Achieving the green transformation puts huge financial pressure on Norled
FinanceNorwegian domestic ferry operator Norled Group reported a loss of NOK 894 million in 2025. The substantial negative bottom-line result last year followed an even larger loss of NOK 907 million in 2024. Revenue at the company (branded as Norled), one of Norway’s largest ferry operators with an extensive portfolio of public service contracts, amounted to NOK 2,968 million in 2025, compared with NOK 2,808 million in 2024.
In the 2025 financial report it is noted that, the company has undertaken significant investments in vessels and technology to support new contracts. Some projects have experienced delays and cost increases, affecting the start-up of certain contracts. The implementation of new technologies - particularly battery systems for electrified vessels - has posed challenges and resulted in operational issues at contract commencement.
Delays in phasing in battery-electric high-speed craft resulted in higher-than-budgeted consumption of conventional fuel in 2025. This led to increased energy costs, as diesel-based operations generally carry a higher cost than equivalent operations on electricity.
The group maintains a long-term loan facility with a limit of NOK 8.2 billion, which supports the implementation of its corporate growth strategy. As of 31 December 2025, the Group had NOK 5,834 million in long-term debt to credit institutions, compared with NOK 5,672 million at year-end 2024.
Total investments in the Group were NOK 761 million in 2025 compared to NOK 1,580 million in 2024. These investments primarily relate to the newbuilding programme for vessels, along with the conversion of vessels for electric propulsion and the development of onshore infrastructure for contracts starting in 2024 and 2027.
© Shippax
jul 30 2026
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