Norway’s fishing fleet saw a slight rise in profitability in 2024, according to new figures from the Directorate of Fisheries. The overall operating margin increased from 17.3 per cent in 2023 to 18.8 per cent in 2024.
Operating income, adjusted for inflation, fell from NOK 29.7 billion in 2023 to NOK 27.8 billion in 2024. Total operating costs reached NOK 22.6 billion, leaving the fleet with an operating profit of NOK 5.2 billion.
The offshore fleet Shows Strong Gains
The offshore fleet recorded the sharpest improvement. Its operating margin rose from 17.2 per cent in 2023 to 22.5 per cent in 2024.
Trawler vessels for cod, purse seiners, and crab boats all reported higher margins. By contrast, conventional offshore vessels and pelagic trawlers saw declines.
Ring net purse seiners stood out with a margin of 32.5 per cent, the highest across all vessel groups and the best result for this fleet since 2011.
Coastal Fleet Faces Decline
Coastal vessels as a whole experienced weaker results. Their operating margin dropped from 17.4 per cent in 2023 to 11.6 per cent in 2024. The fall was most severe in bottom fisheries, where margins fell from 14.8 per cent to 8.1 per cent.
Smaller conventional coastal vessels under 11 metres were hit hardest, with margins down from 12.6 per cent to 3.5 per cent.
Bright Spot for Shrimp Trawlers
Not all coastal fleets struggled. Shrimp trawlers reported a sharp rise in profitability, with margins climbing from 5.6 per cent in 2023 to 16.1 per cent in 2024 – the highest ever recorded for this group.
Pelagic coastal vessels also saw mixed results. While the group’s margin fell from 24.4 per cent to 19.2 per cent, smaller coastal net vessels under 11 metres bucked the trend, increasing both income and reducing costs.