Sector

Transport og lagring

2,587 companies ranked against comparable companies in four Morning company classes. Fiscal year 2025. 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 · 2025 · Morning class Medium

Morning class Medium · 2025
#	Company	Profile	Score	Change
1	Klepp Spesialtransport AS	Leader	87	+16
2	Husvik Hugin AS	Leader	86	–
3	Vest Trafikk AS	Leader	86	−5
4	Overhalla Transport AS	Leader	86	+11
5	Asbjørn Mollestad og Sønner AS	Leader	86	+6
6	Nbs Logistics AS	Leader	85	+7
7	Jetpak Norge AS	Leader	85	+4
8	Flight Park AS	Leader	85	+16
9	Heli Team AS	Leader	83	−2
10	Transportservice AS	Leader	83	+6
11	Scan-Shipping Bergen AS	Leader	83	+14
12	AS TORPA BILRUTER	Leader	83	0
13	Sandfærhus Parkering AS	Leader	82	+28
14	Slt AS	Leader	82	+3
15	Narvik Bulkterminal AS	Leader	82	+7
16	Atlantico AS	Leader	82	0
17	Jarle Tveiten Transport AS	Leader	81	+14
18	Norwegian Bulk Carriers Management AS	Leader	81	+14
19	Vehicle Transfer Scandinavia AS	Leader	81	0
20	J Barlien Transport AS	Leader	81	+5
21	Jetpak Oslo AS	Leader	81	+4
22	Bergen Havn AS	Leader	81	+4
23	Hagens Transport AS	Leader	80	−4
24	Westport AS	Leader	80	+1
25	Stenersen Chartering AS	Leader	80	+25
26	Nettvarehotellet AS	Leader	79	+34
27	S P S Shipping Partner Sarpsborg AS	Leader	79	+20
28	Odd Grødum Transport AS	Leader	79	−1
29	Jacsped AS	Leader	78	+7
30	Wilhelmsen New Energy ASsubsidiary of WILH. Wilhelmsen Holding ASA	Leader	78	+7
31	Soelberg Transport AS	Leader	78	+5
32	Dalen Parkering AS	Leader	78	−6
33	Klaustad Transport AS	Leader	77	+15
34	Norbase AS	Leader	77	+7
35	Veøy Buss AS	Leader	77	+11
36	A3 Transport AS	Leader	77	+2
37	Ramberg Container Transport AS	Leader	77	+2
38	Collicare Projects AS	Leader	76	+13
39	Circle K Transport AS	Leader	76	+13
40	LKAB Malmtrafikk AS	Steward	76	+24
41	Flåmsbana AS	Leader	75	−4
42	AS ROLLEIV PEDERSEN TRANSPORT	Leader	75	−2
43	Gerardo Lagerdrift AS	Leader	75	+1
44	Bergquist Maskin og Transport AS	Leader	75	+13
45	Jan MO AS	Leader	75	+6
46	Widerøe Asset AS	Leader	75	+7
47	Expeditors International Norway AS	Leader	75	−5
48	Golar Management AS	Leader	74	+17
49	Container Transport AS	Leader	74	+36
50	Troms Taxi AS	Leader	74	0

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

Høgset Terminalen AS
From 2024 to 2025: went from a profit to a loss before tax and the operating margin fell from 16.7% to 0.4%.
−50
Mavi Logistikk AS
From 2024 to 2025: the equity ratio rose from 2.2% to 25.9% and the operating margin rose from 2.2% to 6.9%.
+40
Oddmund Groven AS
From 2024 to 2025: went from a profit to a loss before tax and the operating margin fell from 13.3% to −2.3%.
−40
Klaveness Ship Management AS
From 2024 to 2025: went from a profit to a loss before tax and the equity ratio fell from 31.8% to 5.8%.
−40

Summary analysis

Transport og lagring, Morning class Large: 90 ranked companies in fiscal year 2025.

Best in the sector: SAS Norge AS (score 88, operating margin 93.0%, equity ratio 84.0%). Norsea Logistics AS (score 82, operating margin 14.7%, equity ratio 46.0%). Pentagon Freight Services AS (score 82, operating margin 4.1%, equity ratio 40.5%).

Weakest in the sector: Go-Ahead Norge AS (score 12, operating margin −17.3%, equity ratio −323.7%). Thermo-Transit Norge AS (score 13, operating margin −1.8%, equity ratio −9.5%). Helthjem Netthandel AS (score 14, operating margin −2.7%, equity ratio 1.0%).

Worth a closer look

The median operating margin rose from 1.6% in 2024 to 2.8% in 2025 (1.1 percentage points).
The median equity ratio fell from 21.8% in 2024 to 21.4% in 2025 (0.4 percentage points).
The median revenue growth fell from 7.5% in 2024 to 6.5% in 2025 (1.0 percentage points).
The share with a loss went from 32% 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 Medium

The five largest companies account for 3% of the sector's revenue. Combined profit before tax for the 576 ranked companies: 5,090 MNOK.

Size

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

Highest revenue

Fearnleys A/S 498 MNOK
Logi Trans AS 497 MNOK
BRING COURIER & Express AS 489 MNOK
M3cargo AS 483 MNOK
Höegh Evi AS 475 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 70.8 MNOK
Greencarrier Liner Agency Norway AS 42.6 MNOK
H.W.F. Norway AS 41.7 MNOK
Midtsveen Tanktransport AS 33.7 MNOK
Wilhelmsen Maritime Services ASsubsidiary of WILH. Wilhelmsen Holding ASA 32.4 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 89.1%
Husvik Hugin AS 88.0%
Wilhelmsen Maritime Services ASsubsidiary of WILH. Wilhelmsen Holding ASA 82.0%
Widerøe Asset AS 78.2%
Helgelandsbase Holding AS 66.2%

Operating result divided by operating revenue.

Largest profit

Wilhelmsen Maritime Services ASsubsidiary of WILH. Wilhelmsen Holding ASA 513 MNOK
Widerøe AS 340 MNOK
Höegh Autoliners Management AS 330 MNOK
Fearnleys A/S 292 MNOK
Widerøe Asset AS 285 MNOK

Profit before tax.

Largest loss

Connect Bus AS −564 MNOK
Transocean Services AS −310 MNOK
Instabox Norway AS −267 MNOK
Tide AS −74 MNOK
Simpson Spence Young AS −63 MNOK

Profit before tax, the largest negative.

Most solid

Höegh Autoliners Management AS 97.6%
Boreal Norge AS 94.4%
DHL SUPPLY CHAIN (NORWAY) AS 93.2%
United European Car Carriers AS 91.9%
Wilhelmsen New Energy ASsubsidiary of WILH. Wilhelmsen Holding ASA 90.9%

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

Lien Transport og Veiservice AS +442.8%
Torhus Shipping AS +396.5%
Aap Solution AS +394.5%
Pentagon North Europe AS +244.0%
Rem Maritime AS +241.5%

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

Largest revenue decline

Wilhelmsen Maritime Services ASsubsidiary of WILH. Wilhelmsen Holding ASA −79.7%
Hesnes Shipping AS −48.9%
Hansa Tankers Management AS −33.7%
Jetcarrier Logistics AS −33.5%
Nedre Romerike Minibuss AS −32.3%

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

Biggest climbers

Mavi Logistikk AS +39.4 points
Aksel Endresen Transport AS +35.1 points
Gardermoen Perishable Center AS +33.9 points
ROGALAND KRAN & Transport AS +33.8 points
Holship Norge AS +32.3 points

Change in index points from the year before.

Biggest fallers

Høgset Terminalen AS −50.0 points
Klaveness Ship Management AS −40.1 points
Oddmund Groven AS −39.3 points
Frode Bjønnes Transport AS −37.4 points
Bergen Bilhjelp AS −36.7 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 · 2025 · 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 581 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 2024 (small ring).

Constellation Cold Logistics Norway AS profitability 3 → 84, solidity 0 → 0
Wergeland Base AS profitability 69 → 9, solidity 88 → 42
Ølen Betong Transport AS profitability 5 → 79, solidity 31 → 40
Oddmund Groven AS profitability 85 → 11, solidity 76 → 74
Gardermoen Perishable Center AS profitability 3 → 71, solidity 26 → 33

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 2024 (profitability / solidity)
Fearnley Offshore AS	Cheetah	98	16	98 / 13
Flåmsbana AS	Lion	98	68	98 / 68
Hansa Tankers Management AS	Lion	97	64	99 / 16
Arctic Shipping AS	Lion	97	50	96 / 27
Knot Management AS	Cheetah	97	40	98 / 34
AS AIRCONTACT	Cheetah	97	29	95 / 18
Oslo Lufthavns Tankanlegg AS	Cheetah	97	18	96 / 18
Vehicle Transfer Scandinavia AS	Lion	96	90	96 / 95
Fearnleys A/S	Cheetah	96	17	–
Interfjord Norway AS	Cheetah	95	3	95 / 4
Norsea Polarbase AS	Lion	95	58	93 / 76
Olden Cruise AS	Lion	95	69	96 / 91
Nueva Seas AS	Cheetah	95	5	92 / 5
Fjellheisen AS	Lion	95	68	96 / 73
Widerøe Asset AS	Lion	94	94	93 / 93
Scan-Shipping Bergen AS	Lion	94	95	93 / 84
Fearnley Offshore Supply AS	Cheetah	94	36	96 / 46
Yilport Oslo Terminal Investments AS	Cheetah	94	50	54 / 74
Pro-Line Transport AS	Cheetah	94	19	95 / 16
Fløibanen AS	Lion	94	83	93 / 74
Flytanking AS	Cheetah	93	12	93 / 13
Jetpak Norge AS	Lion	93	94	96 / 90
Dalen Parkering AS	Lion	93	88	92 / 89
3Pl Solutions AS	Cheetah	92	27	90 / 28
AIR & Road Transport AS	Cheetah	92	43	93 / 43
Collicare Projects AS	Lion	92	87	91 / 39
Norwegian Ground Handling Norway AS	Cheetah	92	14	52 / 14
Onemed Services AS	Lion	92	52	88 / 75
Crane Norway Nord AS	Cheetah	90	36	76 / 26
Narvik Bulkterminal AS	Lion	90	92	76 / 84
Norbase AS	Lion	90	76	81 / 79
Transportservice AS	Lion	89	81	86 / 84
Greencarrier Liner Agency Norway AS	Cheetah	89	31	86 / 24
Mbt Vigeland AS	Lion	89	76	88 / 93
Heli Team AS	Lion	88	87	81 / 93
Oslobuss AS	Cheetah	88	37	91 / 44
Hurtig-Gutta Transport AS	Cheetah	88	26	81 / 19
S&J Transport AS	Cheetah	88	36	50 / 37
Oslo Seafood Center AS	Cheetah	88	14	94 / 26
Ktm Shipping AS	Lion	88	58	80 / 63
Gearbulk Norway AS	Cheetah	87	2	66 / 2
Slt AS	Lion	86	94	84 / 91
Soelberg Transport AS	Lion	85	79	65 / 76
A3 Transport AS	Lion	85	77	85 / 57
Tromsø Parkering AS	Lion	85	93	89 / 86
Dachser Norway AS	Lion	84	68	88 / 71
Vaadan Transport AS	Lion	84	78	–
Westport AS	Lion	84	86	88 / 80
AS TORPA BILRUTER	Lion	84	91	82 / 93
Sakarias Nesheim Transport AS	Lion	84	78	79 / 82

The sector in numbers

Summary · fiscal year 2025 · Morning class Medium

The sector's median operating margin is 3.7%. 14 of 583 companies have negative equity. The median equity ratio is 29.0%.

Companies with accounts583

Total revenue81,348 MNOK

Median operating margin3.7%

Median equity ratio29.0%

Share with a loss19%

Share with negative equity2%

All figures are for fiscal year 2025. Ranked: 581 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 (119 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

3 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 2024 to 2025, for 505 companies ranked in both years.

Climbers

331Mavi Logistikk ASfrom rank 503 to 17261
289Holship Norge ASfrom rank 464 to 17561
285Gardermoen Perishable Center ASfrom rank 494 to 20957
283Aksel Endresen Transport ASfrom rank 498 to 21557
275Mindrum Transport ASfrom rank 328 to 5374

Fallers

484Høgset Terminalen ASfrom rank 66 to 55021
425Klaveness Ship Management ASfrom rank 91 to 51628
377Oddmund Groven ASfrom rank 20 to 39741
376Kaasa Transport ASfrom rank 75 to 45136
358Transocean Services ASfrom rank 98 to 45635

Awards · 2025 · Morning class Medium

Most profitableWilhelmsen New Energy AS89.1%

Fastest growthMENZIES WORLD CARGO (OSLO) AS2,241.5%

Strongest balance sheetHöegh Autoliners Management AS97.6%

Largest revenueFearnleys A/S498 MNOK

Highest revenue per employeeWilhelmsen New Energy AS70.8 MNOK

Needs attention · 2025 · Morning class Medium

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

criticalQuickship Logistics ASNegative equity · Current ratio below 1 (0.59) · Loss before tax
criticalAS BTS-BERGEN TRANSPORT & SPEDISJONNegative equity · Current ratio below 1 (0.69) · Loss before tax
criticalMENZIES WORLD CARGO (OSLO) ASNegative equity · Current ratio below 1 (0.72) · Loss before tax
criticalToth Transport ASNegative equity · Current ratio below 1 (0.81) · Loss before tax
criticalMartiniussens Bilservice ASNegative equity · Current ratio below 1 (0.82) · Loss before tax
criticalBøviks Transport ASNegative equity · Current ratio below 1 (0.79) · Loss before tax
criticalNaustdal Transport ASNegative equity · Current ratio below 1 (0.92) · Loss before tax
criticalSimpson Spence Young ASNegative equity · Current ratio below 1 (0.40) · Loss before tax
criticalCollicare Solutions ASNegative equity · Loss before tax
criticalLufthavndrift ASNegative equity · Loss before tax
criticalConstellation Cold Logistics Norway ASNegative equity · Current ratio below 1 (0.40)
criticalP-Service ASNegative equity · Current ratio below 1 (0.72)
criticalBunes Transportservice ASNegative equity · Current ratio below 1 (0.55)
criticalOSLO BUD & Vare ASNegative equity
watchScan Global Logistics ASVery low equity ratio (8.4%) · Current ratio below 1 (1.00) · Loss before tax

Sector map · 2025 · 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 581 ranked. Everyone is in the ranking.

Show the map's figures as a table

Company	Operating margin	Equity ratio	Revenue
Fearnleys A/S	23.6%	10.0%	498 MNOK
Logi Trans AS	2.5%	14.4%	497 MNOK
BRING COURIER & Express AS	−4.5%	60.2%	489 MNOK
M3cargo AS	2.4%	39.8%	483 MNOK
Höegh Evi AS	5.9%	63.5%	475 MNOK
OSM Offshore AS	1.7%	4.6%	464 MNOK
Nordicgsa AS	3.4%	0.1%	462 MNOK
Dsv Contract Logistics AS	3.7%	42.4%	455 MNOK
Bybanen AS	0.2%	9.0%	449 MNOK
Air Trade Support AS	3.3%	29.2%	446 MNOK
Höegh Autoliners Management AS	3.3%	97.6%	442 MNOK
Minibuss24-7 AS	5.6%	16.6%	440 MNOK
Oslo Taxibuss AS	−2.9%	5.2%	434 MNOK
Bama Logistikk AS	2.7%	31.9%	428 MNOK
Dachser Norway AS	10.4%	40.8%	428 MNOK
Scan Global Logistics AS	−0.7%	8.4%	428 MNOK
Wergeland Base AS	−3.6%	24.0%	427 MNOK
Sundt Air AS	2.0%	51.4%	424 MNOK
Norsk Olje AS	1.5%	32.2%	423 MNOK
LL SETESDAL BILRUTER	−1.3%	25.8%	419 MNOK
Leman AS	0.5%	31.4%	413 MNOK
Nortemp Spedisjon AS	0.9%	3.4%	412 MNOK
OSM Maritime Group AS	4.2%	0.7%	406 MNOK
Widerøe AS	−76.8%	45.2%	402 MNOK
Grenland Rail AS	6.6%	31.3%	401 MNOK
Bypost AS	4.2%	34.8%	394 MNOK
Onrail AS	1.5%	3.7%	382 MNOK
Autologistikk AS	7.1%	28.4%	381 MNOK
Widerøe Asset AS	78.2%	70.0%	380 MNOK
Lufttransport RW AS	11.2%	15.7%	380 MNOK
Agile Logistics AS	1.3%	25.3%	379 MNOK
H.W.F. Norway AS	3.2%	0.1%	375 MNOK
Firda Billag Buss AS	6.4%	17.2%	373 MNOK
Nordlandsbuss AS	5.3%	15.9%	371 MNOK
Wolt Norway AS	4.9%	10.1%	370 MNOK
BW LNG AS	9.0%	65.4%	369 MNOK
Flåmsbana AS	46.1%	41.1%	366 MNOK
Golar Management AS	6.6%	61.0%	359 MNOK
Transportsentralen Oslo AS	−1.2%	43.1%	358 MNOK
Børstad AS	6.8%	37.1%	357 MNOK
Maran Shuttle Tankers Norway AS	9.8%	49.5%	355 MNOK
Wilhelmsen New Energy AS	89.1%	90.9%	354 MNOK
Otts AS	−0.5%	22.6%	346 MNOK
Rivenes AS	5.4%	41.2%	346 MNOK
Sutra AS	1.7%	65.4%	344 MNOK
Greencarrier Liner Agency Norway AS	8.3%	18.5%	340 MNOK
Frøy Crew AS	0.3%	13.7%	340 MNOK
Ntex AS	2.1%	35.7%	337 MNOK
Geodis Norway AS	−1.2%	4.0%	332 MNOK
Yilport Oslo Terminal Investments AS	21.9%	29.3%	327 MNOK
Wilhelmsen Maritime Services AS	82.0%	50.4%	324 MNOK
Håkull AS	6.2%	40.5%	321 MNOK
Sentraldistribusjon AS	−3.1%	11.1%	320 MNOK
Transocean Services AS	0.8%	51.3%	318 MNOK
Litra Gass AS	3.5%	27.3%	318 MNOK
Jetpak Norge AS	20.1%	68.6%	313 MNOK
BORLAUG & Brosvik Transport AS	14.3%	9.2%	308 MNOK
Agder Taxi AS	0.3%	7.5%	306 MNOK
Notra AS	2.8%	17.7%	302 MNOK
Skanlog AS	2.3%	48.5%	300 MNOK
Arctic Aviation AS	7.2%	30.7%	299 MNOK
Norsea Polarbase AS	23.1%	34.6%	298 MNOK
Sandefjord Lufthavn Drift AS	3.9%	65.6%	292 MNOK
Ørland Transport AS	0.8%	22.7%	291 MNOK
Utne Transport AS	2.9%	16.8%	289 MNOK
Bergen Havn AS	25.8%	83.3%	284 MNOK
WILHELMSEN SHIP MANAGEMENT (NORWAY) AS	2.8%	4.4%	284 MNOK
Lerøy Havbruk Service AS	3.8%	7.0%	283 MNOK
AS TORPA BILRUTER	10.5%	65.1%	282 MNOK
Knot Management AS	33.6%	23.4%	281 MNOK
Stavangerregionen Havnedrift AS	5.4%	51.4%	277 MNOK
Leiv Sand Transport AS	7.2%	17.2%	277 MNOK
Frontline Management AS	7.4%	31.8%	273 MNOK
Prime Cargo AS	−1.8%	13.8%	268 MNOK
Onemed Services AS	15.2%	31.2%	268 MNOK
Litra Termo AS	2.4%	22.9%	262 MNOK
Tipp Transport AS	6.7%	20.5%	261 MNOK
OSLO SEAFOOD & Cargo Center AS	5.4%	44.7%	259 MNOK
Wiiks Transport AS	−2.1%	2.4%	258 MNOK
Bergen Parkering AS	3.4%	51.2%	257 MNOK
GF Logistikk AS	2.5%	21.3%	256 MNOK
Helthjem Distribusjon Oslo AS	−15.1%	15.9%	256 MNOK
Park Nordic AS	4.4%	30.9%	254 MNOK
Transferd AS	4.5%	26.4%	250 MNOK
Thermomax Trondheim AS	2.7%	41.5%	249 MNOK
Circle K Transport AS	5.9%	52.9%	248 MNOK
Telemark Taxi AS	−0.2%	11.7%	248 MNOK
Bring Før7 AS	3.7%	6.5%	245 MNOK
Steem1960 Shipbrokers AS	9.5%	50.5%	244 MNOK
Hob Gods AS	3.8%	7.7%	241 MNOK
Ølen Betong Transport AS	7.0%	23.1%	241 MNOK
Oslobuss AS	19.7%	21.7%	240 MNOK
Seafront Norsteve AS	0.2%	20.7%	239 MNOK
Saga Fjordbase AS	10.8%	39.4%	239 MNOK
ANDERSEN & Mørck AS	4.9%	38.3%	239 MNOK
Norsk Biltransport AS	−1.2%	10.0%	238 MNOK
Skevig Lastebiltransport AS	3.7%	9.5%	238 MNOK
Tide Bane AS	1.7%	36.1%	238 MNOK
Bladcentralen AS	2.8%	4.0%	237 MNOK
Rem Maritime Crew AS	1.9%	2.2%	234 MNOK
MAERSK LOGISTICS & Services Norway AS	0.3%	51.3%	234 MNOK
Strand Shipping AS	5.5%	11.6%	228 MNOK
Ringstad Transport AS	7.1%	44.5%	226 MNOK
Quickship Logistics AS	−0.5%	−97.1%	223 MNOK
AS MOSS TRANSPORTFORUM	−1.7%	37.6%	223 MNOK
Martinsen Transport AS	0.3%	43.1%	223 MNOK
Bring Linehaul Bildrift AS	2.2%	35.9%	223 MNOK
Termo Partner AS	1.0%	40.0%	222 MNOK
Fedex Express Norge AS	3.9%	67.7%	222 MNOK
Bergen Spesial Transport AS	2.7%	23.5%	214 MNOK
Sea-Cargo Agencies AS	6.3%	36.4%	213 MNOK
Skanol Kraby AS	2.9%	21.2%	213 MNOK
Time Park Service AS	5.5%	19.1%	208 MNOK
Midtsveen Tanktransport AS	2.3%	10.1%	202 MNOK
KINDLISTUEN & Dahl AS	12.5%	24.0%	201 MNOK
Telemark Transportservice AS	−4.4%	1.7%	200 MNOK
Agilia AS	−4.6%	42.7%	200 MNOK
Rem Maritime AS	−4.2%	15.7%	200 MNOK
Fløibanen AS	49.8%	53.7%	199 MNOK
Veøy Møre AS	1.3%	15.4%	198 MNOK
Ait Worldwide Logistics Norway AS	−0.4%	39.8%	197 MNOK
Svalbard Lufthavn AS	12.7%	23.4%	196 MNOK
Cuveco AS	6.7%	13.0%	196 MNOK
Taxisentralen AS	2.8%	43.7%	196 MNOK
Unibuss Ekspress AS	8.8%	45.5%	191 MNOK
Flyt AS	28.1%	29.0%	190 MNOK
Kranringen AS	−8.7%	23.0%	190 MNOK
Indseth Transport AS	7.6%	42.9%	189 MNOK
Forlagssentralen AS	4.6%	60.1%	188 MNOK
Vestfold Taxisentral AS	0.7%	46.2%	187 MNOK
Nortemp Transport AS	4.2%	5.5%	185 MNOK
Pentagon Transport AS	2.0%	6.8%	184 MNOK
TYRHOLM & Farstad AS	27.7%	27.0%	184 MNOK
Tnr Spedisjon AS	4.4%	9.6%	184 MNOK
Norsk Trailer Express AS	1.5%	81.6%	180 MNOK
FREJA - THORESEN TRANSPORT & Logistics Larvik AS	4.1%	26.2%	178 MNOK
E-Trans AS	0.9%	28.4%	178 MNOK
Gac Norway AS	5.3%	9.4%	174 MNOK
Utengen Transport AS	7.5%	17.8%	174 MNOK
Transport-Service AS	3.1%	32.5%	174 MNOK
Cargotron AS	2.2%	12.5%	173 MNOK
Gardermoen Perishable Center AS	6.0%	19.2%	173 MNOK
Jenssen Mobility AS	13.0%	23.7%	171 MNOK
Bjorstaddalen Næring AS	11.0%	50.7%	170 MNOK
Knutsen Oas Management AS	4.7%	6.4%	170 MNOK
DOF Management AS	−10.4%	75.2%	169 MNOK
Fredstad Logistikk AS	3.8%	30.1%	169 MNOK
Midtstøl Transport AS	1.1%	79.4%	167 MNOK
Royal Transport AS	1.6%	13.5%	167 MNOK
CMA CGM Scandinavia AS	5.1%	10.9%	166 MNOK
Nik Haugrønning AS	3.2%	18.5%	166 MNOK
Mbt Vigeland AS	12.6%	47.8%	166 MNOK
Eimskip Norway AS	−2.0%	53.7%	163 MNOK
Gearbulk Norway AS	8.2%	0.5%	163 MNOK
Scan-Shipping Bergen AS	35.8%	70.2%	159 MNOK
Norwegian Ground Handling Norway AS	15.0%	8.9%	158 MNOK
Widerøe Property AS	11.3%	22.2%	156 MNOK
Tipp Frakt AS	5.9%	34.6%	155 MNOK
Ntg Road Norway AS	3.3%	2.0%	155 MNOK
Bussring AS	2.8%	14.0%	155 MNOK
Time Park AS	1.4%	14.6%	155 MNOK
Gmc Marine Partner AS	5.5%	20.1%	155 MNOK
Sandnes Transport og Terminal AS	−1.6%	36.8%	154 MNOK
Remøy Management AS	1.0%	14.4%	154 MNOK
Peter Løvaas Transport AS	8.8%	53.9%	152 MNOK
Tangvik AS	6.9%	45.3%	152 MNOK
Magnus Nistad AS	3.7%	13.2%	152 MNOK
Espeland Transport AS	5.3%	29.6%	151 MNOK
Woodtrans AS	0.8%	48.7%	150 MNOK
FR. Meyer's Sohn Norway AS	3.1%	46.5%	148 MNOK
Haugaland Taxi AS	5.3%	36.6%	148 MNOK
Nueva Seas AS	27.2%	3.9%	147 MNOK
Connect Bus Ekspress AS	7.5%	20.6%	146 MNOK
MO Industritransport AS	4.3%	55.9%	146 MNOK
Posten Bring Varebil AS	−3.0%	15.2%	145 MNOK
Rasmussen Transport AS	8.1%	39.9%	145 MNOK
Rennesøy Trafikk AS	2.3%	15.7%	145 MNOK
R Andersen Transport AS	3.7%	6.0%	145 MNOK
Instabox Norway AS	−12.4%	19.6%	144 MNOK
Boreal Norge AS	−7.9%	94.4%	144 MNOK
Link Logistics AS	2.9%	24.6%	143 MNOK
Frank Steensen Transportforretning AS	4.2%	15.7%	143 MNOK
Trondheim Parkering AS	−5.6%	46.3%	143 MNOK
Tschudi Logistics AS	3.7%	20.9%	143 MNOK
Polaris Distribusjon Midt-Norge AS	−3.9%	21.6%	143 MNOK
Interfjord Norway AS	16.0%	1.3%	142 MNOK
Helgelandsbase AS	5.9%	43.2%	141 MNOK
Alfa Mobility Norway AS	3.3%	39.7%	141 MNOK
Accelerator AS	−1.3%	0.9%	141 MNOK
System Trafikk AS	6.4%	17.6%	140 MNOK
Troms Taxi AS	2.6%	83.7%	139 MNOK
L Grønaasen Transport AS	5.3%	46.5%	139 MNOK
Termo Partner Transport AS	2.4%	14.5%	139 MNOK
Forset Grus AS	6.6%	47.9%	138 MNOK
Fosen Transport AS	2.9%	69.8%	138 MNOK
Cobit AS	0.2%	8.9%	137 MNOK
Tellus Logistics AS	0.7%	5.5%	137 MNOK
Wilservice AS	3.5%	41.7%	135 MNOK
Timetrekkeren AS	0.3%	6.4%	135 MNOK
Collicare Solutions AS	−40.9%	−34.9%	133 MNOK
Westport AS	10.4%	57.2%	133 MNOK
Pro-Line Transport AS	13.9%	11.1%	131 MNOK
COOP Norge Transport AS	6.9%	13.9%	130 MNOK
Bergen Transport Sentral AS	1.7%	8.3%	130 MNOK
Collicare Projects AS	11.6%	59.9%	129 MNOK
Rst Logistics AS	1.5%	26.9%	129 MNOK
Flytanking AS	20.5%	7.2%	129 MNOK
Fjellheisen AS	27.1%	41.4%	129 MNOK
Odd Grødum Transport AS	7.6%	56.3%	127 MNOK
OSLO BUD & Vare AS	2.3%	−1.8%	127 MNOK
Holship Norge AS	3.7%	61.1%	127 MNOK
Elias Breivik AS	5.5%	19.0%	126 MNOK
Viking Assistance Group AS	−15.8%	49.6%	126 MNOK
Kristensens Transport AS	2.2%	11.8%	125 MNOK
Northsea Terminal AS	6.8%	62.0%	125 MNOK
Lrn Transport AS	2.6%	70.2%	125 MNOK
Greenport Services AS	5.0%	62.8%	124 MNOK
JS Transport AS	4.4%	14.6%	124 MNOK
H M Kristiansens Automobilbyrå AS	15.4%	24.1%	124 MNOK
Ottem Transport AS	3.3%	15.9%	124 MNOK
Nordtrafikk AS	2.5%	3.9%	123 MNOK
Digre Transport AS	2.2%	33.9%	123 MNOK
Meyership AS	4.3%	11.5%	123 MNOK
Toten Transport Oslo AS	−0.5%	23.8%	123 MNOK
Gustav Eidsvåg Langtransport AS	2.0%	30.2%	120 MNOK
Slinde Transport AS	3.1%	35.2%	120 MNOK
Slt AS	15.4%	69.4%	120 MNOK
AIR & Road Transport AS	14.9%	24.9%	120 MNOK
Sundt Air Management AS	0.7%	8.0%	119 MNOK
Husøy Terminalen AS	6.0%	30.9%	119 MNOK
Sirva AS	4.9%	51.1%	119 MNOK
Sigurd og Ola Grimstad AS	4.5%	33.3%	118 MNOK
Hss Transport AS	3.4%	23.6%	117 MNOK
Egron Transport AS	0.6%	11.2%	117 MNOK
Litra Nor AS	−8.0%	7.6%	116 MNOK
Håkerud Johansen Transport AS	3.2%	5.7%	116 MNOK
Atlantico AS	9.1%	73.0%	115 MNOK
Helthjem Distribusjon Viken AS	−3.8%	1.9%	115 MNOK
Schau's Buss AS	7.3%	55.8%	114 MNOK
Ugland Marine Services AS	−11.6%	5.2%	114 MNOK
DHL SUPPLY CHAIN (NORWAY) AS	2.5%	93.2%	114 MNOK
Mtab Norge AS	1.9%	0.1%	113 MNOK
O.HANSEN & Sønner AS	5.2%	49.1%	113 MNOK
Jetpak Norway Road Logistics AS	−1.9%	33.2%	112 MNOK
Pentagon North Europe AS	0.2%	90.5%	112 MNOK
Fearnley Offshore AS	39.1%	9.4%	112 MNOK
Lufthavndrift AS	−14.1%	−52.6%	111 MNOK
Rogaland Taxi AS	6.6%	40.1%	111 MNOK
ROGALAND KRAN & Transport AS	3.7%	1.9%	110 MNOK
Per Johansen Transport AS	1.5%	20.9%	110 MNOK
RM Drift AS	2.0%	20.3%	110 MNOK
Sakarias Nesheim Transport AS	11.7%	49.3%	110 MNOK
Bergquist Maskin og Transport AS	8.1%	38.9%	109 MNOK
Cool Company Management AS	4.1%	42.8%	109 MNOK
Crane Norway Nord AS	15.3%	21.2%	108 MNOK
Brødrene Lunn AS	1.3%	31.3%	108 MNOK
United European Car Carriers AS	2.2%	91.9%	108 MNOK
Tst AS	2.3%	11.8%	108 MNOK
Ruuds Transport AS	5.8%	33.2%	107 MNOK
Lotos Nordica AS	0.1%	22.9%	107 MNOK
Multisped AS	3.5%	48.8%	106 MNOK
Ribes Betongpumping AS	0.5%	22.8%	106 MNOK
Velde Transport AS	14.0%	20.9%	106 MNOK
Steen Betongpumping AS	5.1%	34.3%	106 MNOK
Oslo Lufthavns Tankanlegg AS	32.0%	10.4%	105 MNOK
Thor Tenden Transport AS	4.8%	48.8%	105 MNOK
Margrethes Transport AS	0.4%	18.6%	105 MNOK
Constellation Cold Logistics Norway AS	8.7%	−13.6%	104 MNOK
Lørenskog Distribusjon og Lager AS	6.8%	44.6%	104 MNOK
Airlift Services AS	0.3%	4.3%	104 MNOK
Antras Nord AS	5.6%	33.4%	104 MNOK
S-Trans AS	4.6%	46.9%	104 MNOK
S&J Transport AS	10.2%	21.3%	104 MNOK
Scanfreight AS	1.9%	46.8%	103 MNOK
Ktm Shipping AS	10.4%	34.5%	103 MNOK
CMB.Tech Norway AS	3.4%	43.9%	103 MNOK
Drammen Havn AS	22.1%	85.2%	102 MNOK
Brødrene Hansen Transport AS	−7.0%	6.4%	102 MNOK
SKEDSMO BUD & Vare AS	3.1%	24.1%	102 MNOK
Terax Transportservice AS	−6.2%	2.7%	101 MNOK
Jotra AS	5.8%	39.4%	101 MNOK
HUSTVEDT & Skeie Transport AS	7.3%	36.5%	100 MNOK
AS AIRCONTACT	53.7%	17.1%	100 MNOK
Brødrene Håland AS	1.8%	17.7%	100 MNOK
Transportsentralen Vestfold AS	−1.0%	5.1%	99 MNOK
Vehicle Transfer Scandinavia AS	22.2%	63.3%	99 MNOK
Vestpark AS	−17.8%	6.5%	99 MNOK
SG Logistics AS	2.5%	36.3%	99 MNOK
Andøya Spaceport AS	49.4%	31.2%	99 MNOK
AS BTS-BERGEN TRANSPORT & SPEDISJON	0.6%	−1.7%	98 MNOK
O WESTAD & Sønner AS	1.4%	62.2%	98 MNOK
Avincis Aviation Engineering Norway AS	−4.8%	6.3%	98 MNOK
Bøstrand Transport AS	−1.3%	22.1%	97 MNOK
Frigoscandia Norway AS	−0.2%	38.4%	97 MNOK
Redningsverket AS	6.4%	56.6%	97 MNOK
Terje Romarheim AS	5.9%	12.2%	97 MNOK
Norbase AS	19.6%	47.4%	96 MNOK
Gausdal Landhandleri Transport AS	0.8%	23.7%	96 MNOK
Pole Position Logistics AS	0.0%	58.9%	96 MNOK
Arne Thorsen Spedisjon A/S	1.1%	37.8%	95 MNOK
JK Transport AS	4.3%	26.0%	95 MNOK
Heli Team AS	26.9%	60.0%	95 MNOK
MENZIES WORLD CARGO (OSLO) AS	−27.6%	−22.5%	95 MNOK
Flasnes Transport AS	6.3%	41.9%	94 MNOK
Grenland Taxi AS	0.5%	20.4%	94 MNOK
Oddmund Groven AS	−2.3%	46.0%	94 MNOK
Mindrum Transport AS	6.4%	52.0%	94 MNOK
Deli de Luca Norge AS	−2.2%	71.4%	93 MNOK
Connect Bus AS	8.3%	76.4%	93 MNOK
TMH KRAN & Transport AS	4.0%	31.6%	92 MNOK
Galåen Transport AS	3.2%	25.8%	92 MNOK
Ferder Taxi AS	1.7%	9.3%	92 MNOK
Tsl Logistikk AS	2.4%	37.9%	92 MNOK
Fredrikstad Langtransport AS	1.0%	26.9%	92 MNOK
Hegna Transport AS	−1.9%	50.7%	92 MNOK
Delga Transport AS	1.3%	13.9%	92 MNOK
Taxi 1 AS	1.3%	9.9%	92 MNOK
Haugen Transport og Maskin AS	−0.3%	32.8%	91 MNOK
Bjørnars Transport AS	2.3%	11.7%	91 MNOK
Terminal 1 AS	5.2%	22.8%	91 MNOK
Loen Skylift AS	57.6%	55.8%	90 MNOK
Vaadan Transport AS	9.6%	49.5%	90 MNOK
RBL (RINDAL BIL - OG LANDBRUKSSENTER) AS	2.2%	33.5%	89 MNOK
Stokkebekk Transport AS	−1.2%	11.3%	89 MNOK
Moss Taxi AS	3.0%	50.5%	88 MNOK
Jakobsen Transport AS	5.9%	37.1%	88 MNOK
Hagens Transport AS	12.3%	72.9%	88 MNOK
Polaris Distribusjon Sør AS	3.8%	12.4%	88 MNOK
Sundbrei Transport AS	7.7%	40.0%	88 MNOK
Brødrene Bakk AS	1.5%	29.0%	87 MNOK
Erik Larm AS	9.0%	27.6%	87 MNOK
Haugland Transport AS	7.7%	27.8%	87 MNOK
Nordlys Transport AS	0.8%	31.3%	87 MNOK
Fearnley Offshore Supply AS	16.0%	21.4%	86 MNOK
Madland Transport AS	6.8%	45.5%	86 MNOK
Rana Industriterminal AS	3.4%	44.7%	86 MNOK
Geilo Turbusser AS	7.6%	56.3%	86 MNOK
Svenns Transport AS	1.3%	26.7%	86 MNOK
Arctic Shipping AS	42.7%	29.7%	86 MNOK
VD Transport AS	−0.2%	26.1%	86 MNOK
Torger Skaug Spesialtransport AS	3.8%	18.7%	86 MNOK
Hans Ivar Slåttøy Transport AS	2.3%	14.2%	85 MNOK
A3 Transport AS	8.2%	48.9%	84 MNOK
Scan Logistic Partner AS	3.2%	22.6%	84 MNOK
Malmin Transport AS	1.9%	4.9%	84 MNOK
Jeppsson Transport AS	2.4%	19.9%	84 MNOK
Itide AS	4.1%	18.6%	84 MNOK
SVANEVIK TRANSPORT & Utleie AS	6.5%	30.0%	84 MNOK
Constellation Transport Norway AS	3.0%	0.1%	84 MNOK
Helgelandsbase Holding AS	66.2%	41.5%	83 MNOK
GS Bulktransport AS	2.9%	7.1%	83 MNOK
ORKLA SHIPPING & Trading AS	1.1%	33.8%	83 MNOK
Ingolf Thune AS	9.6%	28.4%	83 MNOK
Sviland Transport AS	2.5%	32.5%	83 MNOK
Taxi Sør AS	−1.4%	32.6%	83 MNOK
Sutra Dybvad AS	6.3%	43.0%	83 MNOK
Soelberg Transport AS	8.7%	50.0%	83 MNOK
Oslo Seafood Center AS	13.8%	8.7%	83 MNOK
3Pl Solutions AS	13.8%	15.3%	83 MNOK
Bendiks Birkeland Transport og Sementstøperi AS	2.9%	49.3%	83 MNOK
Kårstad AS	3.3%	40.2%	82 MNOK
Blue Cargo AS	1.1%	22.4%	82 MNOK
Apollo Budbiler AS	5.0%	25.3%	82 MNOK
Narvik Bulkterminal AS	17.3%	66.4%	82 MNOK
Sotra Kran AS	−4.1%	65.3%	82 MNOK
Olden Cruise AS	23.2%	41.5%	82 MNOK
Tromsø Parkering AS	23.9%	66.9%	81 MNOK
Hansa Tankers Management AS	27.1%	38.9%	81 MNOK
Toth Transport AS	−1.5%	−3.3%	81 MNOK
Lineage Larvik AS	0.1%	27.8%	80 MNOK
Lillehammer Taxisentral AS	0.7%	31.9%	80 MNOK
Omdal Transport AS	4.2%	17.3%	80 MNOK
Haukebøe Transport Tank AS	6.6%	13.8%	80 MNOK
Erlandsen Transport AS	7.2%	5.3%	79 MNOK
Skude Transport og Spedisjon AS	3.4%	25.8%	79 MNOK
Jan Haukeland Transport AS	0.1%	2.6%	79 MNOK
Aktiv Logistikk AS	3.4%	26.3%	79 MNOK
Dalen Parkering AS	39.5%	60.4%	79 MNOK
Veitransport AS	−7.1%	2.1%	79 MNOK
Driv Logistikk AS	7.2%	14.0%	78 MNOK
Troms Fryseterminal AS	20.3%	40.2%	78 MNOK
Nerstad Tuft Transport AS	5.3%	40.2%	78 MNOK
Alex Andersen Norge AS	−1.6%	66.3%	78 MNOK
Hurtig-Gutta Transport AS	8.4%	15.0%	78 MNOK
Agder Massetransport AS	1.3%	38.6%	78 MNOK
LASTING & Transport Alta AS	5.3%	51.5%	78 MNOK
Engelund Termofrakt AS	1.5%	43.1%	78 MNOK
Jetcarrier Logistics AS	−0.4%	64.8%	77 MNOK
Flybunkringsservice AS	6.7%	48.6%	77 MNOK
Loadmaster AS	5.5%	38.0%	76 MNOK
Tromsøterminalen AS	4.2%	62.7%	76 MNOK
Øyvind Jensen Termotransport AS	1.2%	31.8%	76 MNOK
Norbase Logistikk AS	−6.2%	33.5%	75 MNOK
Voss Transportservice AS	4.4%	26.3%	75 MNOK
Toyota Logistics Services Norway AS	6.4%	24.6%	75 MNOK
Einar Valde AS	7.4%	43.2%	75 MNOK
R.G. Hagland AS	3.7%	90.3%	75 MNOK
Transportservice AS	12.4%	51.2%	75 MNOK
Simeon Norge AS	4.1%	1.4%	75 MNOK
Westport Moss AS	7.6%	9.6%	75 MNOK

Holding and investment companies · 2025

74 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: 38 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	Mccallister Holding AS	89	99.7%	39.6%	328.05	15 MNOK
2	Ian Invest AS	89	99.6%	60.8%	216.66	10 MNOK
3	A. Mollestad Invest AS	85	99.0%	51.7%	75.09	13 MNOK
4	Brødrene Haugen Holding AS	80	99.8%	86.2%	0.69	16 MNOK
5	FE Invest AS	77	96.7%	30.3%	29.52	16 MNOK
6	R-P Invest AS	76	99.9%	9.5%	886.64	45 MNOK
7	Nik Haugrønning Holding AS	70	77.2%	138.0%	34.67	30 MNOK
8	Alone Holding AS	68	100.0%	6.6%	–	22 MNOK
9	Nava-Holding AS	66	94.2%	18.1%	13.90	35 MNOK
10	WILH. Wilhelmsen Holding ASA	65	88.7%	31.8%	3.32	14,179 MNOK
11	Buskerud Anleggstransport Holding AS	63	99.6%	3.9%	113.38	22 MNOK
12	Ham Holding AS	62	95.0%	11.3%	11.59	15 MNOK
13	Bjørn Ramberg Invest AS	61	95.8%	11.5%	5.80	173 MNOK
14	Hågensen Holding Alta AS	56	91.7%	16.9%	2.17	23 MNOK
15	Fausko Invest AS	53	92.9%	5.7%	14.38	135 MNOK
16	Geir Røstad Holding AS	52	99.6%	1.8%	10.41	33 MNOK
17	Collicare Holding AS	52	53.1%	28.8%	9.23	289 MNOK
18	Ccb Holding AS	50	80.4%	21.9%	1.43	273 MNOK
19	Tirilltoppen Holding AS	50	81.4%	9.9%	9.21	12 MNOK
20	White Invest AS	50	42.8%	85.7%	1.42	50 MNOK

Show all 38

Rank	Company	Score	Total assets
21	Wergeland-Holding AS	46	906 MNOK
22	Seafront Holding AS	45	71 MNOK
23	Get Invest AS	44	48 MNOK
24	Isabel Invest AS	44	13 MNOK
25	Frank Steensen Holding AS	42	10 MNOK
26	Misje Ship Holding AS	40	442 MNOK
27	Bawerk Capital AS	39	19 MNOK
28	Høyskel Holding AS	38	66 MNOK
29	Fjord Base Holding AS	38	333 MNOK
30	Fritz Karl Pedersen Holding AS	36	78 MNOK
31	Kokkersvold Holding AS	35	20 MNOK
32	Knutsen Nyk LNG Holding AS	35	3,543 MNOK
33	Toso Invest AS	31	12 MNOK
34	Utne Holding AS	30	44 MNOK
35	Reiseliv Holding AS	20	969 MNOK
36	Constellation Holding Norway AS	18	789 MNOK
37	Nas Eire Invest AS	8	76 MNOK
38	Srg Invest AS	3	10 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 2,587 ranked companies in 2025, 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%	490
Foreign owners	24%	165
Private persons	11%	1,405
No majority owner	9%	495
The state, counties and municipalities	3%	23
Not in the shareholder register	1%	9

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

The largest owner groups

SAMFERDSELSDEPARTEMENTET · 11.9% of revenue, 14 companies (norwegian company without a majority owner)
Norwegian Air Shuttle ASA · 10.3% of revenue, 9 companies (norwegian company without a majority owner)
NÆRINGS- OG FISKERIDEPARTEMENTET · 7.4% of revenue, 14 companies (norwegian company without a majority owner)
OSLO KOMMUNE · 2.8% of revenue, 5 companies (the state, counties and municipalities)
Tallyman AS · 2.4% of revenue, 15 companies (norwegian company without a majority owner)
Postnord Group AB · 1.7% of revenue, 1 companies (foreign owners)
Folke Hermansen AS · 1.7% of revenue, 6 companies (norwegian company without a majority owner)
Norse Atlantic ASA · 1.6% of revenue, 1 companies (norwegian company without a majority owner)
Dsv Road Holding AS · 1.5% of revenue, 1 companies (foreign owners)
Kuehnenagel Investment AB · 1.4% 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.

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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 7 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 7 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 7 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 7 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 1,807 ranked companies with a profit, the median tax expense is 22.0% of profit before tax. Taken together, weighted by profit, it is 19.8%. 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
Wilhelmsen Ships Service AS	566 MNOK	56.0 MNOK	9.9%
Höegh Autoliners Management AS	330 MNOK	21.1 MNOK	6.4%
Sporveien AS	251 MNOK	15.7 MNOK	6.3%
Helthjem Distribusjon Østlandet AS	156 MNOK	2.8 MNOK	1.8%
Norwegian Bulk Carriers Management AS	98 MNOK	1.6 MNOK	1.7%
SJ Norge AS	74 MNOK	0.0 MNOK	0.0%
Bristow Norway AS	67 MNOK	0.0 MNOK	0.0%
R.G. Hagland AS	57 MNOK	2.5 MNOK	4.4%
DHL GLOBAL FORWARDING (NORWAY) AS	49 MNOK	−14.9 MNOK	−30.2%
Pentagon North Europe AS	42 MNOK	0.6 MNOK	1.4%

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