Fratelli Cosulich Group closed 2025 with €1.896 billion in turnover, €58.6 million EBITDA and €20 million net profit, demonstrating resilience despite fuel-price volatility, geopolitical uncertainty and shifting trade routes. The Group continued its strategic expansion through methanol-ready bunker vessels, the launch of Fratelli Cosulich South Korea, the acquisition of Trans Europe Express and investment in maritime intelligence company NAVIMETEO. Under its “Standing Over Waves” strategy, Fratelli Cosulich is strengthening its financial position and marine-energy infrastructure while positioning itself for the shipping industry’s transition toward alternative fuels and digitalisation.
Genoa, Italy | August 11, 2026 – Fratelli Cosulich Group closed 2025 with consolidated turnover of €1.896 billion, EBITDA of €58.6 million and group net profit of €20.0 million, as the diversified Italian maritime and logistics group navigated volatile fuel markets, geopolitical uncertainty and shifting global trade patterns.
The figures, disclosed with the publication of the Group’s 2025 Annual Report, show a business absorbing significant market movements while maintaining operating profitability broadly at the previous year’s level. The report frames the year under the theme “Standing Over Waves”, a reference to the Group’s strategy of remaining financially and operationally steady rather than pursuing growth at any cost.
For a company with substantial exposure to marine energy and bunker trading, the distinction is significant. Turnover in 2025 was influenced by movements in fuel prices, market conditions and the euro-dollar exchange rate, particularly across Marine Energy and bunker trading activities. The headline revenue figure therefore does not, on its own, capture the underlying resilience of the business.
The Group’s EBITDA came in at €58.6 million, compared with €59.7 million in 2024, a relatively modest decline despite a more complicated operating environment. Net profit was €20.0 million, versus €20.6 million a year earlier, while net profit attributable to shareholders of Fratelli Cosulich S.p.A. rose to €15.0 million.
Consolidated net equity reached €256.2 million, while liquid assets stood at €120.0 million, giving the Group a sizeable liquidity cushion as it continued investing in vessels, infrastructure, acquisitions and new markets.
The result marks a different kind of performance story from the high-growth years of the post-pandemic shipping cycle. Fratelli Cosulich entered 2025 with a diversified portfolio spanning marine energy, shipowning, logistics, freight forwarding, maritime services, yachting, IT and digital activities. Its response to a less predictable market was to reinforce that diversification while continuing to allocate capital to areas where it sees longer-term strategic value.
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A year of volatility without a retreat from investment
The Group’s 2025 performance needs to be viewed against the particular economics of marine fuels.
Bunker trading and physical marine-energy businesses are exposed to commodity-price movements, currency fluctuations, freight patterns, regional supply and demand, and changes in vessel routing. A lower turnover figure can therefore reflect falling fuel prices or exchange-rate effects rather than a corresponding contraction in physical activity.
That dynamic was evident in 2025. Fratelli Cosulich reported that its €1.896 billion consolidated turnover was affected by fuel prices, market dynamics and the euro-dollar exchange rate, with Marine Energy and bunker trading particularly exposed to those variables.
Yet profitability proved considerably more stable.
The Group’s EBITDA of €58.6 million was substantially in line with 2024’s €59.7 million. The comparison is notable because the previous year itself had been described by the Group as a period of consolidation, with 2024 turnover exceeding €2.1 billion and EBITDA of €59.7 million.
In other words, Fratelli Cosulich’s 2025 story was not principally about defending revenue. It was about protecting the quality of earnings while continuing to reshape the business.
That strategy is visible in the capital deployed during the year and in the Group’s expansion across both geography and business lines.
Marine energy remains at the centre of the transition
For the bunker industry, perhaps the most consequential element of the 2025 report is the continued investment in vessels and infrastructure designed around the changing marine-fuel mix.
Fratelli Cosulich has been expanding its bunker-tanker fleet while positioning itself for a market in which conventional marine fuels increasingly coexist with methanol, biofuels and other lower-carbon alternatives.
The most visible symbol of that strategy was Maya Cosulich, launched in October 2025 at Taizhou Maple Leaf Shipyard in China.
The vessel is a 7,990-DWT IMO II chemical bunker tanker with methanol dual-fuel capability, diesel-electric propulsion, onboard battery storage and two mass-flow meters. Fratelli Cosulich describes the vessel as the world’s first methanol-powered IMO II chemical bunker tanker. The company said Maya Cosulich was designed to comply with Singapore’s methanol bunkering requirements and would enter operations in Singapore under a time charter with TFG Marine.
The significance goes beyond a single ship.
A bunker tanker is part of the physical infrastructure that makes an alternative marine fuel commercially usable. The emergence of methanol-fuelled vessels on the deep-sea fleet creates a corresponding requirement for storage, transportation, safety procedures, measurement and ship-to-ship delivery capabilities.
Fratelli Cosulich has been attempting to position its fleet ahead of that demand.
In April 2025, the Group began construction of Anna Cosulich, the first of four methanol-ready IMO II bunker tankers. At 7,999 DWT, the vessel was designed with two mass-flow meters, MarineLINE coating and equipment required for methanol bunkering under applicable local regulations.
The company’s broader fleet programme consequently provides an important physical component to its alternative-fuel strategy: vessels capable of adapting as the marine-energy market evolves, rather than assets locked exclusively into today’s bunker grades.
That flexibility is increasingly valuable as shipowners confront uncertainty over which combination of fuels, technologies and regulatory pathways will dominate the next decade.
Singapore remains a strategic laboratory for marine fuels
The Group’s focus on Singapore is particularly important to its marine-energy strategy.
Singapore is one of the world’s most important bunkering centres, and the port has become a major testing ground for the practical deployment of alternative marine fuels.
Maya Cosulich’s planned operations there place Fratelli Cosulich directly within that transition. The vessel’s design incorporates methanol bunkering capability alongside the equipment required for conventional operational efficiency and fuel measurement.
This reflects a broader reality in the bunker market: the transition is unlikely to occur through an overnight replacement of conventional fuels.
Instead, suppliers are having to operate across multiple fuel pathways simultaneously. Existing demand for conventional marine fuels remains substantial, while customers increasingly require access to biofuels and other lower-emission options. Infrastructure therefore has to become more flexible before the market itself becomes fully predictable.
Fratelli Cosulich’s fleet investments are an attempt to address precisely that problem.
Expanding the trading footprint into South Korea
The Group also expanded its marine-energy footprint geographically during 2025 with the establishment of Fratelli Cosulich South Korea.
The Seoul operation represented the Group’s entry into its 11th country for marine-energy activities, with a trading team assembled from experienced personnel from its Hong Kong and Singapore offices.
South Korea is strategically significant to marine fuels because of its position within the Asian shipping, refining and shipbuilding ecosystem. Establishing a local trading presence gives Fratelli Cosulich proximity to customers and counterparties in one of the world’s most important maritime regions.
The move also illustrates the logic behind the Group’s geographic strategy: build local commercial capability while connecting it to an established international trading network.
For a bunker trader, proximity matters. Physical supply may be local, but the commercial decision-making behind a bunker stem can involve vessel schedules, price exposure, credit, currency, regional availability and alternative-fuel requirements spread across several jurisdictions.
A Seoul-based team extends the Group’s ability to participate in that network.
Logistics diversification adds another layer of resilience
The 2025 expansion was not confined to marine energy.
In October, Roadliner, part of the Fratelli Cosulich Group, acquired Trans Europe Express (TEE), a freight-forwarding company based in Warrenpoint, Northern Ireland.
TEE, founded in 1990, has a strong position in the Scandinavian trade lane and Northern Ireland’s port community. Fratelli Cosulich said the transaction would strengthen Roadliner’s European network and provide access to customers and partners in Scandinavia and Northern Ireland.
The acquisition fits the Group’s wider effort to operate across interconnected parts of the logistics chain.
That diversification has strategic value at a time when trade routes are being reshaped by geopolitical developments, disruptions and changing cargo flows. A company active across shipping, marine energy, freight forwarding, logistics and related services can potentially capture value at several points in the supply chain rather than relying on a single market cycle.
It is also consistent with the direction set out in the Group’s 2024 strategy, when Fratelli Cosulich described its ambition to build a more diversified logistics platform through investment, acquisitions and integration.
From bunker trading to maritime intelligence
Another 2025 transaction points to a less visible but increasingly important area of maritime infrastructure: information.
In December, GeneSYS Informatica, the Group’s digital business, acquired a 51% stake in NAVIMETEO, an Italian company specialising in weather and oceanographic services for maritime operations.
NAVIMETEO provides weather routing, forecasting and risk-management services to commercial shipping, cruise operators, yachting companies, ports and marine infrastructure. Its services are designed to support operational decisions involving safety, efficiency and navigation.
For Fratelli Cosulich, the investment expands its maritime technology capabilities while creating potential links between digital services and its operational businesses.
The rationale is particularly relevant to a maritime group whose activities increasingly depend on real-time information.
Weather affects vessel routing, fuel consumption, port calls, voyage planning and operational risk. Digital intelligence therefore has a direct commercial connection to physical shipping operations.
The NAVIMETEO transaction gives the Group another specialist capability that can sit alongside its broader maritime and logistics portfolio.
AI as an operational tool, not an end in itself
The 2025 Annual Report also places artificial intelligence within this broader transformation.
Rather than presenting AI as a standalone strategic destination, Fratelli Cosulich describes it as a practical tool capable of supporting operations.
That distinction is important for a maritime group.
Shipping remains a heavily operational industry in which technology must ultimately function around vessels, ports, cargoes, crews, suppliers and customers. The commercial value of AI is therefore likely to depend less on novelty than on its ability to improve forecasting, process information, support decisions and reduce friction between different parts of an organisation.
Fratelli Cosulich’s approach is consistent with its effort to integrate technology into an existing maritime and logistics platform rather than treating digitalisation as an isolated business.
The acquisition of NAVIMETEO reinforces that direction, adding specialised maritime intelligence to the Group’s digital perimeter.
A diversified balance sheet becomes part of the strategy
The financial numbers help explain why the Group can continue investing while navigating market uncertainty.
With €120 million of liquid assets and €256.2 million of consolidated net equity, Fratelli Cosulich ended 2025 with a balance sheet that supports continued investment.
That matters in marine energy, where the transition toward alternative fuels is capital intensive.
New bunker vessels require substantial upfront investment. So do terminals, fuel-handling systems, safety procedures, digital infrastructure and market-entry operations. At the same time, the commercial case for individual alternative fuels can change rapidly as regulation, vessel ordering, fuel availability and production economics evolve.
A strong liquidity position therefore provides more than financial comfort. It can give a marine-energy company the ability to commit capital before a market becomes fully mature.
The Group’s investment in methanol-ready tonnage illustrates that approach.
“Standing Over Waves” as a business strategy
The phrase chosen for the 2025 Annual Report, “Standing Over Waves”, is more than a corporate metaphor.
Fratelli Cosulich introduced the concept against a backdrop of macroeconomic volatility, geopolitical tensions, shifting investment conditions and changing trade routes. The Group describes the idea as remaining steady and clear-sighted while the environment around it changes.
The language is particularly apt for a business exposed to maritime cycles.
Bunker markets can change with crude prices and refining economics. Shipping routes can change because of geopolitical events. Currency movements can materially alter reported revenue. Alternative fuels can create new opportunities while simultaneously requiring significant capital and operational preparation.
The response outlined in the report is therefore neither retrenchment nor uncontrolled expansion.
It is consolidation combined with targeted growth.
The Group simplified parts of its structure, strengthened internal processes and continued investing in assets and businesses where it sees strategic potential. That includes marine-energy tonnage, new geographic markets, logistics acquisitions and digital maritime services.
The numbers behind the message
The 2025 results can be summarised as follows:
- Consolidated turnover: €1.896 billion
- EBITDA: €58.6 million
- Group net profit: €20.0 million
- Net profit attributable to Fratelli Cosulich S.p.A. shareholders: €15.0 million
- Consolidated net equity: €256.2 million
- Liquid assets: €120.0 million
The comparison with 2024 is revealing. Turnover declined from more than €2.1 billion in 2024, while EBITDA slipped only marginally from €59.7 million to €58.6 million and net profit moved from €20.6 million to €20.0 million.
That indicates a year in which the Group absorbed a substantial change in revenue conditions without a corresponding erosion of operating earnings.
For marine-energy observers, the result is especially relevant because bunker trading is inherently sensitive to commodity prices. Revenue can rise or fall significantly without necessarily indicating an equivalent change in volumes or profitability.
The more useful indicator in this context is the Group’s ability to preserve margins while continuing to invest.
The next test: turning optionality into returns
Fratelli Cosulich enters the next phase with a portfolio that is broader than the traditional bunker supplier model.
Its marine-energy operations are being developed alongside logistics, shipowning, maritime services, digital technology and other activities. The Group says it now operates through more than 130 companies across 28 countries and 15 business units, with more than 2,500 employees worldwide.
The challenge will be converting that breadth into sustained commercial advantages.
In marine fuels, the immediate question is how quickly demand for methanol and other alternative fuels develops relative to the capital being committed to the infrastructure required to supply them.
Maya Cosulich provides a tangible answer to part of that question: the infrastructure is already being built.
The wider fleet programme provides another.
The expansion into South Korea provides geographic optionality, while the NAVIMETEO acquisition adds a data and decision-support capability. The Trans Europe Express acquisition extends the logistics network.
Taken together, these moves suggest a company seeking to build resilience not through a single bet, but through a combination of assets, markets and capabilities.
That may ultimately be the most important message contained in the 2025 Annual Report.
A bunker company preparing for a different fuel market
The marine-fuel business is entering an era in which the definition of a bunker supplier is becoming broader.
The traditional model, procure fuel, manage price and credit exposure, arrange delivery and supply the vessel, is being supplemented by new requirements: alternative-fuel expertise, compliant delivery infrastructure, mass-flow measurement, safety procedures, digital tools and increasingly sophisticated customer support.
Fratelli Cosulich’s 2025 investments point in that direction.
Maya Cosulich embodies the physical transition. The four-vessel methanol-ready programme creates additional fleet flexibility. South Korea expands trading reach. NAVIMETEO adds maritime intelligence. The logistics acquisitions broaden the Group’s exposure to the movement of goods beyond marine fuels.
The result is a business positioning itself not simply to survive volatility, but to participate in the structural changes that volatility is accelerating.
That is the deeper meaning of “Standing Over Waves.”
For Fratelli Cosulich, standing firm does not mean remaining static. It means maintaining the balance sheet, protecting profitability, investing selectively and keeping enough strategic flexibility to move when market conditions change.
In a marine-fuel industry increasingly defined by uncertainty over prices, routes, regulations and fuel technologies, that flexibility may prove as valuable as scale.
Fratelli Cosulich’s full 2025 Annual Report is available through the Group’s official portal.
Fratelli Cosulich Group in Brief
Founded in 1857, the Fratelli Cosulich Group has grown into a global maritime powerhouse, with over 130 companies across 27 countries in Asia, Europe, and the Americas. Still family-owned and operated by its seventh generation, the Group encompasses 14 business units ranging from shipping and logistics to technology, catering, and manning, offering comprehensive services across the maritime value chain.
Marine Energy | Fratelli Cosulich
Established in 1969, Marine Energy | Fratelli Cosulich is a trusted leader in global marine fuels, specializing in bunker trading, physical supply, shipowning, ship management, and alternative fuel solutions. Operating through 11 international offices with a team of over 100 professionals, the division provides high-quality bunker fuel supply in key ports such as Singapore and Genoa, underpinned by ISCC Certification for sustainability and traceability in biofuels.
With ongoing investments in methanol-ready vessels and the expansion of its Small-Scale LNG fleet, Fratelli Cosulich Marine Energy remains at the forefront of the global energy transition, delivering safe, efficient, and environmentally responsible solutions for the maritime industry.
Source: Fratelli Cosulich Marine Energy