Nasdaq CopenhagenIFRS · USD

ULTRABULK A/S

ULTRABULK A/S is a Denmark-based dry bulk shipping company that transports bulk commodities on ocean-going vessels. Its business centers on chartering and operating a fleet that serves global seaborne trade routes for cargo such as minerals, grains, and other bulk products.

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Revenue1,595m USD
−2.9 %y/y
Operating profit (EBIT)-32.9m USD
−254.5 %y/y
EBIT margin-2.1%
−3.4 ppy/y
Net income-48.0m USD
−420.3 %y/y
Free cash flow40.6m USD
−43.8 %y/y

Fiscal year 2025 · change from previous year

Development 2022–2025

-50005001,0001,5002,0002,500m USD2022: 2,144 m USD2022: EBIT 179 m USD20222023: 1,481 m USD2023: EBIT 54 m USD20232024: 1,642 m USD2024: EBIT 21 m USD20242025: 1,595 m USD2025: EBIT -33 m USD20251,595-33
RevenueOperating profit (EBIT)
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Business

Share of revenue
Dry bulk shipping85 %

Ocean transport of bulk commodities such as minerals, grains, and industrial raw materials.

Time charter operations15 %

Hiring out or operating vessels under time charter arrangements with freight exposure management.

Customers

Ultrabulk serves commodity traders, producers, and industrial shippers that need reliable ocean transport for bulk cargoes. Customers use the company for access to vessel capacity, route coverage, and market-based freight execution across global shipping lanes.

Commodity traders

Buy freight capacity to move traded bulk cargoes between producing and consuming regions.

Producers and exporters

Use vessel capacity to ship raw materials and agricultural products from ports to global buyers.

Industrial cargo owners

Charter vessels for recurring transport of inputs used in manufacturing and infrastructure supply chains.

Strategy

Ultrabulk's strategy is centered on operating a high-quality dry bulk fleet with strong route flexibility and exposure to market freight opportunities. The company emphasizes fleet quality, chartering discipline, and the ability to adapt vessel deployment to changing global trade patterns.

Fleet quality and longevityMedium term

Higher-quality vessels support operational reliability and better earning potential across market cycles.

Route and fleet flexibilityShort term

The ability to shift vessels with trade flows helps capture changing freight opportunities.

Market balance participationMedium term

A favorable supply backdrop can support freight rates and vessel utilization over time.

Geography

Ultrabulk operates in global seaborne trade, with vessel deployment across major dry bulk routes rather than a single home market. Its earnings are shaped by freight conditions, route disruptions, and trade flows on corridors linked to Europe, Asia, the Americas, and key canal passages.

Risks

Ultrabulk is exposed to freight-rate volatility, because revenue depends on cyclical dry bulk market conditions and vessel deployment decisions. Its business is also sensitive to geopolitics, trade disputes, canal disruptions, weather patterns, and environmental regulation that can alter routes, vessel speeds, and effective fleet supply.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Freight-rate volatility1Geopolitical and trade disruption2Environmental regulation3Route infrastructure disruption4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Freight-rate volatilityImpact: HighLikelihood: High

    Earnings depend on spot and future freight levels in a cyclical shipping market.

    Exposure: Dry bulk chartering and voyage income

  2. Geopolitical and trade disruptionImpact: HighLikelihood: High

    Conflicts, sanctions, and trade disputes can alter cargo flows and vessel demand.

    Exposure: Global trade routes

  3. Environmental regulationImpact: MediumLikelihood: High

    Stricter rules can slow vessels and reduce effective supply, affecting economics.

    Exposure: Fleet operations

  4. Route infrastructure disruptionImpact: MediumLikelihood: Medium

    Canal droughts, closures, or congestion can lengthen voyages and affect utilization.

    ExposurePanama CanalSuez CanalKey passages
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Accounting

Judgemental items
Vessel impairment testing

Forecast freight rates and charter assumptions affect recoverable amount estimates.

Impact: Can materially change carrying values of owned or controlled assets

Lease accounting

Most operated vessels are chartered, so lease liabilities and right-of-use accounting matter.

Impact: Affects balance sheet leverage and period expense recognition

Climate-related assumptions

Environmental classification and vessel performance can affect freight and time charter rate assumptions.

Impact: Influences valuation and forecast cash flows

Last updated: 24/10/2026