Fratelli Cosulich in Focus: Building the Fleet for a Multi-Fuel Future

Fratelli Cosulich Group emerged from a turbulent 2025 with profitability largely intact, while continuing to put capital into ships designed for a changing marine fuels market. At the center of that strategy is Maya Cosulich, the first of a new generation of bunker tankers that the Italian group sees as both an investment in fleet renewal and a practical response to shipping’s energy transition.

For Fratelli Cosulich Group, 2025 was less a year of rapid expansion than one of consolidation, fleet repositioning and preparing assets for what comes next.

Against a backdrop of geopolitical tension, shifting trade routes, volatile energy markets and uncertain investment conditions, the Genoa-headquartered group generated €58.6 million in EBITDA, compared with €59.7 million in 2024. Group net profit was €20.0 million, while consolidated net equity reached €256.2 million.

Turnover fell to approximately €1.9 billion from €2.14 billion in 2024, but the headline decline tells only part of the story. Marine Energy and bunker trading account for a significant share of Fratelli Cosulich's revenue, making turnover particularly sensitive to fuel prices, market movements and the euro/dollar exchange rate. Despite that revenue decline, EBITDA remained near the Group's historical highs.

CFO Stefano Abate distilled the year into a simple financial message: “A lower turnover can coexist with stable margins. A difficult year can prepare future profitability.” He added that temporary increases in debt can make sense when they are tied to assets, cash generation and a defined business purpose. That philosophy is visible most clearly in the fleet.

CFO Stefano Abate.  Image courtesy Fratelli Cosulich Group

Maya Cosulich Moves Methanol from Concept to Operations

The headline fleet event came in December with delivery of Maya Cosulich, described by the Group as the world's first methanol-powered IMO II chemical bunker tanker.

The vessel incorporates diesel-electric propulsion, onboard battery storage, mass flow meters and integrated methanol handling systems, and was designed to comply with Singapore's methanol bunkering requirements. For Fratelli Cosulich, the significance is not simply that Maya Cosulich can transport methanol, but that the vessel itself can operate on the fuel. The ship is also the first step in a much larger fleet renewal program.

Fratelli Cosulich's Singapore bunker fleet is being renewed with five vessels designed to meet the chartering requirements of major oil companies. Maya Cosulich will be followed by four methanol-ready IMO II chemical bunker tankers: Anna Cosulich, scheduled for May 2026; Lucia Cosulich in June 2026; Carlotta Cosulich in October 2026; and Natalia Cosulich in May 2027.

The sister vessels are being designed to handle current fuels while providing the flexibility needed as alternative-fuel demand develops. The report points to advanced cargo tank coatings and dedicated systems for future fuel integration as elements intended to keep the ships commercially relevant through the transition.

In other words, Cosulich is not betting the fleet on a single future fuel. It is building optionality into the assets.

That approach reflects market forces already affecting its Marine Energy business. During 2025, the unit confronted a more competitive, lower-price environment, but exceeded expectations through key-account relationships, expansion toward Asian customers and greater attention to smaller bunkering hubs. Regulation is another driver, particularly EU ETS and FuelEU Maritime. The company also completed its first B100 biofuel bunker delivery in Singapore using Marta Cosulich and pursued opportunities in methanol, LNG and ammonia bunkering.

Marine Energy produced EBITDA of €16.8 million and net income of €7.1 million in 2025. As the report puts it: “Energy keeps global trade moving. Leadership means looking beyond market turbulence and preparing for what comes next.”

Repositioning the Shipowning Portfolio

The broader shipowning portfolio had a more difficult year. Dry bulk operations were hit by several extraordinary events, including a vessel collision, early termination of bareboat arrangements and a general average case late in the year. The resulting additional costs contributed to a negative result from portions of the business and offset some of the strong contributions generated in previous years.

But those same events triggered an important change in fleet structure: four vessels returned to full ownership and availability following termination of previous bareboat arrangements. Management expects the financial impact to be concentrated in 2025, with greater direct control of the vessels supporting future performance.

Meanwhile, LNG remains part of the fleet strategy through bunker vessels Alice Cosulich and Paolina Cosulich. The experience accumulated with these small-scale LNG assets has reinforced management's focus on direct vessel control, reliable charter counterparties and flexible deployment.

Overall, Shipowning recorded EBITDA of €19.3 million and a €0.7 million net result. Going forward, management is signaling disciplined rather than aggressive expansion, targeting potentially one or two vessel additions annually when asset pricing, chartering opportunities and market conditions fit its strategy.

“Owning vessels means accepting that value is not built in a single year,” the report says. “Standing over waves means keeping a long view through difficult seas, and growing one vessel at a time, only when the course is right.”

The balance sheet shows the scale of that commitment. Vessel assets stood at €185.5 million at year-end, while assets under construction increased to €22.2 million, including advance payments for Anna, Lucia and Carlotta Cosulich.

For Chairman Augusto Cosulich, the strategy is ultimately about maintaining direction while markets shift. During 2025 the Group also expanded in South Korea, invested in Trans Europe Express in Belfast and acquired 51% of maritime weather specialist Navimeteo, while consolidating manning and training activities within Shipmanagement.

His assessment heading into 2026 is concise: “The Cosulich Group is not standing still, but it is standing strong.”

For its fleet, that means something equally straightforward: own and control the right assets, keep leverage measured, and build ships capable of serving today's bunker market while being ready for the fuels that may define tomorrow.