Owners, management and financials
CVR: 33080212
USD 378,911,064
Revenue
Net result: USD -5,650,592
INDIGO SHIPPING A/S (25-33,32%), InVesth ApS (15-19,99%)
3 more
CVR · view owners
Sinan Utlu
Board: Kent Hedegaard (chair) and 3 members
CVR · view management
Active
Founded 19 August 2010
CVR · view overview
18 employees
CVR · 2018
Owner registered: Linika Invest ApS
CVR · 26/06/2026
View the full event history
XO SHIPPING A/S is a Danish company of the type Aktieselskab based in Hellerup, founded in 2010. The company is registered under the industry Sø- og kysttransport af gods. The management consists of Sinan Utlu. The board consists of Kent Hedegaard (chair), Mikkel Rabjerg, Morten Vesth and Nicolai Stehn Kohls. The company's owners include INDIGO SHIPPING A/S, InVesth ApS and Linika Invest ApS. The company has 18 employees (2018). In 2025, the company reported revenue of USD 378,911,064 and a net result of USD -5,650,592 compared with USD -1,069,139 the year before. Equity in the 2025 report amounted to USD 33,995,909.
Source: annual report 2025, Danish Business Authority
XO SHIPPING A/S has experienced significant fluctuations in financial performance over the past few years, with a notable decline in both revenue and profitability. In 2025, the company reported revenue of $378.9 million and a loss of $5.7 million, a stark contrast to the previous year’s profit of $2.8 million on revenue of $426.6 million. While equity remains relatively strong at approximately $34 million, the declining gross profit margins and recent losses raise concerns about operational efficiency and market positioning. The company’s revenue peaked in 2022 at $737.7 million, indicating a potential vulnerability to market volatility within the shipping industry.
AI-generated summary · Generated 20/08/2026
Selskabets formål er at drive shippingvirksomhed og hermed beslægtet virksomhed.
Source: annual reports filed with the Danish Business Authority.
| Period | Revenue | Profit/Loss | Total Assets | Equity | Employees | Report |
|---|---|---|---|---|---|---|
| 202501/01/2025 – 31/12/2025 | 378.9 mio. USD | -5.7 mio. USD | 65.4 mio. USD | 34 mio. USD | 51 | |
| 202401/01/2024 – 31/12/2024 | 362.2 mio. USD | -1.1 mio. USD | 65.5 mio. USD | 37.3 mio. USD | 32 | |
| 202301/01/2023 – 31/12/2023 | 426.6 mio. USD | 2.8 mio. USD | 76.8 mio. USD | 39.2 mio. USD | 25 | |
| 202201/01/2022 – 31/12/2022 | 737.7 mio. USD | 16 mio. USD | 108.8 mio. USD | 55.6 mio. USD | 20 | |
| 202101/01/2021 – 31/12/2021 | 758.5 mio. USD | 46 mio. USD | 124.5 mio. USD | 56.6 mio. USD | 19 | |
| 202001/01/2020 – 31/12/2020 | 211.3 mio. USD | 7.1 mio. USD | 32.1 mio. USD | 15.1 mio. USD | 17 | |
| 201901/01/2019 – 31/12/2019 | 191.3 mio. USD | 4.6 mio. USD | 30.2 mio. USD | 4.8 mio. USD | 16 | |
| 201801/01/2018 – 31/12/2018 | 169.5 mio. USD | 144 t. USD | 13.5 mio. USD | 231 t. USD | 15 | |
| 201701/01/2017 – 31/12/2017 | 116 mio. USD | 4.2 mio. USD | 24.4 mio. USD | 1.4 mio. USD | 14 | |
| 201601/01/2016 – 31/12/2016 | 96.3 mio. USD | -2.9 mio. USD | 15.2 mio. USD | -2.8 mio. USD | 11 | |
| 201501/01/2015 – 31/12/2015 | 95.2 mio. USD | 4.1 mio. USD | 22.5 mio. USD | 4.2 mio. USD | 14 | |
| 201401/01/2014 – 31/12/2014 | 96.2 mio. USD | 2.9 mio. USD | 22.1 mio. USD | 3 mio. USD | 6 | |
| 201301/01/2013 – 31/12/2013 | 56.9 mio. | 2.5 mio. | 16.8 mio. | 2.6 mio. | 8 | |
| 201201/01/2012 – 31/12/2012 | - | 3.4 mio. | 7.2 mio. | 2 mio. | 6 |
Compared to 246 companies in Sø- og kysttransport af gods
Comparison is based on industry median values
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Read about the CDS scoreThe CVR number of XO SHIPPING A/S is 33080212.
The owners of XO SHIPPING A/S include INDIGO SHIPPING A/S, InVesth ApS and Linika Invest ApS.
The management of XO SHIPPING A/S consists of Sinan Utlu.
The board of XO SHIPPING A/S consists of Kent Hedegaard, Mikkel Rabjerg and Morten Vesth, with Kent Hedegaard as chair.
In 2025, XO SHIPPING A/S reported revenue of USD 378,911,064.
XO SHIPPING A/S had 18 employees in 2018 according to the Danish CVR register.
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As of August 19, 2026, Mikkel Rabjerg has joined the board of directors of XO SHIPPING A/S.
As of August 19, 2026, Nicolai Stehn Kohls has joined the board of directors of XO SHIPPING A/S.
As of August 19, 2026, Christian Philip Levin has left the board of directors of XO SHIPPING A/S.
XO SHIPPING A/S has published its annual report for 2025. Revenue came to DKK 378,911,064, and the net result was DKK -5,650,592.
As of June 26, 2026, Linika Invest ApS is registered as an owner of XO SHIPPING A/S with an ownership share of 5%.
As of May 20, 2026, INDIGO SHIPPING A/S is registered as an owner of XO SHIPPING A/S with an ownership share of 25%.
As of May 20, 2026, XO Family ApS is registered as an owner of XO SHIPPING A/S with an ownership share of 25%.
As of April 15, 2026, Morten Vesth has joined the board of directors of XO SHIPPING A/S.
As of April 15, 2026, Sinan Utlu has left the board of directors of XO SHIPPING A/S.
As of January 5, 2026, Sinan Utlu has joined the board of directors of XO SHIPPING A/S.
As of January 5, 2026, Kim Holberg Pihl has left the board of directors of XO SHIPPING A/S.
XO SHIPPING A/S has published its annual report for 2024. Revenue came to DKK 362,179,285, and the net result was DKK -1,069,139.
As of June 26, 2025, InVesth ApS is registered as an owner of XO SHIPPING A/S with an ownership share of 15%.
As of June 26, 2025, West Coast Horizon ApS is registered as an owner of XO SHIPPING A/S with an ownership share of 10%.
As of March 11, 2025, Kim Holberg Pihl has stepped down as director of XO SHIPPING A/S.
As of November 19, 2024, Kim Holberg Pihl has joined the board of directors of XO SHIPPING A/S.
As of November 19, 2024, Erik Svanberg has left the board of directors of XO SHIPPING A/S.
As of November 19, 2024, Sinan Utlu is registered as director of XO SHIPPING A/S.
XO SHIPPING A/S has published its annual report for 2023. Revenue came to DKK 426,550,863, and the net result was DKK 2,799,286.
XO SHIPPING A/S has published its annual report for 2022. Revenue came to DKK 737,679,365, and the net result was DKK 15,996,180.
XO SHIPPING A/S has published its annual report for 2021. Revenue came to DKK 758,540,209, and the net result was DKK 46,036,850.
As of March 2, 2022, Alexander Sillehoved has stepped down as director of XO SHIPPING A/S.
XO SHIPPING A/S has published its annual report for 2020. Revenue came to DKK 211,306,420, and the net result was DKK 7,104,096.
XO SHIPPING A/S has published its annual report for 2019. Revenue came to DKK 191,307,277, and the net result was DKK 4,610,348.
XO SHIPPING A/S has published its annual report for 2018. Revenue came to DKK 169,507,502, and the net result was DKK 144,162.
As of March 19, 2019, Erik Svanberg has joined the board of directors of XO SHIPPING A/S.
As of March 19, 2019, Ejner Kiel Bonderup has left the board of directors of XO SHIPPING A/S.
As of March 19, 2019, Alexander Sillehoved is registered as director of XO SHIPPING A/S.
As of March 19, 2019, Ejner Kiel Bonderup has stepped down as adm. dir. of XO SHIPPING A/S.
As of March 19, 2019, Rico Romme Nielsen has stepped down as director of XO SHIPPING A/S.
XO SHIPPING A/S has published its annual report for 2017. Revenue came to DKK 115,968,656, and the net result was DKK 4,235,973.
XO SHIPPING A/S has published its annual report for 2016. Revenue came to DKK 96,341,469, and the net result was DKK -2,935,326.
As of April 11, 2017, Ejner Kiel Bonderup has joined the board of directors of XO SHIPPING A/S.
As of April 11, 2017, Kim Holberg Pihl has left the board of directors of XO SHIPPING A/S.
As of April 11, 2017, Kim Holberg Pihl is registered as director of XO SHIPPING A/S.
As of January 10, 2017, Ejner Kiel Bonderup is registered as adm. dir. of XO SHIPPING A/S.
As of January 10, 2017, Kim Holberg Pihl has stepped down as adm. dir. of XO SHIPPING A/S.
XO SHIPPING A/S has published its annual report for 2015. Revenue came to DKK 95,170,403, and the net result was DKK 4,134,154.
XO SHIPPING A/S has published its annual report for 2014. Revenue came to DKK 96,190,811, and the net result was DKK 2,873,796.
As of May 4, 2015, Kent Hedegaard has joined the board of directors of XO SHIPPING A/S.
As of May 4, 2015, Torkel Baden Olrik has left the board of directors of XO SHIPPING A/S.
As of December 10, 2014, Kim Holberg Pihl is registered as adm. dir. of XO SHIPPING A/S.
As of December 10, 2014, Rico Romme Nielsen is registered as director of XO SHIPPING A/S.
XO SHIPPING A/S has published its annual report for 2013. Revenue came to DKK 56,944,620, and the net result was DKK 2,484,085.
XO SHIPPING A/S has published its annual report for 2012. Gross profit came to DKK 5,342,777, and the net result was DKK 3,395,557.
As of July 1, 2011, PRICEWATERHOUSECOOPERS STATSAUTORISERET REVISIONSPARTNERSELSKAB has been appointed auditor of XO SHIPPING A/S.
As of July 1, 2011, A/S PSE NR. 4820 has stepped down as auditor of XO SHIPPING A/S.
As of August 19, 2010, A/S PSE NR. 4820 has been appointed auditor of XO SHIPPING A/S.
As of August 19, 2010, Torkel Baden Olrik has joined the board of directors of XO SHIPPING A/S.
As of August 19, 2010, Christian Philip Levin has joined the board of directors of XO SHIPPING A/S.
As of August 19, 2010, Kim Holberg Pihl has joined the board of directors of XO SHIPPING A/S.
XO SHIPPING A/S was founded on August 19, 2010.
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