Fratelli Cosulich Group’s Marine Energy division generated €16.8 million ($19.4 million) in EBITDA during 2025, according to Ship & Bunker. The figure forms part of the group’s overall EBITDA of €58.6 million ($67.6 million), which remained broadly stable compared to €59.7 million in 2024, despite consolidated turnover dropping 12% to €1.896 billion, as reported in the company’s annual report published this week.
The Genoa-based group said the revenue decline should be understood in the context of marine energy and bunker trading operations, where turnover is heavily influenced by fuel prices, market dynamics, and euro-dollar exchange rate fluctuations, Ship & Bunker reports.
Marine Energy Performance Trends
The Marine Energy division’s 2025 EBITDA of €16.8 million represents a decline from €28.1 million in 2024, though it remains above the €17.1 million recorded in 2023, according to the report. Bunker Trading revenue, described as the group’s core activity, stood at approximately €1.382 billion by year-end, down from around €1.638 billion in 2024.
Despite the revenue contraction, the bunker unit’s average trading margin improved slightly to approximately $5.9 per metric ton in 2025, up from $5.8/mt in 2024 and $5.6/mt in 2023. Ship & Bunker notes that tonnage handled during the year remained consistent with 2024 levels.
The group posted a net profit of €20 million in 2025, a modest decrease from €20.6 million the previous year.
Fleet and Market Expansion
According to Ship & Bunker, Fratelli Cosulich established Fratelli Cosulich Korea LLC during the year to grow its local marine fuel and bunker trading presence. The company also took delivery of the Maya Cosulich, described as the group’s first methanol-powered IMO II chemical bunker tanker.
The report indicates the group is developing additional bunker tankers capable of carrying fuel oil, biofuels up to B100, and methanol, with further 7,999 DWT IMO II chemical bunkering vessels planned. The company continued expanding its trading and supply capabilities for alternative fuels, including biofuels and methanol, Ship & Bunker reports.
Chairman Augusto Cosulich characterized 2025 as a year of operational restructuring rather than straightforward growth. “Some years moved in a straight line. 2025 did not,” he said, according to Ship & Bunker, citing economic, geopolitical, and operational uncertainty. Cosulich added that the group reduced its number of subsidiary companies to improve integration, including merging manning and training teams under a single ship management unit.
Does This Matter to You?
These results offer insight into bunker trading margin trends and fleet development among major suppliers navigating volatile fuel markets and exchange rate pressures. The stable-to-improving margin per ton, despite lower overall trading revenue, may be of interest to those tracking supplier profitability dynamics. The continued investment in methanol and biofuel-capable tonnage also reflects ongoing shifts in alternative fuel logistics infrastructure that could influence future bunkering options in relevant trading regions.
Gulf Bunkering does not provide operational or security guidance. This article is for informational purposes only. Operators should consult flag state authorities, P&I clubs, and relevant advisories for decisions relating to transit planning.
Sources: Ship & Bunker
