Wallenius Wilhelmsen ASA: Wallenius Wilhelmsen delivers another strong quarter across all segments
Oslo, November 1, 2023 - Wallenius Wilhelmsen delivers a strong Q3 result with
USD 478m in EBITDA.
"With another positive quarter behind us, we expect EBITDA in the second half of
2023 to be at or above what we delivered in the first half, as vessel
utilization remains high, and we see solid demand for our logistics services.
Moreover, the contribution from government services remains strong," says Lasse
Kristoffersen, President, and CEO at Wallenius Wilhelmsen.
Shipping delivered a solid quarter with stronger underlying EBITDA on higher net
rates and improved customer mix, slightly offset by a decline in fuel surcharges
and volumes.
Logistics delivered solid EBITDA in Q3 driven by strong performance in auto and
it was a very strong quarter for the government segment with the largest EBITDA
gain quarter-over-quarter. This was due to both an improvement in cargo mix and
continued high U.S. government demand.
In addition, fuel consumption continued to be further reduced in Q3,
illustrating the lasting effect on consumption from fuel efficiency initiatives
implemented over an extended period. Kristoffersen says, "Our efforts to reduce
CO2 emissions are paying off and we see emissions trending down and stabilizing
at lower levels. An additional effect is a recurring reduction in fuel
consumption and fuel cost". However, waiting times at key ports continued to
create challenges. During the quarter, some 9% of the available trading days
were caught up in congestion.
Post Quarter Momentum
On October 24, the company turned the LOI into contracts for four firm and eight
optional 9,300 CEU methanol-capable and ammonia-ready vessels. The vessels are
scheduled for delivery from mid-2026 and onwards.
"We continue to strengthen our business platform by renegotiating contracts at
higher rates and securing attractively priced tonnage. We have exercised two
purchase options under our long-term charter agreements, and signed contracts
for four firm and eight optional newbuildings," says Kristoffersen.
Highlights Q3:
o Wallenius Wilhelmsen delivered another strong quarter with an EBITDA of USD
478m
o Shipping contributed with an EBITDA of USD 392m, supported by higher net rates
o Logistics segment EBITDA was USD 48m, on par with previous quarter
o Government segment posted the largest EBITDA gain QoQ, ending at USD 46m
o Demand remains firm despite the uncertain macroeconomic backdrop
For further information, please contact:
Anders Redigh Karlsen,
Vice President Investor Relations & Market Insight
Tel: +47 994 20 293
Email: anders.karlsen@walwil.com
David Hopkins,
External Communications Manager
Tel: +47 942 88 486
Email: david.hopkins@walwil.com
Pictures, please see the website:
www.walleniuswilhelmsen.com/who-we-are/media
About Wallenius Wilhelmsen: The Wallenius Wilhelmsen group is a market leader in
roll-on/roll-off (RoRo) shipping and vehicle logistics, managing the
distribution of cars, trucks, rolling equipment and breakbulk to customers all
over the world. The company operates around 125 vessels servicing 15 trade
routes to six continents, a global inland distribution network, 66 processing
centers and eight marine terminals. Headquartered in Oslo, Norway, the Wallenius
Wilhelmsen group has 8,875 employees in 29 countries worldwide.
Read more at: www.walleniuswilhelmsen.com