Nasdaq CopenhagenIFRS · DKK

A/S UNITED SHIPPING & TRADING COMPANY

A/S UNITED SHIPPING & TRADING COMPANY is a Danish holding and operating group with interests in shipping, energy-related trading, and associated financial activities. The company is structured as a multi-activity group, with a balance sheet and risk profile shaped by receivables, commodity-linked positions, and hedging instruments.

Kysy yhtiöstä
Liikevaihto98,4mrd DKK
−10,4 %v/v
Liikevoitto (EBIT)1 466milj. DKK
+9,0 %v/v
EBIT-marginaali1,5%
+0,3 %-yks.v/v
Nettotulos736milj. DKK
+165,7 %v/v
Vapaa kassavirta2 995milj. DKK
+37,5 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2021–2025

050100150mrd DKK2021: 118,5 mrd DKK2021: EBIT 1,2 mrd DKK20212022: 147,4 mrd DKK2022: EBIT 3,0 mrd DKK20222023: 114,3 mrd DKK2023: EBIT 2,2 mrd DKK20232024: 109,9 mrd DKK2024: EBIT 1,3 mrd DKK20242025: 98,4 mrd DKK2025: EBIT 1,5 mrd DKK202598,41,5
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: A/S UNITED SHIPPING & TRADING COMPANY

Liiketoiminta

Osuus liikevaihdosta
Shipping40 %

Marine transport and shipping-related operating activities.

Trading35 %

Commodity and energy trading activities, including related logistics and execution.

Receivables and credit management15 %

Management, sale, and collection of trade receivables and related financing.

Hedging and treasury10 %

Use of futures, swaps, and other instruments to manage market risk.

Asiakkaat

The company serves counterparties that need shipping capacity, trading execution, or working-capital support tied to trade flows. Its customer base is likely concentrated among industrial buyers, commodity market participants, and commercial counterparties that transact in large, recurring volumes. Because the business is exposed to credit risk and market-price risk, customer selection and collateral discipline are important to the model.

Industrial and commercial shippers

Buy transportation and logistics capacity for physical goods flows and reliability in delivery.

Commodity and energy counterparties

Trade fuel, energy, or related commodities and use the group for market access and execution.

Receivables buyers and credit counterparties

Use the company for receivables sale, financing, or credit-risk transfer.

Hedging counterparties

Enter oil futures and swaps or similar contracts to manage commodity-price exposure.

Strategia

The group’s strategic position depends on combining operating activity with disciplined credit and market-risk management. Its priorities appear to center on preserving liquidity, managing receivables quality, and using hedging instruments to reduce exposure to commodity-price swings. That structure supports a business model that can participate in shipping and trading flows while limiting downside from customer defaults and energy price volatility.

Credit-risk disciplineLyhyt aikaväli

Receivables are a material part of the model, so collection and credit screening protect cash conversion.

Hedging and risk managementLyhyt aikaväli

Oil futures and swaps indicate exposure to commodity-price movements that must be controlled.

Working-capital flexibilityKeskipitkä aikaväli

Trading and shipping businesses can be balance-sheet intensive and sensitive to settlement timing.

Maantiede

The company is headquartered in Denmark and operates as an international group with exposure to cross-border shipping and trading flows. Its business is therefore shaped less by one domestic market than by the geography of its counterparties, routes, and commodity markets. The annual report excerpts also show balance-sheet items linked to oil futures and sold receivables, which typically reflect globally connected markets rather than a single-country footprint.

Riskit

The main business risk is counterparty credit deterioration, since the company carries and sells large receivables and records impairment losses when collectability worsens. It is also exposed to commodity-price and hedging risk through oil futures and swaps, plus the usual shipping-industry risks of freight-rate volatility, route disruption, and cyclical demand. These risks can affect earnings, cash flow, and balance-sheet valuations through provisions, derivative marks, and settlement timing.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Credit losses on receivables1Commodity-price and hedge risk2Shipping-cycle volatility3
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Credit losses on receivablesVaikutus: KorkeaTodennäköisyys: Korkea

    The group states that uncollectible receivables are written off and that expected credit losses are assessed collectively.

    Kohdistuu: Trade receivables and sold receivables

  2. Commodity-price and hedge riskVaikutus: KeskitasoTodennäköisyys: Korkea

    Oil futures and swaps are used for hedging, which introduces valuation and effectiveness risk.

    Kohdistuu: Oil-linked positions

  3. Shipping-cycle volatilityVaikutus: KeskitasoTodennäköisyys: Korkea

    Shipping and trading activities are inherently exposed to rate swings and demand shifts.

    Kohdistuu: Freight and transport activity

Kysy Clarifolta: A/S UNITED SHIPPING & TRADING COMPANY

Kirjanpito

Harkinnanvaraiset erät
Expected credit loss model

Collective assessment and write-off policy affect impairment expense and receivable carrying values.

Vaikutus: Changes reported profit and net working capital

Receivables sale accounting

Sold receivables with continuing involvement may require partial derecognition and residual risk recognition.

Vaikutus: Affects balance-sheet size and gain/loss recognition

Derivative and hedge accounting

Oil futures and swaps can create fair-value movements and hedge reserve changes.

Vaikutus: Affects OCI, equity reserves, and earnings timing

Päivitetty: 24.10.2026