Globe Tracker faces another major deficit

Globe Tracker is again reporting a significant deficit, according to board chairman Hjalti Hvítklett, as the company’s latest financial statements for 2025 are set to be released in the coming days.

Hvítklett declined to specify the size of the shortfall but acknowledged it had been a difficult year with substantial financial losses, leaving the accounts in poor shape. The company, registered in Denmark, will require additional funding from its owners to continue operations.

Until last year, Globe Tracker had two owners: the rowing club Framherji and the LÍV association. LÍV, which represents insurance policyholders and 21 Faroese trade unions, announced in 2025 that it would withdraw from the company, citing losses of 174 million Danish kroner—likely a total write-off. LÍV’s managing director, Jan Jakobsen, has since been dismissed.

Globe Tracker develops and manufactures equipment for tracking, monitoring, and controlling fishing gear. Hvítklett said the company had struggled with technical faults in tens of thousands of units that failed to perform as intended. While these issues have now been resolved, he described the repairs as a massive and costly undertaking, contributing to the 2025 deficit.

With LÍV’s departure, only Framherji remains as an owner, keeping the company afloat. The 2024 accounts showed a profit of 73 million kroner, but Hvítklett emphasized the priority now is to reverse the trend to prevent further losses.