Lauritzen Bulkers has announced its 2025 financial results, closing a year characterised by rapid market shifts, tariff-related disruptions, and heightened geopolitical uncertainty. In this environment, we delivered record-high activity levels and solid commercial performance with improved contribution margins.
The reported net result of USD -5.6 million was influenced by one-off factors, including a tax adjustment and a goodwill write-down related to the acquisition of parcelling activities impacted by U.S. tariffs.
Excluding extraordinary items and unrealised hedging adjustments, the underlying trading and operator business was profitable, with our short-term trading book delivering a net result of USD 6.7 million, and the combined FFA and tonnage book delivering a net result of USD (4.8) million.
In 2025, we increased our operational footprint across all regions and segments, reaching 36,520 vessel days, up from 31,900 in 2024 — the highest activity volume in Lauritzen Bulker’s history. Contribution margins increased to USD/day 2,065, compared with USD/day 1,454 in the prior year.
“The market moved quickly in both directions last year, and our organisation remained steady throughout,” said CEO Martin Sato. “We increased our activity to record levels and achieved higher margins, reflecting consistent and competitive trading execution across our global teams.”
While the dry bulk market was subdued in the first half of the year, freight rates recovered strongly in the second half despite earlier pessimistic expectations. “We managed the volatility by staying focused on our commercial fundamentals and maintaining a disciplined approach to risk,” Sato added. “Our focus remains on delivering reliable service and operating responsibly in all market conditions.” During 2025, we also diversified our business model and advanced long-term initiatives, including integrating new parcelling activities in the Americas and expanding into the ultramax segment.
Source: Lauritzen Bulkers
