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Fratelli Cosulich Group reported a net profit of €20.6 million ($23.52 million) for 2024, with its Marine Energy division contributing €5.6 million ($6.39 million).
The bunker trading business remained stable despite increased competition and growing pressure on margins, the company stated in its annual report published on Thursday.
The Marine Energy unit also recorded an EBITDA of €28.1 million in 2024, up from €17.1 million in 2023. At the same time, its net profit was slightly lower compared to €6.6 million in 2023.
The firm’s bunker unit achieved an average margin of about $5.8/mt in 2024, slightly up from $5.6/mt in 2023, despite tightening conditions across global marine fuel markets.
It says total bunker volumes were similar to 2023.
As part of its expansion strategy, the group established Fratelli Cosulich Korea LLC in 2024, reinforcing its presence in a region of growing strategic importance. The firm also secured term supply contracts with refineries in both South Korea and India.
Group-wide, Fratelli Cosulich reported €59.7 million in EBITDA and turnover exceeding €2.1 billion, underpinned by diversification across shipping, logistics, steel, and digital services.
“Another intense year comes to a close. 2024 came after a cycle of extraordinary results, Augusto Cosulich, chairman of Fratelli Cosulich Group, said.
We didn’t try to chase last year’s numbers.
“We focused on making the right moves, at the right time, for the long term.
“We also placed orders for four methanol-ready barges in Singapore.”
“This is our approach to sustainability: invest now to be ready when the market will demand for it.”
Fratelli also announced 64% of its bunker tankers in operations or under construction are equipped to supply methanol or LNG.