The Star Hansa in sunset at sea.
News / April 19 2023

Exceptional performance during uncertain times

Grieg Maritime Group

Grieg Maritime Group presents the Annual Report for 2022, disclosing a profit before tax of 155.7 mUSD – the strongest result in our history.

The year 2022 delivered improved revenues and lower operating expenses for the Grieg Maritime Group. As a result, our EBITDA increased by 144 per cent, up to USD 202.3m in 2022 (USD 82.7m).

In addition to our core open hatch commercial revenue through G2 Ocean, we divested the Group’s investments in owned and chartered conventional dry bulk vessels. This, together with solid open hatch earnings, resulted in total Group revenues of USD 319.3m, up from USD 214.0m in 2021. Total operating costs before depreciations decreased to USD 117.0m (USD 131.3m).

Financial security and reinvesting

“Our performance in 2022 would not have been possible without the extraordinary efforts of our people and partners. I am extremely proud of the teams working in Grieg Maritime Group and our joint venture G2 Ocean. Despite ongoing complexities related to Covid-19, geopolitical tensions and a busy market, we delivered safe, predictable operations,” says group CEO, Matt Duke.

Before the year started, we expected 2022 to continue the trend from 2021 for stable markets. Instead, the dry bulk market peaked. We hit a period of imbalance in supply and demand, and the resulting utilisation rates of the global bulk fleet led to record earnings.

“A strong 2022 has provided precisely the financial security we need to reinvest into our business, essentially making up the gap in losses we ensured before 2021.” CEO Matt Duke
The CEO at Grieg Maritime Group, Matt Duke.
CEO Matt Duke

Moving towards integrated reporting

The 2022 Annual Report covers our business, strategy, and performance. As a privately owned company, we are not obliged by Norwegian law to publish such an extensive report. Still, we believe it is important to explain how we create value for our stakeholders, not only as an owner and service provider in the maritime industry but also as a responsible employer and contributor to our society.

Also, this year, we have put efforts into progressing our reporting. Moving towards integrated reporting is an important catalyst for the organisation’s behavioural change and long-term thinking when working for a more sustainable future.
We also believe in transparency. A vital part of this is sharing in detail our materiality assessment, stakeholder engagement, partnering initiatives, and ESG status.


Sveinung Tvedt
Head of Communications
Grieg Maritime Group
+47 920 85 926

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