Wilhelmsen Reports Positive Results
2016 ended for Wilh. Wilhelmsen with an improvement in transported volumes, which had a positive effect on total income for the fourth quarter. Adjusted for non-recurring items, WWASA also recorded an uplift in operating profit. Rate pressure continues, but the group expects soft volume recovery in the first half of 2017. Total income for the fourth quarter was USD 450 million, up 8% from USD 418 million in the third quarter. The operating profit ended at USD 4 million due to non-recurring items, down from USD 32 million in the previous quarter. “The third quarter, which is usually negatively affected by seasonality, was impacted additionally by comprehensive strikes in Korea.
Wilh. Wilhelmsen sees extended Weak RO/RO Market
Car and truck shipper Wilh. * Due to weak and rapid change in the market WWASA has decided to merge its companies with Wallenius, announced on September 5.
Wilh.Willhelmsen Holdings Report 2013 Profit Slide
The Directors' report 2013 (extracted here) states that shipowners & technical services firm Wilh. Wilhelmsen Holding group (WWH) delivered lower results for 2013 when compared with a very strong 2012. The fallback in results was due to a 7% reduction in shipping volumes and substantial sales gains impacting previous year accounts. The accounts show that operating profit slipped from $562-million in 2012 to $325-million in 2013. Wilh. Experienced lower demand for transportation of high and heavy cargoes, while auto volumes for the year were stable.
Car Carrying Volumes Boost WWH Revenues in Q4 2013
“Shipping volumes increased in the fourth quarter. As expected, car volumes improved more than high and heavy volumes," stated Thomas Wilhelmsen, group WWH CEO. Operating profit for the fourth quarter of 2013 was USD 82 million (USD 96 million) based on a total income of USD 893 million (USD 903 million). The operating profit for the quarter was negatively impacted by an accrual related to a draft cease and desist order which the partly owned Wilh. Wilhelmsen ASA (WWASA) company Wallenius Wilhelmsen Logistics (WWL) received in January 2014 (WWASA’s accrued share is USD 16.5 million).
Wilhelmsen Holdings Felt the Draught in Q2 2013
Operating profit in the second quarter of 2013 was down compared with the second quarter of 2012 when the shipping industry was in less troubled circumstances. Operating profit for the second quarter totalled USD 106 million (USD 139 million) based on a total income of USD 903 million (USD 972 million). Compared with the previous quarter, the operating profit was up 37% while the revenue increased 4%. The figures were down 23% and 7% respectively, when comparing with a historically strong period in the shipping segment in the second quarter of 2012. “We have seen higher activity levels in our main business segments. The major driver is a 13% increase in volumes transported deep sea.
DNB Market Report Says: 'Just Look at the Car Carriers'
In its latest shipping sector report DNB Bank, focuses on how ship speed optimization has changed fundamental supply/demand balances. Speed optimisation has completely changed the fundamental supply/demand balances. Over the past year we have pointed out how high bunker prices and speed optimisation have completely changed the fundamental supply/demand balances in the shipping industry. We calculate that utilisation in commodity shipping (dry bulk, tankers, container), is relatively high – around 84% – when reflecting the reported reduced sailing speeds, but 15% lower at 69% when assuming full speed. For those sceptical on our market views, just look at the car carriers.
