Fratelli Cosulich Group reported group-wide EBITDA of €58.6 million ($67.6 million) for 2025, with its Marine Energy division contributing €16.8 million ($19.4 million) in EBITDA, according to the company's annual report published yesterday.

The group-wide result was broadly unchanged from €59.7 million in 2024, even as consolidated turnover declined 12% to €1.896 billion. The group attributed the revenue decline to the nature of its marine energy and bunker trading activities, where turnover is influenced by fuel prices, market dynamics, and the euro-dollar exchange rate.

Marine Energy Performance

The Marine Energy division's EBITDA of €16.8 million in 2025 marked a significant drop from €28.1 million in 2024, though it remained close to the €17.1 million recorded in 2023. The year-over-year decline of roughly 40% underscores the volatility inherent in bunker trading, where margins per metric ton are characteristically thin and profitability is highly sensitive to swings in oil prices and freight market conditions.

The group posted a net profit of €20 million in 2025, down slightly from €20.6 million in the prior year.

"Bunker Trading revenue, the Group's core activity, at the end of the year stood at approximately EUR 1.382 million compared to approximately EUR 1.638 million in 2024," the report stated.

Trading volumes handled during 2025 were in line with the previous year. The bunker unit achieved an average margin of approximately $5.9/mt, up modestly from $5.8/mt in 2024 and $5.6/mt in 2023.

Operational Highlights

Key developments during the year included:

• Fratelli Cosulich Korea LLC: The group established this new entity to develop the local marine fuel business and bunker trading activities in South Korea, home to Busan, one of the world's largest bunker ports by volume.
• Maya Cosulich delivery: The group's first methanol-powered IMO II chemical bunker tanker was delivered in 2025, positioning the company to support growing shipowner demand for methanol as a marine fuel as the shipping industry pursues decarbonization goals under the International Maritime Organization's greenhouse gas reduction strategy.
• Newbuild fleet expansion: The group is developing bunker tankers capable of carrying fuel oil, biofuels up to B100, and methanol, with additional 7,999 DWT IMO II chemical bunkering tankers planned.
• Alternative fuels: The group continued developing trading and supply capabilities for alternative fuels, including biofuels and methanol.

Leadership Commentary

"Some years moved in a straight line. 2025 did not," said Augusto Cosulich, chairman of Fratelli Cosulich Group. "It was a year shaped by uncertainty: economic, geopolitical, operational."

"Financially, we remain on solid ground," he continued. "EBITDA is in line with last year's performance, confirming the strength of a diversified Group that knows how to adapt."

"But behind the numbers, what really changed was our posture. We reduced the number of companies, in order to create more integration," Cosulich added. "An example: we integrated our manning and training teams under the single ship management unit."