Wilh. Wilhelmesen Holdings Report Profits in Q2 2012

Press Release
Thursday, August 09, 2012

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, our shipping and logistics segment delivers record earnings in the second quarter,” says Thomas Wilhelmsen, group CEO at WWH. “Although volumes have increased steadily from a low level in 2009, we’ve seen that the growth rate has now softened in some markets.”

The strong performance of Wilhelmsen Maritime Services (WMS) reflects the full impact of profit improvement programmes implemented during 2011 as well as appreciation of the USD.

“We are pleased to see that WMS are back at all time high operating profit and a margin well above our 9% target. However, we still see and expect a weak shipping market impacting owners’ purchasing capabilities, reducing demand for certain maritime products and services.”

The board maintains a cautiously optimistic view short term, but underlines that medium term prospects will depend on the development of the world economy.
 


 

Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Navios to Expand Fleet with Two VLCCs

Monaco-based tanker owner and operator Navios Maritime Midstream Partners (NAP) plans to launch syndication of a USD 205 million Term Loan B to finance the purchase

Duke Energy to Help Develop Jeffersonville Port Site

Duke Energy Indiana has selected a 140-acre parcel of land inside the Port of Indiana-Jeffersonville in Clark County for the utility's 2015 Site Readiness Program.

UNOLS Seeks Nominations for Council Positions

The University-National Oceanographic Laboratory System (UNOLS) is an organization of academic oceanographic institutions working in cooperation with agencies of the U.

Finance

Hoegh LNG's Bond Issue

Hoegh LNG (HLNG) has successfully completed the issuance of a USD 130 million senior unsecured bond in the Nordic bond market with maturity date expected to be 5 June 2020.

NordLB Back to Profit

Although the crisis is not over in all segments, Germany's second-largest marine lender, Nord LB, said its shipping loan portfolio turned a corner in the first

Navios to Expand Fleet with Two VLCCs

Monaco-based tanker owner and operator Navios Maritime Midstream Partners (NAP) plans to launch syndication of a USD 205 million Term Loan B to finance the purchase

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Pod Propulsion Port Authority Salvage Ship Electronics Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1283 sec (8 req/sec)