7
17	Jetpak Norge AS	Leader	81	−10
18	R.G. Hagland AS	Leader	81	−12
19	Vehicle Transfer Scandinavia AS	Leader	81	−13
20	Oddmund Groven AS	Leader	81	+17
21	Odd Grødum Transport AS	Leader	80	+1
22	Expeditors International Norway AS	Leader	80	+21
23	Aartun Transport AS	Leader	80	+17
24	Nedre Romerike Minibuss AS	Leader	80	−1
25	Bergen Bilhjelp AS	Leader	79	+2
26	Slt AS	Leader	79	−7
27	Flåmsbana AS	Leader	79	−5
28	Northsea Terminal AS	Leader	79	+13
29	Westport AS	Leader	79	−5
30	Ørjan Orra AS	Leader	79	+1
31	Norsea Polarbase AS	Leader	79	+4
32	Agro Transport AS	Leader	78	+10
33	Fosen Transport AS	Leader	78	−7
34	Schau's Buss AS	Leader	78	+5
35	Jetpak Oslo AS	Leader	77	−17
36	AS ROLLEIV PEDERSEN TRANSPORT	Leader	77	+4
37	Transportservice AS	Leader	77	−8
38	Bergen Havn AS	Leader	77	+2
39	Moss Taxi AS	Leader	76	+6
40	Onemed Services AS	Leader	76	−3
41	J Barlien Transport AS	Leader	76	−11
42	Bjorstaddalen Næring AS	Leader	75	−1
43	A3 Transport AS	Leader	75	+11
44	Nerstad Tuft Transport AS	Leader	75	+8
45	Narvik Bulkterminal AS	Leader	75	−6
46	Höegh Autoliners Management AS	Leader	75	+5
47	Pareto Shipbrokers AS	Leader	75	−1
48	Ramberg Container Transport AS	Leader	75	+11
49	K Jansen AS	Leader	75	+16
50	Ivarson Transport AS	Leader	74	−11

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 Medium

Mtab Norge AS
From 2023 to 2024: the operating margin fell from 7.2% to −21.4% and the equity ratio fell from 50.2% to −0.6%.
−72
Lufttransport RW AS
From 2023 to 2024: revenue grew by 239% and went from a loss to a profit before tax.
+46
Veitransport AS
From 2023 to 2024: went from a profit to a loss before tax and the equity ratio fell from 37.2% to 1.3%.
−45
Lineage Larvik AS
From 2023 to 2024: went from a profit to a loss before tax and the operating margin fell from 8.9% to −10.5%.
−45

Top lists in the sector · 2024 · Morning class Medium

The five largest companies account for 3% of the sector's revenue. Combined profit before tax for the 539 ranked companies: 6,204 MNOK.

Size

The largest by revenue and employees, and who earns the most per employee.

Highest revenue

K2 Project Forwarding AS 498 MNOK
Ccb Mongstad AS 484 MNOK
Aviator Airport Alliance AS 481 MNOK
MENZIES AVIATION (OSLO) AS 473 MNOK
BRING COURIER & Express AS 465 MNOK

Operating revenue.

Most employees

Employees according to the Central Coordinating Register.

Highest revenue per employee

Wilhelmsen New Energy ASsubsidiary of WILH. Wilhelmsen Holding ASA 49.6 MNOK
Greencarrier Liner Agency Norway AS 47.6 MNOK
Agile Logistics AS 31.8 MNOK
Midtsveen Tanktransport AS 31.0 MNOK
Norsk Olje AS 30.3 MNOK

Only companies with at least 5 employees.

Profit and balance

Who earns the most, who loses the most, and who has the strongest balance sheet.

Highest operating margin

Wilhelmsen New Energy ASsubsidiary of WILH. Wilhelmsen Holding ASA 86.7%
Widerøe Asset AS 82.4%
Stenersen Chartering AS 65.1%
Helgelandsbase Holding AS 64.0%
Pareto Shipbrokers AS 60.8%

Operating result divided by operating revenue.

Largest profit

Höegh Autoliners Management AS 1,334 MNOK
Transocean Services AS 1,097 MNOK
Wilhelmsen New Energy ASsubsidiary of WILH. Wilhelmsen Holding ASA 381 MNOK
Widerøe Asset AS 277 MNOK
BW LNG AS 158 MNOK

Profit before tax.

Largest loss

Boreal Norge AS −454 MNOK
Instabox Norway AS −165 MNOK
Connect Bus AS −93 MNOK
Wilhelmsen Global Business Services AS −58 MNOK
Tide AS −54 MNOK

Profit before tax, the largest negative.

Most solid

Höegh Autoliners Management AS 97.5%
DHL SUPPLY CHAIN (NORWAY) AS 91.2%
Wilhelmsen New Energy ASsubsidiary of WILH. Wilhelmsen Holding ASA 90.4%
R.G. Hagland AS 89.2%
Drammen Havn AS 86.4%

Equity ratio: equity divided by total assets.

Growth and movement

Who grows and falls the most in revenue, and who has climbed or fallen the most on the index since the year before.

Fastest growth

Simeon Norge AS +399.3%
FR. Meyer's Sohn Norway AS +356.0%
Wilhelmsen New Energy ASsubsidiary of WILH. Wilhelmsen Holding ASA +313.5%
Lufttransport RW AS +238.7%
Alfa Mobility Norway AS +216.7%

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

Largest revenue decline

Tide Bane AS −61.2%
Air Trade Support AS −48.2%
Hansa Tankers Management AS −47.9%
Ait Worldwide Logistics Norway AS −47.8%
Jetcarrier Logistics AS −45.9%

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

Biggest climbers

Lufttransport RW AS +45.9 points
Connect Bus Ekspress AS +43.5 points
Arctic Aviation AS +41.7 points
K2 Project Forwarding AS +39.5 points
Norwegian Ground Handling Norway AS +37.6 points

Change in index points from the year before.

Biggest fallers

Mtab Norge AS −71.6 points
Lineage Larvik AS −45.0 points
Veitransport AS −44.4 points
Simpson Spence Young AS −37.6 points
Terax Transportservice AS −37.2 points

Change in index points from the year before.

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 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.

The chart and list show the 400 largest companies by revenue, of 540 in the class. Everyone is in the ranking. Full ranking

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

Gmc Marine Partner AS profitability 15 → 91, solidity 66 → 33
Ait Worldwide Logistics Norway AS profitability 82 → 6, solidity 30 → 51
Connect Bus Ekspress AS profitability 2 → 76, solidity 40 → 65
Lufttransport RW AS profitability 10 → 83, solidity 7 → 22
Veitransport AS profitability 45 → 6, solidity 65 → 4

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)
Hesnes Shipping AS	Cheetah	99	7	99 / 9
Hansa Tankers Management AS	Cheetah	99	16	100 / 10
Flåmsbana AS	Lion	98	68	97 / 76
Fearnley Offshore AS	Cheetah	98	13	98 / 13
Knot Management AS	Cheetah	98	34	98 / 43
Pareto Shipbrokers AS	Lion	97	83	95 / 91
Jetpak Norge AS	Lion	96	90	96 / 85
Vehicle Transfer Scandinavia AS	Lion	96	95	96 / 90
Fearnley Offshore Supply AS	Cheetah	96	46	97 / 12
Fjellheisen AS	Lion	96	73	97 / 96
Olden Cruise AS	Lion	96	91	97 / 60
Oslo Lufthavns Tankanlegg AS	Cheetah	96	18	95 / 17
BUSSCHARTER.NO AS	Lion	95	92	–
AS AIRCONTACT	Cheetah	95	18	95 / 17
Interfjord Norway AS	Cheetah	95	4	96 / 4
Pro-Line Transport AS	Cheetah	95	16	95 / 21
Scan-Shipping Bergen AS	Lion	93	84	94 / 88
Widerøe Asset AS	Lion	93	93	93 / 98
Velde Transport AS	Cheetah	93	42	52 / 18
Redningsverket AS	Lion	93	89	90 / 75
AIR & Road Transport AS	Cheetah	93	43	93 / 47
Flytanking AS	Cheetah	93	13	94 / 18
Norsea Polarbase AS	Lion	93	76	52 / 92
Fløibanen AS	Lion	93	74	95 / 81
Dalen Parkering AS	Lion	92	89	92 / 85
Nueva Seas AS	Cheetah	92	5	94 / 6
Oslobuss AS	Cheetah	91	44	92 / 47
Gmc Marine Partner AS	Cheetah	91	33	15 / 66
Collicare Projects AS	Cheetah	91	39	87 / 75
Klaveness Ship Management AS	Lion	91	55	84 / 37
3Pl Solutions AS	Cheetah	90	28	91 / 25
Tromsø Parkering AS	Lion	89	86	82 / 87
Northsea Terminal AS	Lion	89	92	90 / 65
Grenland Rail AS	Cheetah	88	35	93 / 45
Onemed Services AS	Lion	88	75	87 / 79
Mbt Vigeland AS	Lion	88	93	82 / 96
Westport AS	Lion	88	80	83 / 84
Dachser Norway AS	Lion	88	71	93 / 78
Unibuss Ekspress AS	Lion	87	63	88 / 71
Pentagon Freight Services AS	Lion	86	53	64 / 25
Marinetrans AS	Cheetah	86	8	87 / 8
Greencarrier Liner Agency Norway AS	Cheetah	86	24	88 / 57
Ringstad Transport AS	Cheetah	86	9	67 / 28
Jenssen Mobility AS	Lion	86	53	83 / 53
Turlid Transportservice AS	Lion	86	81	75 / 56
Oddmund Groven AS	Lion	85	76	74 / 54
Hagens Transport AS	Lion	85	96	79 / 94
Husøy Terminalen AS	Lion	85	50	59 / 17
A3 Transport AS	Lion	85	57	76 / 36
Nedre Romerike Minibuss AS	Lion	84	78	90 / 76

The sector in numbers

Summary · fiscal year 2024 · Morning class Medium

The sector's median operating margin is 3.5%. 20 of 543 companies have negative equity. The median equity ratio is 28.8%.

Companies with accounts543

Total revenue74,957 MNOK

Median operating margin3.5%

Median equity ratio28.8%

Share with a loss19%

Share with negative equity4%

All figures are for fiscal year 2024. Ranked: 540 operating companies. Holding companies, excluded companies and companies without enough data are shown but not ranked. How to read the index

The total counts each group once: 1 subsidiaries (111 MNOK in revenue) are left out of totals and size lists because their parent in the sector has at least as much revenue, so their sales can run through the parent. They are ranked as usual. Methodology

4 companies report in another currency. Their revenue is converted at the mean rate for the accounting period and makes up 1% of the total.

Climbers and fallers · Morning class Medium

Change in rank from 2023 to 2024, for 479 companies ranked in both years.

Climbers

329Connect Bus Ekspress ASfrom rank 467 to 13863
294Telemark Distribusjon ASfrom rank 378 to 8469
276K2 Project Forwarding ASfrom rank 466 to 19059
269Blue Water Shipping ASfrom rank 382 to 11365
264Lufttransport RW ASfrom rank 497 to 23354

Fallers

486Mtab Norge ASfrom rank 47 to 5338
384Lineage Larvik ASfrom rank 74 to 45830
329Terax Transportservice ASfrom rank 122 to 45131
319Alex Andersen Norge ASfrom rank 120 to 43933
297Simpson Spence Young ASfrom rank 216 to 51319

Awards · 2024 · Morning class Medium

Most profitableWilhelmsen New Energy AS86.7%

Fastest growthJan Haukeland Transport AS573.6%

Strongest balance sheetHöegh Autoliners Management AS97.5%

Largest revenueK2 Project Forwarding AS498 MNOK

Highest revenue per employeeWilhelmsen New Energy AS49.6 MNOK

Needs attention · 2024 · Morning class Medium

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

criticalQuickship Logistics ASNegative equity · Current ratio below 1 (0.47) · Loss before tax
criticalCobit ASNegative equity · Current ratio below 1 (0.73) · Loss before tax
criticalTonerud Transport ASNegative equity · Current ratio below 1 (0.87) · Loss before tax
criticalConstellation Cold Logistics Norway ASNegative equity · Current ratio below 1 (0.50) · Loss before tax
criticalBrødrene Hansen Transport ASNegative equity · Current ratio below 1 (0.20) · Loss before tax
criticalNytveit ASNegative equity · Current ratio below 1 (0.75) · Loss before tax
criticalROGALAND KRAN & Transport ASNegative equity · Current ratio below 1 (0.70) · Loss before tax
criticalMetrisk Robotparkering ASNegative equity · Current ratio below 1 (0.48) · Loss before tax
criticalMoldegaard Maritime Logistics ASNegative equity · Current ratio below 1 (0.74) · Loss before tax
criticalMtab Norge ASNegative equity · Current ratio below 1 (0.54) · Loss before tax
criticalFrøya Transportsenter ASNegative equity · Current ratio below 1 (0.50) · Loss before tax
criticalHss Kran og Spesialtransport ASNegative equity · Current ratio below 1 (0.37) · Loss before tax
criticalV Ships Norway ASNegative equity · Current ratio below 1 (0.13) · Loss before tax
criticalLufthavndrift ASNegative equity · Loss before tax
criticalOSLO BUD & Vare ASNegative equity · Current ratio below 1 (0.80)

Sector map · 2024 · 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.

The map shows the 400 largest companies by revenue, of 540 ranked. Everyone is in the ranking.

Show the map's figures as a table

Company	Operating margin	Equity ratio	Revenue
K2 Project Forwarding AS	5.2%	16.0%	498 MNOK
Ccb Mongstad AS	7.3%	25.2%	484 MNOK
Aviator Airport Alliance AS	4.8%	10.1%	481 MNOK
MENZIES AVIATION (OSLO) AS	−1.5%	3.9%	473 MNOK
BRING COURIER & Express AS	−11.2%	50.8%	465 MNOK
Norsk Olje AS	0.2%	31.0%	455 MNOK
Dsv Contract Logistics AS	4.9%	28.0%	449 MNOK
Sundt Air AS	3.9%	43.3%	440 MNOK
Logi Trans AS	3.1%	15.0%	440 MNOK
Höegh Autoliners Management AS	3.9%	97.5%	429 MNOK
Wilhelmsen Global Business Services AS	−13.6%	17.0%	423 MNOK
BW LNG AS	24.8%	54.1%	422 MNOK
Pentagon Freight Services AS	9.7%	30.9%	416 MNOK
Transportsentralen Oslo AS	−0.6%	42.6%	407 MNOK
OSM Offshore AS	2.0%	0.6%	405 MNOK
LL SETESDAL BILRUTER	0.8%	25.7%	403 MNOK
Maran Shuttle Tankers Norway AS	9.7%	37.2%	398 MNOK
Marinetrans AS	8.5%	5.0%	397 MNOK
Bama Logistikk AS	2.4%	29.7%	396 MNOK
Grenland Rail AS	12.6%	20.7%	396 MNOK
Nordicgsa AS	3.6%	0.1%	393 MNOK
Nortemp Spedisjon AS	1.7%	3.4%	390 MNOK
Airlift AS	−6.3%	31.3%	389 MNOK
Agile Logistics AS	1.7%	23.3%	382 MNOK
Minibuss24-7 AS	3.9%	24.7%	382 MNOK
Greencarrier Liner Agency Norway AS	7.3%	14.6%	381 MNOK
Bybanen AS	−0.9%	12.5%	377 MNOK
OSM Maritime Group AS	−6.9%	0.7%	368 MNOK
Nordlandsbuss AS	7.6%	13.9%	366 MNOK
Dachser Norway AS	10.5%	42.5%	366 MNOK
Otts AS	0.0%	25.3%	363 MNOK
Leman AS	1.5%	30.4%	358 MNOK
Bypost AS	3.7%	22.7%	357 MNOK
Autologistikk AS	7.7%	31.8%	350 MNOK
Scan Global Logistics AS	−0.1%	15.4%	349 MNOK
Firda Billag Buss AS	4.3%	36.2%	348 MNOK
Sutra AS	1.9%	67.0%	347 MNOK
Air Trade Support AS	4.2%	27.2%	344 MNOK
Rivenes AS	6.9%	36.1%	342 MNOK
Danx AS	4.2%	17.6%	337 MNOK
Transocean Services AS	4.8%	60.4%	336 MNOK
Pentagon Transport Nordic AS	2.6%	13.4%	335 MNOK
Widerøe Asset AS	82.4%	63.6%	334 MNOK
Geodis Norway AS	0.9%	13.2%	330 MNOK
Ntex AS	2.7%	24.0%	329 MNOK
Widerøe AS	−111.2%	53.3%	326 MNOK
Børstad AS	7.6%	34.4%	323 MNOK
Wergeland Base AS	6.4%	56.6%	320 MNOK
Golar Management AS	2.6%	49.1%	320 MNOK
M3cargo AS	2.1%	40.2%	319 MNOK
Flåmsbana AS	45.9%	40.3%	315 MNOK
Sentraldistribusjon AS	0.8%	11.4%	313 MNOK
Oslo Taxibuss AS	−2.6%	6.9%	307 MNOK
Litra Gass AS	2.3%	29.0%	306 MNOK
Wolt Norway AS	1.5%	9.4%	301 MNOK
Skanlog AS	4.4%	44.6%	301 MNOK
Utne Transport AS	0.6%	16.4%	300 MNOK
Håkull AS	6.4%	39.8%	297 MNOK
Jetpak Norge AS	19.6%	60.0%	295 MNOK
Sandefjord Lufthavn Drift AS	3.6%	60.3%	288 MNOK
Onrail AS	−6.9%	1.4%	286 MNOK
Ørland Transport AS	−3.5%	14.4%	285 MNOK
Helthjem Distribusjon Oslo AS	−5.9%	20.5%	278 MNOK
Notra AS	0.4%	12.2%	276 MNOK
Knot Management AS	36.1%	20.5%	274 MNOK
Litra Termo AS	3.7%	21.4%	266 MNOK
Steem1960 Shipbrokers AS	7.5%	42.8%	265 MNOK
BORLAUG & Brosvik Transport AS	11.3%	11.5%	262 MNOK
AS TORPA BILRUTER	9.1%	63.3%	252 MNOK
Telemark Taxi AS	−0.9%	11.8%	252 MNOK
Norsea Polarbase AS	17.0%	44.8%	250 MNOK
Wilhelmsen New Energy AS	86.7%	90.4%	248 MNOK
Skevig Lastebiltransport AS	1.4%	13.3%	241 MNOK
Skanol Kraby AS	2.9%	55.8%	239 MNOK
Onemed Services AS	13.7%	44.2%	236 MNOK
Bladcentralen AS	1.4%	4.1%	235 MNOK
Leiv Sand Transport AS	7.1%	20.8%	234 MNOK
Yilport Oslo Terminal Investments AS	4.3%	43.6%	234 MNOK
Stavangerregionen Havnedrift AS	2.1%	45.0%	234 MNOK
Hob Gods AS	2.3%	5.4%	233 MNOK
Tromsø Taxi AS	−0.6%	17.4%	230 MNOK
Tipp Transport AS	12.0%	18.5%	229 MNOK
Thermomax Trondheim AS	4.7%	30.4%	229 MNOK
Bergen Havn AS	18.9%	83.0%	229 MNOK
AS MOSS TRANSPORTFORUM	0.7%	46.3%	228 MNOK
Bring Linehaul Bildrift AS	1.2%	39.1%	226 MNOK
Ait Worldwide Logistics Norway AS	−4.4%	30.0%	226 MNOK
ANDERSEN & Mørck AS	4.3%	37.4%	226 MNOK
Saga Fjordbase AS	12.7%	36.0%	226 MNOK
Tide Bane AS	4.5%	16.4%	226 MNOK
Agder Taxi AS	−0.1%	6.7%	224 MNOK
Fedex Express Norge AS	4.8%	67.5%	224 MNOK
Prime Cargo AS	−0.2%	18.7%	223 MNOK
Oslobuss AS	22.9%	25.1%	222 MNOK
Transferd AS	3.3%	25.2%	221 MNOK
H.W.F. Norway AS	3.7%	0.3%	218 MNOK
Bergen Parkering AS	2.0%	35.5%	217 MNOK
Strand Shipping AS	4.0%	16.5%	217 MNOK
Park Nordic AS	4.8%	27.8%	216 MNOK
Bring Før7 AS	1.8%	7.4%	216 MNOK
Ølen Betong Transport AS	−4.5%	17.9%	215 MNOK
Termo Partner AS	0.3%	36.0%	214 MNOK
Bergen Spesial Transport AS	6.5%	24.6%	214 MNOK
Martinsen Transport AS	0.8%	43.2%	208 MNOK
Norsk Biltransport AS	2.8%	19.4%	207 MNOK
Taxisentralen AS	3.7%	41.7%	204 MNOK
Wiiks Transport AS	−0.4%	2.4%	201 MNOK
WILHELMSEN SHIP MANAGEMENT (NORWAY) AS	2.5%	6.0%	201 MNOK
Cuveco AS	5.5%	11.7%	200 MNOK
GF Logistikk AS	3.5%	18.8%	199 MNOK
Sea-Cargo Agencies AS	3.8%	31.7%	198 MNOK
Eimskip Norway AS	1.4%	73.5%	198 MNOK
MAERSK LOGISTICS & Services Norway AS	0.8%	68.1%	194 MNOK
Midtstøl Transport AS	14.1%	78.1%	193 MNOK
Vestfold Taxisentral AS	0.0%	42.8%	190 MNOK
Veøy Møre AS	3.0%	15.1%	189 MNOK
Gac Norway AS	9.4%	7.4%	189 MNOK
Unibuss Ekspress AS	10.4%	36.9%	186 MNOK
Rem Maritime Crew AS	1.9%	2.7%	186 MNOK
Midtsveen Tanktransport AS	2.2%	43.5%	186 MNOK
Agilia AS	−8.4%	48.5%	182 MNOK
Norsk Trailer Express AS	4.8%	81.7%	182 MNOK
Svalbard Lufthavn AS	10.4%	22.3%	179 MNOK
E-Trans AS	5.0%	30.2%	179 MNOK
Lufttransport RW AS	9.6%	12.8%	179 MNOK
Flyt AS	27.1%	21.8%	178 MNOK
OSLO SEAFOOD & Cargo Center AS	4.5%	44.4%	176 MNOK
Greenport Services AS	1.3%	51.2%	176 MNOK
Indseth Transport AS	8.2%	40.8%	173 MNOK
Nik Haugrønning AS	3.9%	17.4%	173 MNOK
Fløibanen AS	48.7%	43.7%	172 MNOK
Tnr Spedisjon AS	4.2%	10.2%	172 MNOK
Norwegian Ground Handling Norway AS	4.1%	8.2%	171 MNOK
Nortemp Transport AS	2.2%	5.7%	171 MNOK
Quickship Logistics AS	−11.6%	−85.1%	170 MNOK
DOF Management AS	−2.2%	77.3%	169 MNOK
Forlagssentralen AS	2.1%	56.6%	168 MNOK
Bjorstaddalen Næring AS	17.1%	50.2%	167 MNOK
KINDLISTUEN & Dahl AS	12.1%	23.3%	167 MNOK
Time Park Service AS	−0.6%	20.2%	166 MNOK
Mbt Vigeland AS	12.9%	62.7%	165 MNOK
CMA CGM Scandinavia AS	4.7%	10.9%	164 MNOK
TYRHOLM & Farstad AS	28.9%	21.6%	164 MNOK
Knutsen Oas Management AS	4.6%	6.7%	163 MNOK
Frontline Management AS	6.5%	34.9%	162 MNOK
Kranringen AS	3.5%	20.0%	162 MNOK
Ringstad Transport AS	7.4%	5.8%	161 MNOK
Transport-Service AS	4.7%	37.5%	160 MNOK
Utengen Transport AS	5.3%	14.9%	159 MNOK
Helthjem Distribusjon Viken AS	−2.7%	33.1%	159 MNOK
Bussring AS	9.8%	12.7%	157 MNOK
Cargotron AS	1.5%	15.1%	155 MNOK
Magnus Nistad AS	2.9%	14.1%	152 MNOK
Haugaland Taxi AS	7.1%	28.2%	151 MNOK
Scan-Shipping Bergen AS	36.5%	51.7%	150 MNOK
MO Industritransport AS	2.5%	50.6%	150 MNOK
FREJA - THORESEN TRANSPORT & Logistics Larvik AS	2.9%	26.6%	148 MNOK
Widerøe Property AS	9.7%	30.7%	147 MNOK
Fredstad Logistikk AS	4.6%	28.5%	147 MNOK
Espeland Transport AS	3.8%	32.2%	145 MNOK
Polaris Distribusjon Midt-Norge AS	1.5%	20.2%	145 MNOK
Gearbulk Norway AS	3.6%	0.1%	145 MNOK
Seafront Norsteve AS	6.0%	24.5%	144 MNOK
Ntg Road Norway AS	3.1%	2.0%	144 MNOK
Tipp Frakt AS	6.6%	34.7%	143 MNOK
Nueva Seas AS	27.7%	2.4%	143 MNOK
Jenssen Mobility AS	18.2%	31.0%	142 MNOK
Trondheim Parkering AS	0.2%	48.1%	142 MNOK
Link Logistics AS	3.6%	14.7%	142 MNOK
Remøy Management AS	0.2%	48.4%	141 MNOK
Termo Partner Transport AS	1.7%	8.9%	141 MNOK
System Trafikk AS	8.3%	15.3%	139 MNOK
Woodtrans AS	2.0%	50.2%	138 MNOK
Collicare Projects AS	10.6%	23.0%	138 MNOK
Time Park AS	−4.5%	12.5%	137 MNOK
Lerøy Havbruk Service AS	4.0%	3.1%	137 MNOK
Rennesøy Trafikk AS	2.8%	15.5%	137 MNOK
Peter Løvaas Transport AS	8.6%	54.8%	137 MNOK
Fosen Transport AS	3.7%	70.5%	136 MNOK
Troms Taxi AS	2.5%	65.3%	135 MNOK
R Andersen Transport AS	3.4%	3.5%	135 MNOK
Holship Norge AS	2.0%	21.1%	135 MNOK
Connect Bus Ekspress AS	5.5%	37.8%	134 MNOK
Tangvik AS	2.5%	32.2%	133 MNOK
Royal Transport AS	0.1%	8.4%	131 MNOK
Interfjord Norway AS	14.8%	1.4%	131 MNOK
Northsea Terminal AS	12.6%	62.0%	131 MNOK
Delga Transport AS	6.2%	14.7%	131 MNOK
Schau's Buss AS	7.7%	53.1%	131 MNOK
Rasmussen Transport AS	5.9%	36.6%	129 MNOK
Circle K Transport AS	4.2%	55.8%	127 MNOK
Harlem Solutions AS	−0.5%	9.4%	126 MNOK
Sirva AS	11.2%	40.2%	126 MNOK
Sandnes Transport og Terminal AS	−1.6%	39.3%	126 MNOK
Tellus Logistics AS	1.4%	12.4%	125 MNOK
L Grønaasen Transport AS	3.0%	46.3%	125 MNOK
Lrn Transport AS	2.5%	67.5%	125 MNOK
Wilservice AS	1.4%	33.9%	124 MNOK
United European Car Carriers AS	1.9%	82.7%	124 MNOK
Telemark Transportservice AS	−0.2%	15.5%	123 MNOK
Flytanking AS	18.3%	7.7%	123 MNOK
Hansa Tankers Management AS	40.8%	9.9%	122 MNOK
Cobit AS	−1.3%	−1.2%	122 MNOK
Tonerud Transport AS	−1.5%	−11.1%	122 MNOK
Sigurd og Ola Grimstad AS	7.3%	33.9%	122 MNOK
Nordtrafikk AS	2.8%	1.0%	121 MNOK
Cool Company Management AS	3.5%	38.4%	121 MNOK
Pro-Line Transport AS	16.9%	9.8%	121 MNOK
Elias Breivik AS	7.1%	20.2%	120 MNOK
Fearnley Offshore AS	36.7%	8.1%	120 MNOK
H M Kristiansens Automobilbyrå AS	13.6%	34.7%	120 MNOK
Accelerator AS	3.1%	9.2%	120 MNOK
Timetrekkeren AS	2.3%	6.6%	120 MNOK
Toten Transport Oslo AS	2.9%	26.1%	119 MNOK
COOP Norge Transport AS	4.5%	15.7%	119 MNOK
Slinde Transport AS	4.9%	34.7%	119 MNOK
Rst Logistics AS	1.4%	26.1%	119 MNOK
Hesnes Shipping AS	52.6%	3.8%	119 MNOK
Transportsentralen Vestfold AS	−1.3%	10.9%	118 MNOK
Helgelandsbase AS	5.4%	38.6%	118 MNOK
Viking Assistance Group AS	−2.8%	54.3%	117 MNOK
Tschudi Logistics AS	3.9%	27.9%	117 MNOK
Ribes Betongpumping AS	8.3%	29.2%	117 MNOK
Fjellheisen AS	30.7%	43.2%	117 MNOK
Sakarias Nesheim Transport AS	9.2%	50.5%	117 MNOK
Jetcarrier Logistics AS	−0.1%	60.7%	116 MNOK
Bergen Transport Sentral AS	1.0%	5.5%	116 MNOK
Hss Transport AS	0.7%	12.1%	116 MNOK
Frank Steensen Transportforretning AS	4.2%	16.8%	116 MNOK
Odd Grødum Transport AS	6.5%	54.0%	116 MNOK
AIR & Road Transport AS	15.2%	24.4%	116 MNOK
Westport AS	13.8%	48.9%	115 MNOK
Slt AS	13.4%	60.7%	115 MNOK
Ottem Transport AS	−0.7%	14.7%	115 MNOK
Oddmund Groven AS	13.3%	44.6%	113 MNOK
Digre Transport AS	1.1%	28.4%	112 MNOK
Klaveness Ship Management AS	10.3%	31.8%	112 MNOK
Taxi Sør AS	0.7%	43.8%	112 MNOK
Kristensens Transport AS	0.6%	6.6%	111 MNOK
Sundt Air Management AS	−0.4%	5.4%	111 MNOK
Constellation Cold Logistics Norway AS	−9.5%	−32.1%	110 MNOK
Tst AS	2.1%	10.5%	110 MNOK
Håkerud Johansen Transport AS	3.0%	6.9%	110 MNOK
Gardermoen Perishable Center AS	−8.6%	15.4%	109 MNOK
Rogaland Taxi AS	5.3%	43.2%	108 MNOK
Meyership AS	3.9%	9.7%	108 MNOK
Gustav Eidsvåg Langtransport AS	3.4%	31.5%	107 MNOK
Alfa Mobility Norway AS	3.6%	16.2%	107 MNOK
S&J Transport AS	2.8%	22.2%	107 MNOK
DHL SUPPLY CHAIN (NORWAY) AS	2.0%	91.2%	107 MNOK
Velde Transport AS	25.4%	24.3%	106 MNOK
Multisped AS	2.3%	51.6%	106 MNOK
Gmc Marine Partner AS	15.3%	20.1%	106 MNOK
CMB.Tech Norway AS	3.1%	36.0%	106 MNOK
Sotra Kran AS	−0.5%	58.0%	105 MNOK
Forset Grus AS	−1.2%	48.9%	105 MNOK
Ugland Marine Services AS	−11.7%	10.4%	105 MNOK
SKEDSMO BUD & Vare AS	4.9%	25.4%	104 MNOK
Lørenskog Distribusjon og Lager AS	6.2%	41.2%	104 MNOK
Lufthavndrift AS	−15.6%	−32.1%	104 MNOK
Instabox Norway AS	−12.2%	62.7%	103 MNOK
Skanol Norge AS	2.9%	48.7%	103 MNOK
OSLO BUD & Vare AS	0.2%	−14.4%	103 MNOK
Deli de Luca Norge AS	−1.2%	72.7%	103 MNOK
Antras Nord AS	7.4%	26.8%	102 MNOK
Redningsverket AS	14.4%	57.8%	101 MNOK
HUSTVEDT & Skeie Transport AS	2.6%	22.5%	101 MNOK
RM Drift AS	2.1%	37.1%	101 MNOK
Brødrene Hansen Transport AS	−6.7%	−396.0%	101 MNOK
Husøy Terminalen AS	8.7%	29.4%	101 MNOK
Arctic Aviation AS	2.5%	16.3%	100 MNOK
AS AIRCONTACT	50.9%	10.6%	100 MNOK
SB Transport AS	2.5%	12.9%	100 MNOK
Atlantico AS	7.3%	75.6%	100 MNOK
Ruuds Transport AS	6.1%	38.5%	99 MNOK
Brødrene Håland AS	2.0%	13.1%	98 MNOK
Jakobsen Transport AS	6.2%	22.7%	98 MNOK
Thor Tenden Transport AS	4.6%	49.5%	98 MNOK
Polaris Distribusjon Sør AS	3.5%	11.5%	97 MNOK
Bergquist Maskin og Transport AS	7.9%	34.2%	97 MNOK
Hegna Transport AS	4.9%	57.1%	97 MNOK
Tromsø Budbil Sentral AS	2.8%	10.7%	96 MNOK
Nerstad Tuft Transport AS	8.2%	44.9%	96 MNOK
Margrethes Transport AS	4.7%	19.5%	96 MNOK
Scanfreight AS	−1.5%	40.5%	96 MNOK
Pentagon Transport AS	0.2%	22.3%	95 MNOK
Per Johansen Transport AS	3.3%	21.4%	95 MNOK
JS Transport AS	2.2%	18.1%	95 MNOK
Vehicle Transfer Scandinavia AS	20.8%	68.5%	94 MNOK
HX NO AS	14.3%	−2.2%	94 MNOK
TW Zero Fleet AS	−0.2%	0.4%	94 MNOK
Bøstrand Transport AS	1.2%	23.8%	94 MNOK
S-Trans AS	5.6%	38.5%	94 MNOK
Nytveit AS	−2.7%	−5.3%	93 MNOK
JK Transport AS	4.3%	30.8%	93 MNOK
Arne Thorsen Spedisjon A/S	1.2%	32.6%	93 MNOK
Oslo Lufthavns Tankanlegg AS	30.3%	10.5%	93 MNOK
Boreal Norge AS	−21.6%	51.9%	92 MNOK
TMH KRAN & Transport AS	5.8%	30.5%	92 MNOK
Airlift Services AS	0.5%	4.3%	92 MNOK
Jetpak Norway Road Logistics AS	2.0%	39.7%	92 MNOK
Steen Betongpumping AS	3.6%	26.8%	91 MNOK
Drammen Havn AS	10.2%	86.4%	91 MNOK
O WESTAD & Sønner AS	1.2%	62.0%	90 MNOK
Terje Romarheim AS	−0.4%	11.4%	90 MNOK
Avincis Aviation Engineering Norway AS	−7.2%	8.5%	90 MNOK
Nedre Romerike Minibuss AS	10.1%	46.1%	89 MNOK
Fredrikstad Langtransport AS	0.0%	24.2%	89 MNOK
Ferder Taxi AS	1.4%	9.1%	89 MNOK
Skude Transport og Spedisjon AS	1.6%	38.5%	88 MNOK
Torger Skaug Spesialtransport AS	5.7%	15.7%	88 MNOK
Rana Industriterminal AS	7.4%	42.0%	88 MNOK
Taxi 1 AS	−0.5%	5.2%	88 MNOK
Lotos Nordica AS	0.1%	20.8%	88 MNOK
Veitransport AS	−5.4%	1.3%	88 MNOK
Frigoscandia Norway AS	−2.8%	31.9%	87 MNOK
Gausdal Landhandleri Transport AS	−7.3%	11.2%	87 MNOK
Erik Larm AS	12.4%	23.9%	87 MNOK
Mindrum Transport AS	3.0%	21.6%	86 MNOK
Brødrene Lunn AS	6.2%	33.4%	86 MNOK
Moss Taxi AS	5.4%	56.3%	86 MNOK
Troms Fryseterminal AS	21.3%	42.2%	85 MNOK
SG Logistics AS	1.9%	43.9%	85 MNOK
Jotra AS	4.7%	36.0%	85 MNOK
Kpm Transport AS	0.8%	23.4%	85 MNOK
Haugen Transport og Maskin AS	2.3%	35.5%	85 MNOK
Tromsøterminalen AS	5.2%	42.7%	84 MNOK
ROGALAND KRAN & Transport AS	−1.6%	−18.7%	84 MNOK
RBL (RINDAL BIL - OG LANDBRUKSSENTER) AS	3.2%	27.0%	83 MNOK
Engelund Termofrakt AS	−2.4%	37.0%	83 MNOK
Frode Bjønnes Transport AS	5.5%	28.5%	83 MNOK
Loen Skylift AS	51.1%	53.5%	83 MNOK
Geilo Turbusser AS	5.3%	48.8%	83 MNOK
Haukebøe Transport Tank AS	6.3%	16.2%	82 MNOK
Svenns Transport AS	1.7%	24.5%	82 MNOK
Pareto Shipbrokers AS	60.8%	51.2%	82 MNOK
Grenland Taxi AS	1.0%	17.3%	82 MNOK
Ktm Shipping AS	6.9%	37.1%	82 MNOK
Alex Andersen Norge AS	1.0%	22.5%	82 MNOK
Bendiks Birkeland Transport og Sementstøperi AS	0.6%	45.5%	82 MNOK
Agder Massetransport AS	7.3%	31.3%	81 MNOK
Terminal 1 AS	1.2%	24.3%	81 MNOK
Toth Transport AS	1.9%	5.1%	81 MNOK
Flybunkringsservice AS	1.6%	47.5%	81 MNOK
Apollo Budbiler AS	3.9%	24.2%	81 MNOK
3Pl Solutions AS	11.6%	15.8%	81 MNOK
Jeppsson Transport AS	4.0%	16.0%	81 MNOK
Itide AS	4.3%	15.8%	80 MNOK
Egron Transport AS	2.8%	13.1%	80 MNOK
VD Transport AS	1.6%	36.0%	80 MNOK
Sundbrei Transport AS	4.7%	37.2%	80 MNOK
OSM Ship Management AS	4.0%	1.9%	80 MNOK
Galåen Transport AS	2.1%	18.6%	80 MNOK
Stokkebekk Transport AS	−0.2%	8.9%	79 MNOK
Blue Cargo AS	0.5%	18.5%	79 MNOK
Sviland Transport AS	3.7%	30.6%	79 MNOK
Vestpark AS	3.8%	1.4%	79 MNOK
Fearnley Offshore Supply AS	21.6%	26.8%	79 MNOK
Martiniussens Bilservice AS	−2.6%	7.5%	79 MNOK
Lillehammer Taxisentral AS	0.2%	32.8%	79 MNOK
Einar Valde AS	8.8%	38.8%	79 MNOK
Tsl Logistikk AS	1.6%	32.7%	78 MNOK
Sutra Dybvad AS	3.7%	47.8%	78 MNOK
Tromsø Parkering AS	25.9%	54.0%	78 MNOK
Romerike Mediadistribusjon AS	−2.3%	42.6%	78 MNOK
Hans Ivar Slåttøy Transport AS	1.9%	23.9%	78 MNOK
Hagens Transport AS	14.1%	71.8%	77 MNOK
Narvik Bulkterminal AS	9.2%	51.5%	77 MNOK
Kårstad AS	5.8%	42.3%	77 MNOK
Turlid Transportservice AS	7.9%	49.4%	77 MNOK
SVANEVIK TRANSPORT & Utleie AS	0.7%	7.9%	76 MNOK
FR. Meyer's Sohn Norway AS	1.6%	43.0%	76 MNOK
Toyota Logistics Services Norway AS	7.4%	15.3%	76 MNOK
Dalen Parkering AS	33.6%	58.7%	76 MNOK
Brødrene Bakk AS	3.1%	29.5%	76 MNOK
Malmin Transport AS	3.2%	3.4%	75 MNOK
Constellation Transport Norway AS	1.1%	−3.5%	75 MNOK
Aartun Transport AS	9.6%	51.3%	75 MNOK
Olden Cruise AS	28.7%	61.5%	75 MNOK
Hurtig-Gutta Transport AS	6.8%	11.4%	75 MNOK
INNLANDET GJENVINNING & Transport AS	3.6%	32.1%	75 MNOK
Soelberg Transport AS	4.1%	44.7%	74 MNOK
Omdal Transport AS	1.7%	8.4%	74 MNOK
Lure AS	3.8%	32.2%	74 MNOK
ORKLA SHIPPING & Trading AS	−0.5%	34.1%	73 MNOK
Norbase AS	17.4%	47.7%	73 MNOK
Øyvind Jensen Termotransport AS	1.7%	32.4%	73 MNOK
Lierfoss Transportsentral AS	0.7%	8.1%	72 MNOK
Pole Position Logistics AS	−4.6%	61.9%	72 MNOK
A3 Transport AS	7.5%	33.4%	72 MNOK
BUSSCHARTER.NO AS	18.6%	62.4%	71 MNOK
Collicare Solutions AS	−47.6%	−24.8%	71 MNOK
Madland Transport AS	0.6%	40.9%	71 MNOK
Helgelandsbase Holding AS	64.0%	40.5%	71 MNOK
Royal Distribusjon AS	4.6%	5.1%	71 MNOK
Stromma Norway AS	6.5%	11.7%	71 MNOK
Boa Management AS	−2.9%	71.5%	71 MNOK
AS SULA RUTELAG	2.0%	60.9%	71 MNOK
Connect Bus AS	0.2%	83.1%	70 MNOK
Leif Hodnemyr Transport AS	0.2%	6.9%	70 MNOK

Holding and investment companies · 2024

72 companies in the sector are holding or investment companies. They are kept out of the ranking above, since revenue, margins and growth say little about a company that lives from ownership. They are ranked on their own here: 29 have at least 10 MNOK in assets and are listed.

Holding and investment companies
Rank	Company	Score	Equity ratio	Return on assets	Current ratio	Total assets
1	FE Invest AS	81	95.5%	26.6%	21.74	12 MNOK
2	A. Mollestad Invest AS	75	99.4%	12.8%	116.44	13 MNOK
3	WILH. Wilhelmsen Holding ASA	74	89.9%	31.6%	4.91	10,919 MNOK
4	Seafront Holding AS	74	76.2%	73.5%	381.87	76 MNOK
5	Ham Holding AS	71	99.1%	7.8%	390.13	14 MNOK
6	Nava-Holding AS	69	91.4%	16.1%	9.48	31 MNOK
7	Buskerud Anleggstransport Holding AS	67	99.8%	4.2%	258.54	21 MNOK
8	Fausko Invest AS	64	94.8%	9.4%	20.38	125 MNOK
9	Bjørn Ramberg Invest AS	63	99.0%	7.6%	15.15	155 MNOK
10	Reiseliv Holding AS	59	87.0%	28.2%	0.56	593 MNOK
11	Get Invest AS	59	85.6%	16.9%	1.43	40 MNOK
12	Tirilltoppen Holding AS	59	80.4%	14.3%	20.42	12 MNOK
13	Geir Røstad Holding AS	58	99.7%	1.9%	7.80	32 MNOK
14	White Invest AS	58	67.4%	66.9%	2.45	23 MNOK
15	Ccb Holding AS	51	71.4%	28.5%	1.27	308 MNOK
16	Isabel Invest AS	50	85.4%	6.3%	86.25	13 MNOK
17	Fritz Karl Pedersen Holding AS	49	62.7%	18.0%	4.05	81 MNOK
18	Hågensen Holding Alta AS	43	77.1%	14.8%	0.68	23 MNOK
19	Høyskel Holding AS	42	84.5%	10.8%	0.99	65 MNOK
20	Fjord Base Holding AS	42	36.1%	33.2%	0.76	255 MNOK

Show all 29

Rank	Company	Score	Total assets
21	Kokkersvold Holding AS	41	19 MNOK
22	Alone Holding AS	36	24 MNOK
23	Wergeland-Holding AS	34	552 MNOK
24	Utne Holding AS	32	44 MNOK
25	Collicare Holding AS	26	210 MNOK
26	Knutsen Nyk LNG Holding AS	24	4,202 MNOK
27	Toso Invest AS	21	12 MNOK
28	Nik Haugrønning Holding AS	17	30 MNOK
29	Misje Ship Holding AS	11	283 MNOK

Score 0–100 against the other holding companies in the sector: equity ratio 40 %, return on assets 40 % and current ratio 20 %. Methodology

Ownership structure (2025)

Companies with shareholder data: 8,327
Companies with one owner: 71%
Companies where one owner holds more than half: 82%
Split: companies 33% · private persons 66% · foreign 4%
Owned from the same municipality: 84%
Owners over 60 (average per company): 41%
Ownership change 2007–2025: 62% of the companies had a change in owners · majority owner changed in 42.1% · new foreign majority in 1.3%

Average per company, not weighted by size. Source: the Norwegian Tax Administration's shareholder register as of 2025. Figures may be older than today's ownership. Private persons are not shown by name.

Who owns the sector

The 2,523 ranked companies in 2024, weighted by revenue and split by who sits at the top of the chain of majority owners in the shareholder register for 2025.

Who owns the sector
Top of the ownership chain	Share of revenue	Companies
Norwegian company without a majority owner	52%	473
Foreign owners	24%	169
Private persons	11%	1,368
No majority owner	9%	479
The state, counties and municipalities	3%	23
Not in the shareholder register	1%	11

The five largest owner groups hold 35% of the sector's revenue.

The largest owner groups

SAMFERDSELSDEPARTEMENTET · 11.7% of revenue, 14 companies (norwegian company without a majority owner)
Norwegian Air Shuttle ASA · 9.9% of revenue, 8 companies (norwegian company without a majority owner)
NÆRINGS- OG FISKERIDEPARTEMENTET · 7.7% of revenue, 13 companies (norwegian company without a majority owner)
OSLO KOMMUNE · 2.9% of revenue, 5 companies (the state, counties and municipalities)
Tallyman AS · 2.8% of revenue, 14 companies (norwegian company without a majority owner)
Postnord Group AB · 1.9% of revenue, 1 companies (foreign owners)
Folke Hermansen AS · 1.7% of revenue, 6 companies (norwegian company without a majority owner)
Norse Atlantic ASA · 1.4% of revenue, 1 companies (norwegian company without a majority owner)
Kuehnenagel Investment AB · 1.4% of revenue, 1 companies (foreign owners)
Bnas Holding Company LIMITED · 1.1% of revenue, 1 companies (foreign owners)

The chain is followed while the owner holds more than half of the shares. Persons are never named. Public ownership is recognised by the owner's name (the state, a ministry, a county, a municipality). The ownership is from the shareholder register for 2025 and may have changed since. Source: the Norwegian Tax Administration's shareholder register and annual accounts from the Brønnøysund Register Centre.

In our articles

Transport and storage: profitability, risk and outlook
Real estate and finance earn margins eight times the typical industryNo. 18 of 22 on median operating margin
Boards in shipping, mining and oil are the oldest; one in seven shipping directors is 70 or overNo. 9 of 22 on median board age

All articles

Scenario analysis: the sector's weakest year

The sector's weakest year was 2022, with a median operating margin of 2.9%.

Based on the 8 fiscal years we have. The analysis grows as more years are fetched or imported.

Fiscal year	Median operating margin	Median equity ratio
2019	–	–
2020	–	–
2021	–	–
2022 · weakest year	2.9%	16.7%
2023	4.1%	31.0%
2024	4.0%	30.6%
2025	3.8%	29.8%
2026	4.1%	20.3%

In 2022, 22 ranked companies did better than the sector, 8 about the same and 14 weaker.

Held up best in 2022

1Mcs Oasen ASequity ratio 40.9%57.4%
2Friberg Bilberging ASequity ratio 90.8%44.0%
3H.J MAURITZEN & Sønn Lastebilutleie ASequity ratio 44.6%42.7%
4Ama Andersen ASequity ratio 43.4%39.4%
5Falkon Transport ASequity ratio 56.6%32.3%
6Kolsrud Services ASequity ratio 46.6%27.0%
7Grønn Leveranse ASequity ratio 46.2%25.6%
8Hts Mosjøen ASequity ratio 72.3%19.2%
9Busstransport ASequity ratio 16.4%18.4%
10Tromsø Budbil Sentral ASequity ratio 23.6%17.6%

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.

Turnover index: transport and storage (49–53, incl. shipping) (indeks (2021 = 100))

Latest value: 141.6 (2026M09)

Turnover index: transport and storage (49–53, incl. shipping) rose 2.6% in 2025; the sector's median operating margin fell 0.1 percentage points.

Turnover index: transport and storage (49–53, incl. shipping) per year and the sector's median operating margin
Measure	2021	2022	2023	2024	2025	2026
Turnover index: transport and storage (49–53, incl. shipping), annual average	99.6	124.2	125.0	128.8	132.2	137.4 (so far)
Change from the year before	−2.2%	+24.7%	+0.7%	+3.1%	+2.6%	+3.9%
Sector's median operating margin	–	2.9%	4.1%	4.0%	3.8%	4.1%

Source: SSB (13863, CC BY 4.0). Source · fetched 5 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 fell 0.1 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	–	2.9%	4.1%	4.0%	3.8%	4.1%

Source: SSB (08799, CC BY 4.0). Source · fetched 5 November 2026

Consumer price index (indeks (2025 = 100))

Latest value: 104.0 (2026M09)

Consumer price index rose 3.0% in 2025; the sector's median operating margin fell 0.1 percentage points.

Consumer price index per year and the sector's median operating margin
Measure	2021	2022	2023	2024	2025	2026
Consumer price index, annual average	84.3	89.2	94.1	97.0	100.0	102.9 (so far)
Change from the year before	+3.5%	+5.8%	+5.5%	+3.2%	+3.0%	+2.9%
Sector's median operating margin	–	2.9%	4.1%	4.0%	3.8%	4.1%

Source: SSB (14710, CC BY 4.0). Source · fetched 5 November 2026

Policy rate (prosent)

Latest value: 4.50 (2026-10)

Policy rate fell 0.20 percentage points in 2025; the sector's median operating margin fell 0.1 percentage points.

Policy rate per year and the sector's median operating margin
Measure	2021	2022	2023	2024	2025	2026
Policy rate, annual average	0.08	1.32	3.54	4.50	4.30	4.17 (so far)
Change from the year before	−0.28 percentage points	+1.24 percentage points	+2.22 percentage points	+0.96 percentage points	−0.20 percentage points	−0.12 percentage points
Sector's median operating margin	–	2.9%	4.1%	4.0%	3.8%	4.1%

Source: Norges Bank (IR, NLOD 2.0). Source · fetched 5 November 2026

When export price of crude oil fell in 2025, 1,214 of 2,499 ranked companies kept their operating margin at or above the year before. Among the largest: Norwegian Air Shuttle Aoc AS (0.8% → 2.0%), Posten Bring AS (−0.1% → 4.8%), Avinor AS (9.1% → 18.7%), VY Buss AS (2.2% → 3.2%), Norwegian Air AS (−34.2% → 19.2%).

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: 20,701; −0.1% from 2023
Persons employed: 128,218; +0.2% from 2023
Turnover: NOK 335.7 bn; +7.9% from 2023
Gross operating margin: 7.7%; Gross operating surplus divided by turnover

All enterprises, sole proprietorships included.

Bankruptcies in the industry

175 enterprise bankruptcies in the last four quarters (2025K4–2026K3). Change −3.3% against the four quarters before (181). That is about 8.5 per 1,000 enterprises.

Foreign-controlled enterprises · 2024

Share of enterprises: 2.3%
Share of persons employed: 19.9%
Share of turnover: 24.5%

SSB publishes this for groups of industries only. The figures are for the group “Transport og lagring”.

Turnover index · Transport og lagring

141.6 index, 2021 = 100, seasonally adjusted · 2026M09
+7.7% against 2025M09.

Monthly, 2023M09 to 2026M09.

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.

Tax in the accounts

Among the 1,812 ranked companies with a profit, the median tax expense is 22.0% of profit before tax. Taken together, weighted by profit, it is 15.9%. 11.5% of the companies have a tax expense below 10% of their profit. The ordinary corporate tax rate is 22 per cent.

The largest profits with a tax expense below 10%

The largest profits with a tax expense below 10%
Company	Profit before tax	Tax expense	Share
Höegh Autoliners Management AS	1,334 MNOK	75.8 MNOK	5.7%
Transocean Services AS	1,097 MNOK	0.0 MNOK	0.0%
Wilhelmsen Maritime Services AS	896 MNOK	−60.8 MNOK	−6.8%
Wilhelmsen New Energy AS	381 MNOK	27.7 MNOK	7.3%
Bara Eiendom AS	294 MNOK	0.8 MNOK	0.3%
Sporveien AS	136 MNOK	12.0 MNOK	8.8%
Seafront Group AS	100 MNOK	0.0 MNOK	0.0%
Norwegian Bulk Carriers Management AS	92 MNOK	0.4 MNOK	0.4%
Steem1960 Shipbrokers AS	89 MNOK	8.6 MNOK	9.7%
R.G. Hagland AS	83 MNOK	3.4 MNOK	4.1%

The tax expense is the figure in the annual accounts: tax payable plus the change in deferred tax. It is not the tax actually paid for the year. A low share often has an ordinary explanation: losses from earlier years set against the profit, dividends and gains on shares that are tax-free under the exemption method, changes in deferred tax, or tax paid abroad. Some industries also pay special taxes. The share is therefore a question to ask, not an answer. Source: annual accounts from the Brønnøysund Register Centre, our calculations.

Outlook: SSB's figures for the industry and the macro picture

Statistics Norway's own statistics for the whole industry and the companies' expectations, where SSB has them, and SSB's forecasts for the Norwegian economy. Actual figures and expectations are kept apart.

SSB has no separate turnover, investment or business tendency statistics for this sector. The macro picture covers the whole economy.

SSB's forecasts

Statistics Norway's economic forecasts (table 12880), published 15 September 2026. Marked years are forecasts.

SSB's forecasts
	2025	2026forecast	2027forecast	2028forecast	2029forecast
GDP mainland Norway	1.7 %	1.4 %	2.1 %	1.5 %	1.9 %
Unemployment rate (LFS, level)	4.5 %	4.6 %	4.4 %	4.3 %	4.2 %
Consumer price index	3.1 %	3.2 %	2.5 %	2.2 %	2.1 %
Money market rate (level)	4.4 %	4.5 %	4.6 %	4.0 %	3.8 %
Household consumption	2.6 %	1.4 %	2.1 %	2.4 %	2.9 %
GDP manufacturing and mining	4.0 %	2.5 %	2.1 %	1.3 %	0.0 %

SSB's forecast for the current and coming years. Per cent change from the year before, level where stated. table 12880, CC BY 4.0.

Latest bankruptcies and liquidations

Bosko Distribution AS 932539063 Forced dissolution · 5 November 2026
Haugenstua Transport AS 913065301 Bankruptcy · 5 November 2026 · 1 MNOK (2025)
Mugi Transport Service AS 928502317 Forced dissolution · 5 November 2026
Storby Transport AS 934395530 Forced dissolution · 4 November 2026 · 0 MNOK (2025)
Balder Bulk AS 915644686 Bankruptcy · 2 November 2026 · 321 MNOK (2025)
Nordisk Taxiselskap AS 934199529 Bankruptcy · 2 November 2026 · 1 MNOK (2025)
ALPHA TRANSPORT & Import AS 917482772 Voluntary liquidation · 31 October 2026 · 1 MNOK (2025)
Egstad Transport AS 815523962 Voluntary liquidation · 31 October 2026 · 1 MNOK (2025)

All bankruptcies and liquidations in the sector

Industry codes (NACE)

Code	Description
49*	Hele hovedgruppe 49
49.110	Passasjertransport med jernbane
49.120	Passasjertransport med sporvei
49.200	Godstransport med jernbane
49.310	Passasjertransport med rutebil
49.320	Passasjertransport utenom rutetabell
49.330	Passasjertransport på forespørsel utført av fører med kjøretøy
49.340	Passasjertransport med kabelbaner og skiheiser
49.390	Annen landtransport med passasjerer ikke nevnt annet sted
49.410	Godstransport på vei
49.420	Flyttetransport
51*	Hele hovedgruppe 51
51.100	Lufttransport med passasjerer
51.210	Lufttransport med gods
51.220	Romfart
52*	Hele hovedgruppe 52
52.100	Lagring
52.211	Drift av gods- og transportsentraler
52.212	Drift av parkeringsplasser og parkeringshus
52.219	Tjenester tilknyttet landtransport ikke nevnt annet sted
52.220	Andre tjenester tilknyttet sjøtransport
52.230	Andre tjenester tilknyttet lufttransport
52.240	Lasting og lossing
52.250	Logistikktjenester
52.260	Andre støttetjenester for transport
52.311	Formidlingstjenester tilknyttet godstransport via skip
52.312	Formidlingstjenester tilknyttet godstransport via jernbane, luftfartøy eller på vei
52.320	Formidlingstjenester tilknyttet passasjertransport
53*	Hele hovedgruppe 53
53.100	Landsdekkende posttjenester
53.200	Andre post- og budtjenester
53.300	Formidlingstjenester tilknyttet post- og budtjenester