Increased operating profit in ocean transport

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Operating profit for enterprises within ocean transport continues to show a positive development. In 2015, it amounted to NOK 21.9 billion, an increase of 10.3 per cent from the previous year. The operating margin was 14.6 per cent, compared with 13.7 per cent in 2014.

Total gross freights, including commission and management fees, for enterprises within ocean transport amounted to NOK 150.1 billion in 2015, compared to NOK 144.6 billion in 2014, an increase of 3.8 per cent.

Contracts of Affreightment (COA) had largest increase

Freight income from contracts of affreightment increased by 44.5 per cent, to NOK 18.1 billion in 2015. In the same period, voyage freights decreased by NOK 12.8 billion, to NOK 31.1 billion in 2015. Norwegian time charterers saw freights rise to NOK 15.2 billion in 2015, an increase of 24.2 per cent.

Growth for general cargo vessels

Freight income from general cargo vessels, which accounted for one third of all income in the water industry division in 2015, increased by 12.5 per cent from the year before, to NOK 36.6 billion. From a growth in 2014, freights from offshore vessels fell by NOK 2.5 billion, to 30.4 NOK billion in 2015.

Reduced bunker costs

Bunker costs decreased by 26.4 per cent in the same period, to NOK 13.8 billion in 2015. In total, costs for renting manned vessels, time charters, went down by 6.5 per cent from the previous year, to NOK 18.0 billion. Bareboat rentals, in total, increased by NOK 4.6 billion, to NOK 8.1 billion. Total operating costs showed an increase of 2.7 per cent from the year before, to NOK 128.2 billion in 2015.

Continued good growth for coastal traffic

The turnover for coastal water transport rose by 7.6 per cent in the same period, to NOK 12.8 billion1 in 2015. Growth was mainly due to the higher income from domestic passenger and domestic freight transport, with increases of 56 and 16.1 per cent respectively from the previous year. Turnover from the car ferry services amounted to NOK 2.4 billion in 2015, approximately the same level as in 2014.

Figure 1. Gross freights, operating costs and operating profit last five years

2011 2012 2013 2014 2015
Total gross freights 103.23 117.67 122.65 133.10 134.62
Total operating costs 99.20 116.07 114.26 124.77 128.19
Operating profit 11.87 11.22 17.51 19.86 21.91

Figure 2. Gross freights last five years, by type of vessel¹

2011 2012 2013 2014 2015
1 Tanker 24.7 26.9 31.1 26.6 30.4
2 Bulk vessel 19.9 21.5 18.4 24.4 14.2
3 General cargo/other dry cargo vessel 29.4 37.6 29.5 32.5 36.6
4 Passasenger vessels 5.0 5.5 5.3 5.5 5.5
Other vessel types² 24.1 24.6 34.2 38.5 33.5
¹ Statistics Norway Classification of type of vessel 2008.
² Includes 5-Offshore vessels, 6-Tug and salvage, 8-Specialized vessels and support, and 9-Other.

1 The figure is corrected.

 

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