News / April 30 2026
Grieg Maritime Group delivered improved financial results in 2025 amid increased geopolitical uncertainty, regulatory pressure, and market complexity.
The 2025 Annual Report shows we strengthened our finances and kept investing in safety, renewing our fleet, investing in new business areas, and building long-term resilience.
We made a profit before tax of USD 7.1 million in 2025, after a loss last year. Revenue rose to USD 159 million from USD 137 million in 2024, driven by more stable trade patterns, fewer operational disruptions and improved fleet utilisation in the open hatch business.
Operating profit rose to USD 14.9 million, and EBITDA reached USD 44.5 million. This reflects stronger earnings and better finances. Costs also increased in some areas, such as payroll and administration, as we prepared for increased activity and new vessels.
CEO Matt Duke describes 2025 as a year marked by both improvement and increased external pressure.
“The operating environment for shipping has become more complex in recent years,” Duke says, pointing to geopolitical tensions, regional conflicts and continued instability in key trade routes.
Against this backdrop, our focus has been on what we can influence directly. “For us, this means staying focused on running safe, reliable and efficient operations, supporting our customers and continuing to position the business for the future,” Duke says.
The Annual Report also documents how improved operational stability translated into stronger results. We see more stable trade patterns, fewer disruptions and better fleet utilisation as key drivers behind the improved performance in the open hatch business. This, he notes, strengthens what was already a sound financial position and enables continued investment with a long‑term perspective.
“We continue to pursue our long‑term ambition of reaching net‑zero CO₂ emissions by 2050,” he says, while acknowledging that international regulatory progress has been slower than many had hoped. “Despite that, our direction remains unchanged. We believe shipping must continue to move forward on decarbonisation, both because it is the right thing to do and because it will shape competitiveness over time. Every drop of fuel saved is both good for our bottom line and for the environment.”
Duke stresses that reporting itself plays a strategic role. “A key tool in our ESG work is the improvement and integration of our sustainability reporting, helping ensure that long‑term value creation, risk management and strategic priorities are more closely aligned,” he says.
