In 2024, G2 Ocean navigated a volatile market environment impacted by numerous operational issues, geopolitical tension, global inflation, extreme weather events, and new regulatory changes. Despite these challenges, the company expanded into new markets, enhanced its fleet, and introduced new service offerings while maintaining a strong commitment to sustainability and customer satisfaction.
"Our clear strategy, lean business model, skilled team, diversified fleet, and approach to risk management helped us adapt and succeed with numerous projects despite external challenges, highlighting our ability to navigate a volatile business environment," Chief Executive Officer Arthur English said.
Key performance insights
The 2024 Annual Report, released on April 1st, provides stakeholders with valuable insights into G2 Ocean’s financial and sustainability performance, as well as future strategic priorities.
The report outlines various metrics reflecting G2 Ocean's performance in 2024. By the end of the year, the company operated close to 43,000 voyage days, a 5% increase from the previous year. Further, G2 Ocean transported 27 million revenue tons of cargo to over 3,500 ports in more than 60 countries, resulting in a 9% increase in cargo volumes compared to 2023.
These achievements, among others, supported G2 Ocean’s financial performance, ending 2024 with a gross revenue of USD 1,382 million, with USD 392 million distributed to its pool participants, Gearbulk and the Grieg Maritime Group.
Advancements in sustainability
In addition to growing its business, G2 Ocean committed resources in 2024 to develop a robust sustainability strategy. This strategy outlines the company’s objectives, metrics, and action plans across short-, medium-, and long-term horizons to improve performance in key sustainability areas.
Key sustainability achievements in 2024 include adding ammonia/methanol-ready vessels to the fleet, scheduled for 2026/2027, reducing reported injuries among stevedores who handle cargo operations in ports, and developing an ESG and Quality audit program for suppliers.
The company has also been preparing for compliance with the European Union’s Corporate Sustainability Reporting Directive (CSRD). This regulation seeks to standardise and enhance the quality of sustainability reporting, thereby accelerating the transition to a sustainable European economy.
G2 Ocean's 2024 Annual Report is the company's first report compliant with CSRD. The sustainability information in this report has been verified with the highest level of assurance provided for this area, receiving an unqualified opinion from a third-party auditor at the limited assurance level.
G2 Ocean is a global ship operator within the open hatch segment and an expert in cargo handling, trade management and global port operations. Founded as a joint venture (pool company) in 2017 by the ship-owning companies Gearbulk and Grieg Maritime Group, G2 Ocean is committed to providing customers worldwide with safe, reliable, efficient, and flexible shipping services tailored to their needs.
A pool company
G2 Ocean, as a pool company, is responsible for the commercial management of the 90+ vessels delivered to the company’s fleet by its pool participants, Gearbulk and Grieg Maritime Group. G2 Ocean also charters vessels from third parties on a short-term basis. In 2024, on average 25 vessels were chartered in. The commercial management responsibilities of G2 Ocean include customer relationship management, trade management, port operations, cargo handling, business support, and business development.
The pool participants (Gearbulk and Grieg Maritime Group) receive a pool distribution from G2 Ocean dependent on the company’s financial performance and earnings for the provision of vessels. In 2024, G2 Ocean distributed USD 392 million to its pool participants. For more details, please refer to the chapter ‘Financial Statements’ in the 2024 Annual Report.
G2 Ocean is headquartered in Bergen, Norway. To support its customers worldwide with their logistics requirements, G2 Ocean has two hubs in Singapore and Atlanta, as well as 12 representative offices around the world.
