Offshore and heavy-lift shipping company Cadeler has started 2026 with a significant jump in turnover thanks to its fleet expansion. The proceeds of a new bond will be used to continue working on the fleet.
The company, which formerly belonged to the Asian Swire Group, recorded a turnover of € 125 million in the first three months of the year. This is almost double the figure for the same quarter of the previous year, when € 65 million was recorded. The increase is attributed to the expansion of operating activities, which in turn is due to the expansion of the fleet with new ships. There was also a big increase in EBITDA: from € 24 million to € 47 million.
CEO Mikkel Gleerup commented on the quarterly results: “While the integration of new capacity naturally has a short-term impact on capacity utilization, we are seeing strong underlying operating activity across the entire fleet. At the same time, we are continuously strengthening our financial base and investing in Cadeler’s next phase of growth – positioning the company to meet the increasing global demand for offshore wind farm installation capacity.”
By strengthening its financial base, Gleerup is alluding to the bond placement completed in March. This raised around €175 million. The net proceeds will be used to partially finance the two new T-class installation vessels, which are scheduled for delivery in 2030 and 2031. In addition, Cadeler intends to purchase a further vessel to be used for future scour protection measures. “The investment reflects our continued focus on expanding its capabilities along the entire value chain for the installation of offshore wind turbines, while also taking into account the future demand for larger and increasingly complex offshore wind projects,” according to the official statement.
The shipping company has been based in Denmark since its IPO and has been on a growth trajectory for years with an extensive newbuild program and not least due to the merger with Eneti. In the first quarter of 2026, Celder’s fleet of ten ships achieved an occupancy rate of 47.6%. This is slightly below the previous year’s figure of 55.3%. The reasons given for the decline are the transfer of the ” Wind Ally” and “Wind Mover” as well as the (now completed) modernization work on the “Wind Keeper” and the scheduled docking of the “Wind Orca”.
The “Wind Ally” is the first of three new A-class vessels ordered by Cadeler. The delivery of her sister ship “Wind Ace” is scheduled for the second half of 2026, followed by “Wind Apex” in 2027. Cadeler believes that its fleet expansion strategy is “fully on track” and aims to operate a fleet of 12 vessels by mid-2027.
Cadeler is optimistic for the year as a whole, at least the shipping company is sticking to its forecast: annual revenue in the range of € 854 million to € 944 million and EBITDA of between € 420 million and € 510 million.
At the end of the quarter, the order backlog stood at € 2.7 billion, 82% of which relates to projects for which customers have already made final investment decisions. In the first quarter, the Danes secured several new projects in the areas of operation and maintenance in important offshore wind markets. The “after-market” is described as a “growing strategic focus” as the global installed base of offshore wind turbines continues to expand.
