Grieg Maritime Group delivered a profit before tax of 30.7 million dollars in 2023, equivalent to 336 million kroner.
The Norwegian company has now ordered four energy-efficient newbuildings for the sea fleet, and four similarly efficient ships for coastal shipping. This happens together with Peak Group through the joint company Skarv Shipping.
– 2023 turned out to be a financially strong year for us, says CEO Matt Duke in a press release.
Most of the group’s income, which was NOK 1.96 billion last year, comes from shipping income:
This is shown in the annual accounts of Grieg Maritime Group
- With a consolidated pre-tax profit of USD 30.7 million, 2023 was a strong year for Grieg Maritime Group.
- Most of the group’s income comes from shipping income, recorded as rental income in the accounts. In 2023, total revenues amounted to $179.1 million, down from $319.3 million in 2022.
- With revenues significantly lower than the decline in operating costs, group EBITDA was reduced to USD 65.4 million in 2023 (USD 202.3 million in 2022).
- The group’s operating profit ended at $33.2 million ($170.6 million) in 2023. That brings the group’s equity ratio up to 62% excluding dividends, compared to 53% in 2022.
Bet green
– After all, 2023 turned out to be an economically strong year for us. We expected a lower result than 2022, which was an all-time high, delivering $30.7 million before tax. The decline is mainly due to the Open Hatch market slowing down after the peak in 2022. Since our operation is weighted towards long-term contracts, the swings are less dramatic and there is a delay associated with the ups and downs of the market, explains Duke.
The company continues its green investment. The sea fleet is getting a new N-class, so-called PulpMax vessels.
– They will be far more energy efficient than our current vessels. In addition, they are well on their way to being ready for their next fuel, whether it’s green ammonia, methanol or carbon capture and storage. Where our industry is now, fuel flexibility is critical to success, says Matt Duke.
The Grieg group was founded in 1962 and has its head office in C. Sundts gate. They are a family-owned maritime group with global operations, with roots going back to 1884. Subsidiaries are Grieg Star and Star Shipping, and a number of other business enterprises.
Tags: Economy business News Solid year family company Profit million
