Sector

1,006 companies ranked against comparable companies in four Morning company classes. Fiscal year 2025. Source: Brønnøysund Register Centre. Methodology

Ranking · 2025 · Morning class Large

Morning class Large · 2025
#CompanyProfileScoreChangeFive years
1 Uthalden AS Leader 88 +13
2 Rem Service AS Leader 85 +21
3 Knot Fso 1 ASsubsidiary of Knutsen Nyk Offshore Tankers AS Leader 81 +13
4 Bel Ship i AS Leader 78 +28
5 Wallenius Wilhelmsen Shipowning Norway AS Leader 75 +7
6 Altera Infrastructure Voyageur AS Leader 72 –
7 Sølvtrans Rederi Iii AS Leader 71 +2
8 Höegh Autoliners Shipping AS Leader 70 +2
9 North Sea Container Line AS Leader 70 +21
10 Sea Tank Shipping ASsubsidiary of Tank AS Leader 68 +10
11 Rostein AS Leader 68 +3
12 Frøy Rederi ASsubsidiary of Frøy AS Leader 66 +23
13 Spar Shipping AS Leader 66 −22
14 Solstad Rederi ASsubsidiary of Solstad Shipholding AS Sprinter 65 +7
15 Utkilen Shipping ASsubsidiary of Utkilen AS Leader 65 0
16 Yara Lpg Shipping AS Leader 64 −3
17 HOYLAND SUPPLY & Renewables AS Sprinter 64 +26
18 Odfjell Chemical Tankers AS Leader 64 −2
19 Simon Møkster Rederi AS Leader 63 −8
20 Höegh Autoliners Shipping II AS Sprinter 63 +29
21 Odfjell Chemical Tankers II AS Leader 63 −9
22 DOF Rederi AS Leader 63 +1
23 Gcc Shipowning ASsubsidiary of Gcc Global Car Carriers AS Leader 62 −17
24 Buksér og Berging AS Leader 61 −8
25 Bryggen Shipping International AS Leader 60 −20
26 Norspan LNG Iii AS Steward 59 +7
27 Hurtigruten Sjø AS Sprinter 57 +19
28 Clipper Shipping AS Leader 56 −7
29 Torghatten Sør AS Leader 55 +7
30 Sølvtrans Rederi AS Sprinter 55 −9
31 Arriva Shipping AS Leader 55 −9
32 BB Crewing AS Steward 53 +14
33 Silver Sea TC AS Sprinter 51 −5
34 Belships Shipholding II ASsubsidiary of Belships AS Leader 51 +1
35 Color Line Crew AS Builder 51 +1
36 Masterbulk AS Steward 50 −12
37 Sea-Cargo ASsubsidiary of Seatrans AS Builder 49 +6
38 Nyk Saga AS Sprinter 48 +13
39 Color Line AS Steward 45 −3
40 Norspan LNG II AS Steward 45 0
41 Tidewater Marine AS Builder 45 −9
42 Western Bulk Carriers ASsubsidiary of Western Bulk Chartering AS Steward 44 −25
43 Fjord1 ASsubsidiary of Effra Bidco AS Sprinter 41 +6
44 Eidsvaag AS Builder 41 +3
45 Wilson Eurocarriers AS Builder 40 0
46 Odfjell Management AS Builder 39 −10
47 Torghatten Nord ASsubsidiary of Torghatten AS Builder 38 −1
48 Torghatten Midt ASsubsidiary of Torghatten AS Builder 35 +5
49 Wallenius Wilhelmsen Ocean ASsubsidiary of Wallenius Wilhelmsen Ocean Holding AS Builder 35 −25
50 Boreal Sjø AS Builder 33 +3

The rank is the rank in the class. A class with fewer than ten companies is compared with the whole sector. Full ranking · Press mode

Biggest moves · Morning class Large

  • Western Bulk Carriers AS

    From 2024 to 2025: went from a profit to a loss before tax and revenue fell by 31%.

    −25
  • Wallenius Wilhelmsen Ocean AS

    From 2024 to 2025: went from a profit to a loss before tax and the operating margin fell from 0.0% to −4.2%.

    −25
  • Spar Shipping AS

    From 2024 to 2025: revenue fell by 93% and the operating margin fell from 38.5% to 30.0%.

    −22
  • Rem Service AS

    From 2024 to 2025: the operating margin rose from 39.0% to 57.9% and the equity ratio rose from 30.3% to 59.0%.

    +21
Summary analysis

Sjøfart, Morning class Large: 65 ranked companies in fiscal year 2025.

Best in the sector: Uthalden AS (score 88, operating margin 82.1%, equity ratio 94.4%). Rem Service AS (score 85, operating margin 57.9%, equity ratio 59.0%). Knot Fso 1 AS (score 81, operating margin 61.8%, equity ratio 89.8%).

Weakest in the sector: Hansa Tankers AS (score 16, operating margin 0.0%, equity ratio 0.0%). Mst Shuttle Loading AS (score 18, operating margin −4.7%, equity ratio 1.3%). Viasea Shipping AS (score 19, operating margin −1.6%, equity ratio −7.4%).

Worth a closer look

Written by fixed rules from the figures. Describes the figures, does not explain causes. Not investment or financial advice. How the summary is made

Top lists in the sector · 2025 · Morning class Large

The five largest companies account for 43% of the sector's revenue. Combined profit before tax for the 64 ranked companies: 15,920 MNOK.

Size

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

Highest revenue

  1. Wallenius Wilhelmsen Ocean ASsubsidiary of Wallenius Wilhelmsen Ocean Holding AS 23,566 MNOK
  2. Höegh Autoliners Shipping AS 13,979 MNOK
  3. G2 Ocean AS 12,025 MNOK
  4. Odfjell Tankers AS 11,026 MNOK
  5. Solstad Rederi ASsubsidiary of Solstad Shipholding AS 5,120 MNOK

Operating revenue.

Most employees

  1. Color Line Crew AS 2,329
  2. Fjord1 ASsubsidiary of Effra Bidco AS 1,739
  3. Hurtigruten Sjø AS 1,424
  4. Norled AS 1,167
  5. Torghatten Nord ASsubsidiary of Torghatten AS 883

Employees according to the Central Coordinating Register.

Highest revenue per employee

  1. Nyk Saga AS 374.8 MNOK
  2. G2 Ocean AS 197.1 MNOK
  3. Spar Shipping AS 152.9 MNOK
  4. Wallenius Wilhelmsen Ocean ASsubsidiary of Wallenius Wilhelmsen Ocean Holding AS 147.3 MNOK
  5. Viasea Shipping AS 84.5 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

  1. Uthalden AS 82.1%
  2. Höegh Autoliners Shipping II AS 74.1%
  3. Knot Fso 1 ASsubsidiary of Knutsen Nyk Offshore Tankers AS 61.8%
  4. Sølvtrans Rederi Iii AS 58.2%
  5. Rem Service AS 57.9%

Operating result divided by operating revenue.

Largest profit

  1. Höegh Autoliners Shipping AS 4,397 MNOK
  2. Altera Infrastructure Voyageur AS 2,360 MNOK
  3. Solstad Rederi ASsubsidiary of Solstad Shipholding AS 1,951 MNOK
  4. Odfjell Chemical Tankers AS 1,443 MNOK
  5. Gcc Shipowning ASsubsidiary of Gcc Global Car Carriers AS 949 MNOK

Profit before tax.

Largest loss

  1. Havila Kystruten Operations ASsubsidiary of Havila Kystruten AS −1,113 MNOK
  2. Norled AS −806 MNOK
  3. Wallenius Wilhelmsen Ocean ASsubsidiary of Wallenius Wilhelmsen Ocean Holding AS −545 MNOK
  4. Norspan LNG Iii AS −360 MNOK
  5. Mst Shuttle Loading AS −339 MNOK

Profit before tax, the largest negative.

Most solid

  1. Uthalden AS 94.4%
  2. Norspan LNG Iii AS 93.1%
  3. Spar Shipping AS 91.6%
  4. Knot Fso 1 ASsubsidiary of Knutsen Nyk Offshore Tankers AS 89.8%
  5. Masterbulk AS 84.4%

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

  1. Höegh Autoliners Shipping II AS +353.5%
  2. Norspan LNG Iii AS +234.0%
  3. Norspan LNG II AS +182.4%
  4. Bel Ship i AS +95.1%
  5. HOYLAND SUPPLY & Renewables AS +66.6%

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

Largest revenue decline

  1. Spar Shipping AS −92.6%
  2. Baumarine ASsubsidiary of REDERIAKSJESELSKAPET TORVALD KLAVENESS −38.7%
  3. Hansa Tankers AS −37.4%
  4. Western Bulk Carriers ASsubsidiary of Western Bulk Chartering AS −31.3%
  5. Bryggen Shipping International AS −29.7%

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

Biggest climbers

  1. Rem Service AS +21.1 points
  2. North Sea Container Line AS +20.1 points
  3. Hurtigruten Sjø AS +18.7 points
  4. Uthalden AS +13.6 points
  5. Nyk Saga AS +13.3 points

Change in index points from the year before.

Biggest fallers

  1. Wallenius Wilhelmsen Ocean ASsubsidiary of Wallenius Wilhelmsen Ocean Holding AS −25.7 points
  2. Western Bulk Carriers ASsubsidiary of Western Bulk Chartering AS −24.9 points
  3. Spar Shipping AS −21.9 points
  4. Bryggen Shipping International AS −20.2 points
  5. Gcc Shipowning ASsubsidiary of Gcc Global Car Carriers AS −17.3 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 Large

Each company is placed by profitability and solidity, measured as a place from 0 to 100 against the others in the same sector and Morning company class. The bubble shows revenue. Hover over or tap a bubble for the figures, filter by profile or search for a company.

Wallenius Wilhelmsen Ocean AS: 8 / 45Höegh Autoliners Shipping AS: 84 / 78G2 Ocean AS: 22 / 24Odfjell Tankers AS: 17 / 14Solstad Rederi AS: 82 / 44Odfjell Chemical Tankers AS: 81 / 69Fjord1 AS: 51 / 19Mst Shuttle Loading AS: 5 / 10Western Bulk Carriers AS: 11 / 75Norled AS: 7 / 11Champion Tankers AS: 24 / 21Boreal Sjø AS: 39 / 29Kcc Chartering AS: 17 / 37Wilson Eurocarriers AS: 18 / 50Torghatten Nord AS: 44 / 25Sølvtrans Rederi AS: 72 / 31Rostein AS: 57 / 58Nyk Saga AS: 57 / 39Gcc Shipowning AS: 91 / 87Havila Kystruten Operations AS: 37 / 0Clipper Shipping AS: 84 / 71Wallenius Wilhelmsen Shipowning Norway AS: 85 / 67Fjord Line AS: 20 / 16Hansa Tankers AS: 17 / 2Buksér og Berging AS: 69 / 89Utkilen Shipping AS: 64 / 81Sea Tank Shipping AS: 70 / 74Spar Shipping AS: 68 / 95DOF Rederi AS: 62 / 64Color Line Crew AS: 30 / 47Tidewater Rederi AS: 25 / 13Belships Shipholding II AS: 63 / 56Odfjell Chemical Tankers II AS: 67 / 84Altera Infrastructure Voyageur AS: 91 / 55Baumarine AS: 27 / 3Hurtigruten Sjø AS: 53 / 42Color Line AS: 39 / 63Bryggen Shipping International AS: 54 / 83Eidsvaag AS: 48 / 17Seatrans Chemical Tankers AS: 29 / 8Rem Service AS: 95 / 72Uthalden AS: 93 / 98Knutsen Shuttle Tankers Pool AS: 33 / 5Sea-Cargo AS: 42 / 48Sølvtrans Rederi Iii AS: 80 / 61Höegh Autoliners Shipping II AS: 85 / 22Norspan LNG Iii AS: 0 / 97Masterbulk AS: 34 / 92Simon Møkster Rederi AS: 62 / 66North Sea Container Line AS: 62 / 79Torghatten Midt AS: 44 / 27Torghatten Sør AS: 72 / 52Odfjell Management AS: 24 / 40Arriva Shipping AS: 54 / 60Northwind Transenergy AS: 20 / 6Tidewater Marine AS: 37 / 34Bel Ship i AS: 76 / 89Yara Lpg Shipping AS: 78 / 90Norspan LNG II AS: 3 / 86Knot Fso 1 AS: 94 / 94Silver Sea TC AS: 66 / 36Frøy Rederi AS: 68 / 53BB Crewing AS: 33 / 65HOYLAND SUPPLY & Renewables AS: 89 / 33Viasea Shipping AS: 9 / 000252550507575100100Solidity, percentile against peers →↑ Profitability, percentile against peers
Wallenius Wilhelmsen Ocean AS: 8 / 45Höegh Autoliners Shipping AS: 84 / 78G2 Ocean AS: 22 / 24Odfjell Tankers AS: 17 / 14Solstad Rederi AS: 82 / 44Odfjell Chemical Tankers AS: 81 / 69Fjord1 AS: 51 / 19Mst Shuttle Loading AS: 5 / 10Western Bulk Carriers AS: 11 / 75Norled AS: 7 / 11Champion Tankers AS: 24 / 21Boreal Sjø AS: 39 / 29Kcc Chartering AS: 17 / 37Wilson Eurocarriers AS: 18 / 50Torghatten Nord AS: 44 / 25Sølvtrans Rederi AS: 72 / 31Rostein AS: 57 / 58Nyk Saga AS: 57 / 39Gcc Shipowning AS: 91 / 87Havila Kystruten Operations AS: 37 / 0Clipper Shipping AS: 84 / 71Wallenius Wilhelmsen Shipowning Norway AS: 85 / 67Fjord Line AS: 20 / 16Hansa Tankers AS: 17 / 2Buksér og Berging AS: 69 / 89Utkilen Shipping AS: 64 / 81Sea Tank Shipping AS: 70 / 74Spar Shipping AS: 68 / 95DOF Rederi AS: 62 / 64Color Line Crew AS: 30 / 47Tidewater Rederi AS: 25 / 13Belships Shipholding II AS: 63 / 56Odfjell Chemical Tankers II AS: 67 / 84Altera Infrastructure Voyageur AS: 91 / 55Baumarine AS: 27 / 3Hurtigruten Sjø AS: 53 / 42Color Line AS: 39 / 63Bryggen Shipping International AS: 54 / 83Eidsvaag AS: 48 / 17Seatrans Chemical Tankers AS: 29 / 8Rem Service AS: 95 / 72Uthalden AS: 93 / 98Knutsen Shuttle Tankers Pool AS: 33 / 5Sea-Cargo AS: 42 / 48Sølvtrans Rederi Iii AS: 80 / 61Höegh Autoliners Shipping II AS: 85 / 22Norspan LNG Iii AS: 0 / 97Masterbulk AS: 34 / 92Simon Møkster Rederi AS: 62 / 66North Sea Container Line AS: 62 / 79Torghatten Midt AS: 44 / 27Torghatten Sør AS: 72 / 52Odfjell Management AS: 24 / 40Arriva Shipping AS: 54 / 60Northwind Transenergy AS: 20 / 6Tidewater Marine AS: 37 / 34Bel Ship i AS: 76 / 89Yara Lpg Shipping AS: 78 / 90Norspan LNG II AS: 3 / 86Knot Fso 1 AS: 94 / 94Silver Sea TC AS: 66 / 36Frøy Rederi AS: 68 / 53BB Crewing AS: 33 / 65HOYLAND SUPPLY & Renewables AS: 89 / 33Viasea Shipping AS: 9 / 000252550507575100100Solidity, percentile against peers →↑ Profitability, percentile against peers

Bubble size shows relative revenue, not exact figures. Dashed lines show where the 5 companies that moved most stood in 2024 (small ring).

  • 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
CompanyProfileProfitabilitySolidityIn 2024 (profitability / solidity)
Odfjell Management ASBeaver244050 / 44
G2 Ocean ASBeaver222428 / 17
Fjord Line ASBeaver201613 / 18
Northwind Transenergy ASBeaver20616 / 11
Wilson Eurocarriers ASBeaver185028 / 50
Kcc Chartering ASBeaver173728 / 42
Odfjell Tankers ASBeaver171412 / 15
Hansa Tankers ASBeaver17213 / 1
Western Bulk Carriers ASElephant117558 / 74
Viasea Shipping ASBeaver90–
Wallenius Wilhelmsen Ocean ASBeaver84555 / 55
Norled ASBeaver7111 / 21
Mst Shuttle Loading ASBeaver5107 / 14
Norspan LNG II ASElephant386–
Norspan LNG Iii ASElephant097–
The sector in numbers

Summary · fiscal year 2025 · Morning class Large

The sector's median operating margin is 6.8%. 2 of 66 companies have negative equity. The median equity ratio is 33.6%.

Companies with accounts66
Total revenue151,074 MNOK
Median operating margin6.8%
Median equity ratio33.6%
Share with a loss23%
Share with negative equity3%

All figures are for fiscal year 2025. Ranked: 65 operating companies. Holding companies, excluded companies and companies without enough data are shown but not ranked. How to read the index

  • 26 companies report in another currency. Their revenue is converted at the mean rate for the accounting period and makes up 65% of the total.

Climbers and fallers · Morning class Large

Change in rank from 2024 to 2025, for 56 companies ranked in both years.

Climbers

  1. 29North Sea Container Line ASfrom rank 38 to 970
  2. 21Rem Service ASfrom rank 23 to 285
  3. 21Sea Tank Shipping ASfrom rank 31 to 1068
  4. 20Hurtigruten Sjø ASfrom rank 47 to 2757
  5. 16Solstad Rederi ASfrom rank 30 to 1465

Fallers

  1. 32Western Bulk Carriers ASfrom rank 10 to 4244
  2. 22Bryggen Shipping International ASfrom rank 3 to 2560
  3. 21Wallenius Wilhelmsen Ocean ASfrom rank 28 to 4935
  4. 19Gcc Shipowning ASfrom rank 4 to 2362
  5. 14Odfjell Chemical Tankers II ASfrom rank 7 to 2163

Awards · 2025 · Morning class Large

Most profitableUthalden AS82.1%
Strongest balance sheetUthalden AS94.4%
Largest revenueWallenius Wilhelmsen Ocean AS23,566 MNOK
Highest revenue per employeeNyk Saga AS374.8 MNOK

Needs attention · 2025 · Morning class Large

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

Sector map · 2025 · Morning class Large

Profitability against solidity for the ranked companies. Size shows revenue. Coral triangle: negative equity. Click to open the company. Outliers are placed on the edge.

−10%0%10%20%30%40%50%60%0%20%40%60%80%Operating margin (profitability) →Equity ratio (solidity) →Wallenius Wilhelmsen Ocean AS: operating margin −4.2%, equity ratio 32.6%, rank 49Höegh Autoliners Shipping AS: operating margin 32.0%, equity ratio 64.6%, rank 8G2 Ocean AS: operating margin 0.2%, equity ratio 12.9%, rank 55Odfjell Tankers AS: operating margin 0.0%, equity ratio 5.0%, rank 58Solstad Rederi AS: operating margin 36.8%, equity ratio 31.1%, rank 14Odfjell Chemical Tankers AS: operating margin 46.9%, equity ratio 55.5%, rank 18Fjord1 AS: operating margin 15.3%, equity ratio 8.5%, rank 43Mst Shuttle Loading AS: operating margin −4.7%, equity ratio 1.3%, rank 64Western Bulk Carriers AS: operating margin −1.5%, equity ratio 60.3%, rank 42Norled AS: operating margin −13.9%, equity ratio 2.0%, rank 62Champion Tankers AS: operating margin 0.2%, equity ratio 12.6%, rank 52Boreal Sjø AS: operating margin 4.8%, equity ratio 14.4%, rank 50Kcc Chartering AS: operating margin −0.1%, equity ratio 26.9%, rank 51Wilson Eurocarriers AS: operating margin −0.3%, equity ratio 33.8%, rank 45Torghatten Nord AS: operating margin 10.0%, equity ratio 13.1%, rank 47Sølvtrans Rederi AS: operating margin 52.5%, equity ratio 17.8%, rank 30Rostein AS: operating margin 24.5%, equity ratio 45.3%, rank 11Nyk Saga AS: operating margin 25.1%, equity ratio 27.6%, rank 38Gcc Shipowning AS: operating margin 53.7%, equity ratio 81.4%, rank 23Havila Kystruten Operations AS: operating margin −22.5%, equity ratio −327.6%, rank 53Clipper Shipping AS: operating margin 48.1%, equity ratio 58.5%, rank 28Wallenius Wilhelmsen Shipowning Norway AS: operating margin 47.3%, equity ratio 54.5%, rank 5Fjord Line AS: operating margin −3.9%, equity ratio 5.4%, rank 57Hansa Tankers AS: operating margin 0.0%, equity ratio 0.0%, rank 65Buksér og Berging AS: operating margin 15.1%, equity ratio 61.3%, rank 24Utkilen Shipping AS: operating margin 15.0%, equity ratio 71.6%, rank 15Sea Tank Shipping AS: operating margin 6.8%, equity ratio 59.1%, rank 10Spar Shipping AS: operating margin 30.0%, equity ratio 91.6%, rank 13DOF Rederi AS: operating margin 25.7%, equity ratio 52.9%, rank 22Color Line Crew AS: operating margin 0.2%, equity ratio 33.2%, rank 35Tidewater Rederi AS: operating margin −8.0%, equity ratio 2.9%, rank 60Belships Shipholding II AS: operating margin 40.6%, equity ratio 42.7%, rank 34Odfjell Chemical Tankers II AS: operating margin 31.5%, equity ratio 75.7%, rank 21Altera Infrastructure Voyageur AS: operating margin 45.4%, equity ratio 40.6%, rank 6Baumarine AS: operating margin 0.5%, equity ratio 0.1%, rank 61Hurtigruten Sjø AS: operating margin 4.7%, equity ratio 28.6%, rank 27Color Line AS: operating margin 6.0%, equity ratio 47.9%, rank 39Bryggen Shipping International AS: operating margin 8.7%, equity ratio 73.3%, rank 25Eidsvaag AS: operating margin 8.6%, equity ratio 8.2%, rank 44Seatrans Chemical Tankers AS: operating margin 0.5%, equity ratio 0.9%, rank 56Rem Service AS: operating margin 57.9%, equity ratio 59.0%, rank 2Uthalden AS: operating margin 82.1%, equity ratio 94.4%, rank 1Knutsen Shuttle Tankers Pool AS: operating margin 1.7%, equity ratio 0.3%, rank 59Sea-Cargo AS: operating margin 2.2%, equity ratio 33.6%, rank 37Sølvtrans Rederi Iii AS: operating margin 58.2%, equity ratio 47.0%, rank 7Höegh Autoliners Shipping II AS: operating margin 74.1%, equity ratio 12.9%, rank 20Norspan LNG Iii AS: operating margin −36.0%, equity ratio 93.1%, rank 26Masterbulk AS: operating margin 5.9%, equity ratio 84.4%, rank 36Simon Møkster Rederi AS: operating margin 28.9%, equity ratio 53.5%, rank 19North Sea Container Line AS: operating margin 4.1%, equity ratio 68.9%, rank 9Torghatten Midt AS: operating margin 6.9%, equity ratio 14.3%, rank 48Torghatten Sør AS: operating margin 15.6%, equity ratio 35.1%, rank 29Odfjell Management AS: operating margin 3.9%, equity ratio 28.4%, rank 46Arriva Shipping AS: operating margin 6.3%, equity ratio 45.7%, rank 31Northwind Transenergy AS: operating margin 0.1%, equity ratio 0.8%, rank 54Tidewater Marine AS: operating margin 2.1%, equity ratio 22.8%, rank 41Bel Ship i AS: operating margin 42.0%, equity ratio 82.3%, rank 4Yara Lpg Shipping AS: operating margin 41.0%, equity ratio 82.4%, rank 16Norspan LNG II AS: operating margin −9.6%, equity ratio 76.6%, rank 40Knot Fso 1 AS: operating margin 61.8%, equity ratio 89.8%, rank 3Silver Sea TC AS: operating margin 2.3%, equity ratio 24.6%, rank 33Frøy Rederi AS: operating margin 35.1%, equity ratio 39.6%, rank 12BB Crewing AS: operating margin 0.3%, equity ratio 14.9%, rank 32HOYLAND SUPPLY & Renewables AS: operating margin 39.8%, equity ratio 21.6%, rank 17Viasea Shipping AS: operating margin −1.6%, equity ratio −7.4%, rank 63
Show the map's figures as a table
CompanyOperating marginEquity ratioRevenue
Uthalden AS82.1%94.4%957 MNOK
Rem Service AS57.9%59.0%976 MNOK
Knot Fso 1 AS61.8%89.8%571 MNOK
Bel Ship i AS42.0%82.3%610 MNOK
Wallenius Wilhelmsen Shipowning Norway AS47.3%54.5%1,738 MNOK
Altera Infrastructure Voyageur AS45.4%40.6%1,095 MNOK
Sølvtrans Rederi Iii AS58.2%47.0%839 MNOK
Höegh Autoliners Shipping AS32.0%64.6%13,979 MNOK
North Sea Container Line AS4.1%68.9%764 MNOK
Sea Tank Shipping AS6.8%59.1%1,249 MNOK
Rostein AS24.5%45.3%1,974 MNOK
Frøy Rederi AS35.1%39.6%533 MNOK
Spar Shipping AS30.0%91.6%1,223 MNOK
Solstad Rederi AS36.8%31.1%5,120 MNOK
Utkilen Shipping AS15.0%71.6%1,306 MNOK
Yara Lpg Shipping AS41.0%82.4%592 MNOK
HOYLAND SUPPLY & Renewables AS39.8%21.6%516 MNOK
Odfjell Chemical Tankers AS46.9%55.5%4,081 MNOK
Simon Møkster Rederi AS28.9%53.5%767 MNOK
Höegh Autoliners Shipping II AS74.1%12.9%837 MNOK
Odfjell Chemical Tankers II AS31.5%75.7%1,106 MNOK
DOF Rederi AS25.7%52.9%1,222 MNOK
Gcc Shipowning AS53.7%81.4%1,790 MNOK
Buksér og Berging AS15.1%61.3%1,308 MNOK
Bryggen Shipping International AS8.7%73.3%1,058 MNOK
Norspan LNG Iii AS−36.0%93.1%831 MNOK
Hurtigruten Sjø AS4.7%28.6%1,077 MNOK
Clipper Shipping AS48.1%58.5%1,769 MNOK
Torghatten Sør AS15.6%35.1%759 MNOK
Sølvtrans Rederi AS52.5%17.8%2,039 MNOK
Arriva Shipping AS6.3%45.7%694 MNOK
BB Crewing AS0.3%14.9%519 MNOK
Silver Sea TC AS2.3%24.6%566 MNOK
Belships Shipholding II AS40.6%42.7%1,194 MNOK
Color Line Crew AS0.2%33.2%1,212 MNOK
Masterbulk AS5.9%84.4%830 MNOK
Sea-Cargo AS2.2%33.6%853 MNOK
Nyk Saga AS25.1%27.6%1,874 MNOK
Color Line AS6.0%47.9%1,077 MNOK
Norspan LNG II AS−9.6%76.6%572 MNOK
Tidewater Marine AS2.1%22.8%655 MNOK
Western Bulk Carriers AS−1.5%60.3%3,006 MNOK
Fjord1 AS15.3%8.5%3,926 MNOK
Eidsvaag AS8.6%8.2%1,058 MNOK
Wilson Eurocarriers AS−0.3%33.8%2,431 MNOK
Odfjell Management AS3.9%28.4%743 MNOK
Torghatten Nord AS10.0%13.1%2,314 MNOK
Torghatten Midt AS6.9%14.3%762 MNOK
Wallenius Wilhelmsen Ocean AS−4.2%32.6%23,566 MNOK
Boreal Sjø AS4.8%14.4%2,516 MNOK
Kcc Chartering AS−0.1%26.9%2,462 MNOK
Champion Tankers AS0.2%12.6%2,837 MNOK
Havila Kystruten Operations AS−22.5%−327.6%1,775 MNOK
Northwind Transenergy AS0.1%0.8%659 MNOK
G2 Ocean AS0.2%12.9%12,025 MNOK
Seatrans Chemical Tankers AS0.5%0.9%1,028 MNOK
Fjord Line AS−3.9%5.4%1,678 MNOK
Odfjell Tankers AS0.0%5.0%11,026 MNOK
Knutsen Shuttle Tankers Pool AS1.7%0.3%918 MNOK
Tidewater Rederi AS−8.0%2.9%1,207 MNOK
Baumarine AS0.5%0.1%1,085 MNOK
Norled AS−13.9%2.0%2,968 MNOK
Viasea Shipping AS−1.6%−7.4%507 MNOK
Mst Shuttle Loading AS−4.7%1.3%3,157 MNOK
Hansa Tankers AS0.0%0.0%1,488 MNOK

Holding and investment companies · 2025

137 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: 104 have at least 10 MNOK in assets and are listed.

Holding and investment companies
RankCompanyScore Equity ratioReturn on assetsCurrent ratioTotal assets
1Ocr Holding AS92 100.0%46.9% 8,749.4138 MNOK
2Songa Supply Holding AS85 100.0%20.9% –310 MNOK
3MEMO CHARTERING & Invest AS85 99.7%72.6% 262.3818 MNOK
4Dsd Cargo Holding AS83 100.0%15.4% 89,743.71158 MNOK
5Myklebusthaug Invest AS78 99.2%47.8% 48.6094 MNOK
6Vidar Eidsvaag Holding AS78 100.0%10.0% 8,119.4454 MNOK
7Taubåtservice Holding AS77 99.9%21.4% 204.5119 MNOK
8Tysse Invest AS76 98.7%38.8% 94.49171 MNOK
9Romy Invest II AS75 98.6%41.0% 71.26417 MNOK
10Chem Tank Invest Xii AS72 100.0%8.7% 114.16288 MNOK
11Sea1 Offshore US Holding AS72 92.9%109.5% 14.1257 MNOK
12Jolis Invest AS71 99.7%13.5% 390.2696 MNOK
13Kistefos Venture Capital AS70 94.8%75.9% 4.45569 MNOK
14PH Invest Herøy AS68 99.7%11.3% 81.3157 MNOK
15Akebakken Invest AS67 95.4%35.0% 11.7620 MNOK
16Chem Anchor Invest Xii AS67 100.0%8.0% 45.4496 MNOK
17Silver Holdings AS65 100.0%3.4% 130.503,133 MNOK
18Aker Capital AS65 99.3%18.2% 8.8032,468 MNOK
19Silver-Holding AS65 93.9%32.6% 13.46265 MNOK
20Silver-Invest AS65 94.1%30.7% 13.13285 MNOK
Show all 100
RankCompanyScoreTotal assets
21Songa Box Holding AS651,078 MNOK
22Aee Invest AS6420 MNOK
23Eidshaug Holding AS6441 MNOK
24Belcem Invest AS64297 MNOK
25Shannon Invest AS6273 MNOK
26Chem Anchor Invest Vii AS6228 MNOK
27Jebsen Junior Invest AS6245 MNOK
28Chem Tank Invest Vii AS62135 MNOK
29Utkilen Holding AS622,462 MNOK
30Vasconia Invest AS61182 MNOK
31Asl Holding AS61161 MNOK
32Kastalia Investering AS6110 MNOK
33Holding Akvaservice AS61193 MNOK
34Tunod Invest AS6028 MNOK
35Belships Holding AS604,503 MNOK
36Elli Invest AS6091 MNOK
37Aker Holding Start 2 AS6012 MNOK
38Chem Tank Invest Xiii AS59147 MNOK
39Kgj Bulk Holding AS591,422 MNOK
40Silver Liner Holding AS58436 MNOK
41Chem Anchor Invest X AS5743 MNOK
42Chem Anchor Invest Xiii AS5654 MNOK
43Rem Offshore Holding AS56976 MNOK
44Kistefos International Investments AS54164 MNOK
45Trg Holding AS547,912 MNOK
46Songa Ship Holding AS531,933 MNOK
47Jaco Invest AS521,062 MNOK
48Agalas Holding AS52107 MNOK
49Chem Tank Invest X AS51155 MNOK
50Klk Investment AS51328 MNOK
51Wallenius Wilhelmsen Ocean Holding AS5137,823 MNOK
52MH Capital AS511,078 MNOK
53Aker Holding AS518,122 MNOK
54Nesttun Invest Shipholding AS50547 MNOK
55Songa Capital AS484,249 MNOK
56Sea Family Holding AS4813 MNOK
57Csl Norse Holdings AS47213 MNOK
58Caiano Invest AS47333 MNOK
59Mra Product Invest AS4754 MNOK
60Hansa Tankers Holding AS4711 MNOK
61Arc Group Holding AS463,957 MNOK
62Aqs Holding AS46510 MNOK
63Sks Tankers Holding AS4649 MNOK
64G2 Ocean Holding AS45285 MNOK
65Marine Holding AS4564 MNOK
66Chem Tank Invest XI AS44140 MNOK
67First Olsen Shipping Invest AS44178 MNOK
68Songa Invest Holding AS433,896 MNOK
69Hordalaks Holding AS42309 MNOK
70TS Shipping Invest AS425,913 MNOK
71Laxevaag Tankers Holding AS42192 MNOK
72Grand Canyon Holding AS42328 MNOK
73Bergshav Invest AS41202 MNOK
74Solstad Brasil Holding AS4191 MNOK
75Jebsen Invest AS4165 MNOK
76Ecogas Holding AS40116 MNOK
77Egd Shipping Invest AS40299 MNOK
78Arriva Holding AS4050 MNOK
79Songa Investments AS391,538 MNOK
80Knutsen Nyk LNG Holding Viii AS38764 MNOK
81Vss Ahts Holdings AS38324 MNOK
82Saf Invest II AS3730 MNOK
83Sognefjord Holding AS3517 MNOK
84Nesttun Tank Holding AS35136 MNOK
85Island Offshore Invest AS3398 MNOK
86Vega Bulk Invest AS3227 MNOK
87IVAR C. Ulvan Holding AS3190 MNOK
88Solstad Shipowning Holding AS312,137 MNOK
89California Invest AS3013 MNOK
90Laxevaag Invest International AS2870 MNOK
91Kistefos Equity Holding AS2750 MNOK
92Bergen Tankers Holding AS27102 MNOK
93Arriva Invest AS2698 MNOK
94Easterly Offshore Investment Partners AS24644 MNOK
95Nye 5 Olsen Holding AS2411 MNOK
96Samba Holding 2 AS2358 MNOK
97Skarv Holding AS23368 MNOK
98Seistar Holding AS211,363 MNOK
99Boreal Holding AS219,604 MNOK
100Sealoading Holding AS20524 MNOK

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

In our articles

All articles

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 yearMedian operating marginMedian equity ratio
2020––
2021––
202211.1%26.4%
202315.8%39.6%
202413.4%41.6%
202514.7%42.1%
2026 · weakest year6.1%38.1%

In 2026, 1 ranked companies did better than the sector, 1 about the same and 0 weaker.

Held up best in 2026

  1. 1Nippon Sanso Europe Ship ASequity ratio 69.9%9.8%

Better than the sector: operating margin at or above the sector median and no loss or negative equity. Weaker: operating margin below the median and a loss or negative equity. Otherwise about the same as the sector. Methodology

Drivers in the sector

Interest rates, prices and exchange rates that shape the sector's year, next to the sector's median operating margin. The drivers are context and are not part of the index.

USD/NOK (kr)

Latest value: 9.46 (2026-10)

USD/NOK fell 3.3% in 2025; the sector's median operating margin rose 1.3 percentage points.

USD/NOK per year and the sector's median operating margin
Measure202120222023202420252026
USD/NOK, annual average8.599.6110.5610.7510.399.54 (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%13.4%14.7%6.1%

Source: Norges Bank (EXR, NLOD 2.0). Source · fetched 3 November 2026

Export price of crude oil (kr per fat)

Latest value: 1,069 (2026M09)

Export price of crude oil fell 17.6% in 2025; the sector's median operating margin rose 1.3 percentage points.

Export price of crude oil per year and the sector's median operating margin
Measure202120222023202420252026
Export price of crude oil, annual average609979877859708881 (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%13.4%14.7%6.1%

Source: SSB (08799, CC BY 4.0). Source · fetched 3 November 2026

When USD/NOK fell in 2025, 407 of 907 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.

02024K442025K102025K202025K312025K412026K122026K252026K3

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

All bankruptcies and liquidations in the sector

Industry codes (NACE)

CodeDescription
50*Hele hovedgruppe 50
50.101Utenriks sjøfart med passasjerer
50.102Innenriks kystruter med passasjerer
50.109Kysttrafikk med passasjerer ikke nevnt annet sted
50.201Utenriks sjøfart med gods
50.202Innenriks sjøfart med gods
50.203Forsyning for offshore
50.300Passasjertransport på elver og innsjøer