Genoa, Italy – Fratelli Cosulich, a diversified multinational Group, concluded an “intense” and strategically significant 2024, reaffirming its commitment to innovation, growth, and shaping the future of the maritime, logistics, and energy sectors. Guided by its 2023 slogan, “Empowering business ideas”, and looking ahead to 2025 under the banner “Bridging to Solutions”, the Group’s annual report highlights a year marked by substantial investments aimed at building long-term resilience and market leadership.
This year’s Annual Report also marks a major milestone in the Group’s sustainability journey: for the first time, Fratelli Cosulich has published a comprehensive Sustainability Statement, developed in full accordance with the Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS) — a demonstration of the Group’s growing commitment to transparency, environmental impact, and responsible governance.
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Chairman’s Vision: Building Bridges, Not Chasing Records
Chairman Augusto Cosulich reflects “We didn’t chase records in 2024 — we focused on building bridges: between companies, competencies and generations. Our identity as a diversified and independent family-owned group remains central to everything we do.”
Overall Group Performance: Solid Margins Amid Strategic Investments
Despite operating in the wake of a cycle of extraordinary results, Fratelli Cosulich maintained a focus on “making the right moves, at the right time, for the long term.” The Group reported solid margins and stable cash flows, with its public credit rating reaffirmed at BB with a stable outlook.
Key financial highlights for 2024:
- EBITDA: €59.7 million — the second-highest in the Group’s history, up from €49.9 million in 2023.
- Net Profit: €20.6 million — down from €30.2 million in 2023, due to the Group’s robust investment cycle, which increased depreciation and financial charges.
- Turnover: €2,143.39 million — a 13% increase from €1,899.95 million in 2023, driven by consolidation scope expansion and forwarding activity growth.
- Net Equity: €267.7 million — up from €249.9 million, reflecting reinvestment and long-term value creation.
- Net Financial Position (NFP): -€130 million — indicating increased net debt tied to strategic investments. Nevertheless, the NFP-to-non-current fixed assets ratio remained stable, underscoring the capital structure’s strength.
- Workforce: 2,150 employees — up from 1,620 in 2023, including subsidiaries and affiliates.
- Group Structure: Now composed of 142 companies, supporting a growth strategy through acquisitions and business creation.
Notable developments included the majority stake acquisition in TRASGO, via a joint venture with COSCO Shipping Europe, strengthening its logistics vertical. Other acquisitions and formations included STIB S.r.l., Fratelli Cosulich South Korea LLC, Lorma Logistic, AL Steel Logistic S.r.l., VLV S.r.l., Schiavetti Enzo S.r.l., CISCATO & Company S.r.l., and the Balkan holding company Fratelli Cosulich Adriatic D.o.o.
The Marine Energy business unit — alongside Manning & Training and Shipowning — is overseen by Group CEO Timothy Cosulich, who continues to steer the company’s energy and operational transformation with a forward-looking approach.
Marine Energy & Bunkering: Leading the Decarbonization Wave
The Marine Energy business unit sustained solid performance in a competitive and evolving market. While margins were under pressure, bunker trading results matched the previous year, bolstered by global reach, integration, and adaptability.
Key developments in Marine Energy and Bunkering:
- EUA Trading Desk: Successfully launched, managing over 100,000 allowances and supporting compliance with EU environmental regulations — bridging commercial outcomes with sustainability.
- Global Expansion: Expanded into Korea via Fratelli Cosulich Korea LLC, and secured term contracts with refineries in Korea and India. New credit lines were established in the Caribbean and South America, further diversifying trading operations.
- Future Fuels: Preparing to offer ULSFO and biofuels in Genoa by 2025, aligning with the energy transition in shipping.
- Methanol-Ready Barges: Ordered four methanol-ready bunker barges in Singapore — a clear sign of commitment to sustainability and readiness for alternative fuels. This strategic investment reflects growing collaboration between the Marine Energy and Shipowning units.
- Financials: EBITDA of €28.1 million and Net Result of €5.6 million in 2024, across 13 countries and 12 companies.
- Sustainability Integration: 61% of bunker tankers in operation or on order are equipped for LNG or methanol. Efforts include SEEMP-driven corrective actions, annual vessel energy reviews targeting minimum 3% EEOI improvements, and crew training for alternative fuel delivery in Singapore.
- Industry Engagement: Actively involved in climate initiatives. The Group holds a seat on the IBIA board, participates in Singapore Shipping Association (SSA) committees on Marine and Alternative Fuels, and contributes to technical working groups on methanol and ammonia bunkering.
- Pollution Prevention: Operates under an Integrated Management System (including ISO 14001), covering air emissions, MARPOL-compliant waste handling, Oil Record Book usage, and oil spill emergency procedures.
Shipping Activities: Reliability, Relationships, and Specialized Services
The Shipping business unit showed adaptability amid market complexity, leveraging strong customer relationships and local expertise.
Key highlights:
- Liner Agency Growth: Saw volume growth from Italian ports through niche, time-sensitive services. A new Salerno route by CTN Tunis enhanced the Group’s South Med presence.
- Tramp Agency Expansion: Entered new market segments and deepened ties with shipowners/charterers. Successfully coordinated gas carrier calls at the FSRU Toscana terminal in Livorno, underlining competence in high-complexity maritime logistics.
- Strategic Acquisition: Acquired the remaining 60% of Ciscato & Company S.r.l., expanding its Northern Italy agency footprint.
- Portfolio Development: Marlines refined its offerings, enhancing service to international clients in highly specialized areas.
- Financials: EBITDA of €7.3 million and Net Result of €3.9 million, with 15 companies operating in 5 countries.
Shipowning: Diversified and Future-Ready Fleet
Fratelli Cosulich’s shipowning segment made strategic progress in 2024, integrating LNG and dry bulk operations under a unified, future-focused fleet management strategy.
Key highlights:
- LNG Fleet: The Alice Cosulich and Paolina Cosulich LNG bunker vessels completed their first joint operational year and turned a profit. M/V Paolina Cosulich, delivered in February 2024, is chartered to Petronas.
- New Vessels: Delivered the M/V Marta Cosulich (methanol-ready IMO II tanker) in May 2024, and placed orders for four new IMO II tankers, reinforcing long-term investment in this segment.
- Dry Bulk: Despite market downturns, the Group secured stable agreements, acquired ASG Portofino and M/V Kherson, and maintained vessel employment. Scheduled dry docks ensured reliability.
- Synergies: Collaborated closely with Shipmanagement and IT teams to enhance onboard safety, efficiency, and digital connectivity.
- Financials: EBITDA of €1.9 million and Net Result of €1.2 million, with operations in 4 companies across 3 countries.
Fratelli Cosulich Group – A Bridge to the Future
Fratelli Cosulich’s 2024 report marks a pivotal year, reinforcing its vision to build an interconnected system — “like the structure of a bridge” — linking past achievements with future ambitions. The Group is not merely responding to change, but actively shaping the maritime and energy transition through strategic investment, sustainable technology, and ethical leadership.
Its 2025 vision, “Bridging to Solutions”, signals an even more unified approach to solving complex challenges through innovation, collaboration, and long-term value creation.
Source Fratelli Cosulich Group
Editorial Note: As a bunkering-focused news platform, we’ve concentrated our coverage on the core Group overview and two of its most relevant divisions — Marine Energy and Shipping — which directly impact the bunkering and maritime industries. While Fratelli Cosulich operates across several other sectors, this focused reporting reflects the interests and needs of our readers.