Port of Oslo Reports Steady Cargo Growth and Strong Passenger Momentum in its 2025 Annual Report.
The Board is proud of the strong gains in revenues and net operating results. Cargo volume mirrors the broader economy. Despite high costs and limited construction activity, we confidently present robust results.
Port of Oslo Board Chair, Anne Haabeth Rygg
With state-of-the-art infrastructure and high capacity, we are ready to drive both new cargo flows and rising passenger traffic. We remain committed to this direction for the foreseeable future.
Port Director Ingvar M. Mathisen
Market conditions caused fluctuations across cargo categories, but overall growth in 2025 remained steady.
Cargo
Container traffic surged by 10 percent to 262,530 TEU. This momentum emerged without changes in route structures or shipping patterns, reflecting robust cycle-driven trends in international logistics.
General cargo saw a modest increase, driven by regional construction projects and higher volumes of demolition materials and prefabricated building components handled at the port.
Dry bulk volumes rose sharply by nearly 16 percent. The increase was mainly driven by the handling of recyclable materials from major public infrastructure projects in Oslo, including Ring 1 tunnel projects and the new water supply system for Oslo.
Liquid bulk declined by 11.4 percent, continuing a five-year downward trend as demand for traditional fuel products weakens and energy consumption, technology, and storage strategies shift.
Vehicle imports rose by 13.5 percent, peaking at the end of 2025, driven by changes in Norwegian tax and regulatory frameworks. Imports remain dominated by vehicles from Harald A. Møller.
Passenger Traffic Total passenger traffic soared to 6.57 million, marking a 5.6 percent jump from 2024. This growth was fueled by both expanded cruise activity and vibrant local passenger flows.
International passenger traffic rose by 1.7 percent overall. Cruise traffic expanded significantly by 26 percent, while international ferry traffic saw a moderate decline.
Local passenger traffic increased by 7.7 percent, signaling a strong year for scheduled local routes and tourism traffic in Inner Oslofjord.
Operating Revenue
Operating revenues from port operations and leasing activities increased to Nkr. 522 million from Nkr. 469 million the previous year. Net operating profit reached Nkr. 195.4 million, compared with Nkr. 168 million in 2024. Nkr. 135.4 million was transferred to the investment budget, while the remainder was allocated to discretionary reserves.
“Port of Oslo has increased prices steadily in recent years, in line with general inflation. At the same time, port activity developed better than expected throughout the year. Higher port call volumes, stronger cruise and passenger traffic, and increased rental income all contributed to revenues significantly above budget,” says Port Director Ingvar M. Mathisen.
Sales and rental revenues increased by Nkr. 45 million. Leasing activities accounted for approximately Nkr. 6.6 million in total revenue growth.
Starting in 2026, Port of Oslo will lead the way in rewarding environmentally friendly vessels with discounts of up to 100 percent. Cargo ships sailing emission-free will be exempt from quay fees. Bulk and container vessels that use shore power also receive discounts. Higher charges await ships that do not adopt eco-friendly solutions.
High Level of Investment
Major investments are shaping Port of Oslo’s future—new quays, advanced infrastructure, and robust environmental measures. In 2025, Nkr. 338 million was invested, marking a 21 percent rise from the previous year and intensifying capital commitments. Looking ahead, approximately Nkr. 1.3 billion will be invested over 2025-2027, including the rehabilitation of Kneppeskjær Øst quay to support CO2 shipments from the Klemetsrud carbon capture facility.
The average return on capital employed stood at 1.5 percent in 2025. This is well below the 6 percent target. The return is affected by low profitability and significant capital commitments resulting from increased investment activity. In the coming years, Port of Oslo will face reduced liquidity due to its high investment levels.
These investment levels limit available funds for financing future port investments and dividend payments to our owner, the Municipality of Oslo. The predictability of dividends from subsidiary Hav Eiendom AS is crucial for financial planning. Realizing the value of these property assets will take several years. Municipal planning processes remain lengthy, and it is not yet clear when the subsidiary can complete development of a new large urban district at Grønlikaia. Revenues from Grønlikaia are considered essential to realizing a new district at Filipstad.
“Advancing these urban development projects will empower the Municipality of Oslo to secure dividends,” said Port Board Chair Anne Haabeth Rygg.
