Fratelli Cosulich marine energy unit records EUR 5.6 million profit in 2024

Genoa-based international shipping and logistics company Fratelli Cosulich Group on Thursday (31 July) recorded EUR 59.7 million (USD 69.1 million) in EBITDA in 2024, the second-best result in the group’s history. 

It recorded a net profit of EUR 20.6 million with its marine energy business unit delivering EUR 5.6 million. The unit also achieved EUR 28.1 million in EBITDA.  

“In 2024, the Marine Energy business unit confirmed its ability to maintain solid performance in a highly competitive and rapidly evolving environment,” the company said in its 2024 Annual Report. 

“Bunker trading results remained in line with the previous year, despite growing pressure on margins and the continued entry of new players into the market. Our ability to adapt, supported by our global reach and integrated structure, once again proved crucial.”

The company highlighted its key milestone in 2024 was the operational launch of its EUA trading desk, which during the year managed over 100,000 allowances, supporting customers’ compliance with EU regulations. 

Strategically, Fratelli Cosulich expanded its presence by completing the establishment of Fratelli Cosulich Korea LLC, reinforcing its position in a region of growing relevance.

“Throughout the year, we also secured term contracts with local refineries in Korea and India, while opening new credit lines in the Caribbean and South America to diversify trading activities,” it added. 

On the physical delivery side, the company is prepared to offer ULSFO and biofuels in Genoa by 2025 — an important step aligned with the evolving energy mix of global shipping.

Augusto Cosulich, Chairman of Fratelli Cosulich Group, also highlighted the group’s 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. We want to play our part in leading the change in the shipping industry,” he said. 

The report further elaborated that among the alternative fuels gaining traction, methanol is becoming a realistic option for many shipowners. 

“Its advantages are clear: compatibility with existing infrastructure, relatively easier storage and handling, and growing availability in major global ports. Singapore, where the Group is consolidating its operations, is one of the places where methanol bunkering is most likely to scale in the coming years,” the company said. 

The Group’s report also featured its first complete Sustainability Report. Highlights of it include 64% of its bunker tankers in operation or under construction are already equipped to supply lower-emission fuels such as LNG or methanol.

Photo credit: Fratelli Cosulich
Published: 4 August, 2025