News / April 01 2025
Over the last few years, Grieg Maritime Group has made strategic choices that will diversify its business. These are conscious choices based on the cyclical nature of our core business, combined with increased geopolitical fragmentation, amongst other things. We also see opportunities around finding sustainable business solutions, which are economically interesting but also with the purpose of meeting the climate change challenge.
In 2024, all of the company’s smaller business segments: Skarv Shipping, Grieg New Energy, and Grieg Green, took vital steps.
2024 was a demanding year for our core Open Hatch activity, as revenues declined compared to the previous year. Customer supply chain disruptions and various scheduling challenges influenced our vessels’ trading activities. On the other hand, total operating costs showed a positive development, supporting a fleet with good technical standards, good safety parameters and normal on-hire figures.
Energy efficiency is key for both our existing fleet and our newbuildings coming in from 2026. Our newbuilding team works closely with the yard to ensure our new Open Hatch N-class vessels are fuel-efficient. Our decarbonisation team is rolling out new measures to improve the situation of our existing deep-sea fleet.
The Open Hatch segment still accounts for 98% of the group’s total revenues. Total revenues for 2024 were USD 137.3m, down from USD 179.1m in 2023. The primary reason for this was a reduction in Open Hatch freight earnings.
Total operating costs before depreciations decreased in 2024 to USD 111.9m (USD 113.7m). Whilst costs for technical repairs declined, expenses related to crew, food provision, and stores onboard, as well as insurance costs, continued to rise in 2024. Grieg Maritime Group had a loss of USD 15.8m in 2024, after net financial items of minus USD 10.6m.
The Annual Report, published on April 1, show our intention to explain how the company create value for our stakeholders as owners, service providers, and innovators in the maritime industry, as a responsible employer, and as contributors to our society.
During 2024, we have continued our efforts to improve our annual reporting, particularly regarding Grieg Maritime Group’s journey to be CSRD and ESRS compliant. The motivation for improvement is also due to a belief that combining the reporting of our financial, environmental, social, and governance situation is important for the organisation’s behaviour when working for a more sustainable future.
