Wwh News

Wilh. Wilhelmsen Holding Invest AS (WWHI), a fully owned subsidiary of Wilh. Wilhelmsen Holding ASA (WWH), informs it hs raised its shareholding in NorSea Group AS (NSG) from 35.4% to 40%. The share increase follows a share issue in the company whereby NSG buys Danbor AS from A.P. Møller Mærsk AS. “Increasing our shareholding in NSG is a natural part of our strategic ambition to broaden our exposure in the energy, offshore and maritime industry, supplementing activities Wilh. Wilhelmsen ASA and Wilhelmsen Maritimes Services,” says Nils P Dyvik, group CFO in WWH.

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.

“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).

Reduced volumes of high and heavy cargo and seasonally lower demand for maritime services negatively affected Wilh. Wilhelmsen Holding ASA (WWH) total income and result in the third quarter of 2013. Current activity level for group entities is expected to continue. Operating profit for the third quarter of 2013 was USD 96 million (USD 260 million) based on a total income of USD 873 million (USD 1 075 million). Income and results for the third quarter of 2012 were positively impacted by a USD 134 million sales gain related to Wilh. Wilhelmsen ASA’s downward sale of shares in Hyundai Glovis.

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.

Wilh. Wilhelmsen Holding ASA (WWH) operating profit and total income declined quarter on quarter and year over year. The company attributes the decline in profits mainly as a consequence of continued drop in shipping volumes and a less favourable cargo mix, and in the second quarter, the group’s activity level is expected to be in line with the first quarter. Operating profit for the first quarter was USD 78 million (USD 106 million), down 27% compared with the same period last year and a decrease of 19% from the previous quarter. Total income ended at USD 864 million (USD 946 million), a reduction of 9% year over year and 4% quarter on quarter.

Wilh. Wilhelmsen Holding shipping segment under investigation by competition authorities. Wilh. "In addition, Wilh. Wilhelmsen ASA's (owned 72.7% by WWH) partly owned companies Wallenius Wilhelmsen Logistics and EUKOR Car Carriers have been visited by Japanese authorities as part of an investigation related to the Japan Anti Monopoly Act. Further, WWL has received requests for information from the EU Commission and both WWL and EUKOR have received requests for information from federal US authorities and the Competition Bureau Canada. The purpose of these requests is to ascertain whether  
there is evidence of any infringement of competition law related to possible price cooperation between carriers and allocation of customers.

Growth in shipping earnings & rebound by maritime services segment lift operating profit in second quarter 2012. Operating profit for the second quarter was USD 139 million (USD 71 million), an increase of 94% compared with the second quarter of 2011 and up 31% from the first quarter of 2012. Total income amounted to USD 972 million (USD 836 million), representing an increase of 16% compared with the similar period last year and an increase of 3% from the first quarter of 2012. Profit after tax and minority interests ended at USD 64 million (18 million), a reduction of USD 5 million from the first quarter. “With continued increase in volumes combined with sound cargo and trade mix…

Wilh. Wilhelmsen Holding ASA  reports profit growth lifted by high total income and operating profit in the shipping segment. Operating profit amounted to USD 106 million for the first quarter of 2012, up 84% year over year from USD 58 million in the corresponding quarter of 2011. Total income increased 26% and ended at USD 946 million (USD 753 million). “With all time high revenue in the shipping segment, the group’s earnings improved considerably year over year. Despite a seasonally weaker quarter, we also recorded a positive development quarter on quarter,” says Thomas Wilhelmsen, group CEO of WWH. “Our shipping activities benefitted from favourable trade balance and a sound balance between auto and high and heavy volumes.

Wilh. Wilhelmsen Holding ASA's (WWH) topline lifted by continued increase in volumes transported deep sea. Underlying development in the group's activities is positive. The operating profit for WWH amounted to $1.4 million for the second quarter, up 23.8% from the first quarter. Total income came to $838.8 million, up 11.3% quarter-on-quarter. "The export out of Japan rebounded faster than expected after the earthquake. Despite reduced Japanese production in the beginning of the quarter, the group recorded a total volume increase of 8% quarter on quarter, supported by continued export out of Korea and high and heavy volumes," says Thomas Wilhelmsen, group CEO at WWH.

Wilh. Wilhelmsen Holding ASA (WWH) delivered a substantial increase in operating profit year over year backed by a rebound in its shipping activities. WWH posted an operating profit of USD 57.7 million for the first quarter of 2011, up 31% from USD 44.0 million in the similar quarter of 2010 (corresponding period of 2010 hereafter in brackets). Total income amounted to USD 753.2 which is up almost 18% from 2010 (USD 639.7 million). "Compared with 2010, we have shipped 29% more cars and high and heavy cargo the first three months of the year.