NORWEGIAN open-hatch vessel specialist G2Ocean has lamented reduced 2025 revenue due to lower activity across global markets but has reported an improved bottom line thanks to higher freight rates and lower voyage-related costs.
G2Ocean recorded US$1.158 billion in total revenue, US$462 million in income from operations before pool distribution, and US$457 million in distribution to pool participants and joint venture partners, Gearbulk and Grieg Maritime Group — an increase of 16% compared to 2024.
The company, which operates a monthly breakbulk/bulk/project cargo service between the Far East and Australia/NZ, notched up 21.1 million revenue tons of cargo transported, 2,790 port calls across 48 countries, 34,308 voyage days and on average, 96 nominated and chartered vessels in operation.
“Throughout the year, G2Ocean navigated a volatile market environment driven by ongoing security threats in the Red Sea, geopolitical tensions, and shifting trade policies, all of which impacted customer demand, vessel routes, and freight rates,” it said.
Despite these challenges, the company maintained its commitment to service improvement, seeking new opportunities that enabled G2 Ocean to further enhance its offerings, expand into new areas, increase efficiency, and create more value— resulting in strong financial and operational performance.
“Over the years, we have developed an organisation that is highly adaptive, responding effectively to changing.
“Over the years, we have developed an organisation that is highly adaptive, responding effectively to changing circumstances by identifying practical solutions and applying them with rigour. This resilience has proven to be a critical asset, enabling us to navigate a complex global environment with agility,” CEO Arthur English said.
Sustainability remained central to G2 Ocean’s priorities in 2025. Key achievements include:
2.3% improvement in carbon intensity compared to 2024 (nominated fleet)
31% increase in biofuel use compared to 2024
Zero recordable accidents among G2 Ocean’s own workforce
Stevedore injuries reduced by over 50% since 2022. Zero fatalities among stevedores in 2025.
G2Ocean is a joint venture between Gearbulk and the Greig Maritime Group.
Although both partners have Norwegian origins and the company remains based there, Gearbulk is now owned 72% by MOL and 18% by Marubeni Corporation. G2Ocean’s Australian office is based in Port Melbourne.