Wallenius Wilhelmsen releases its annual report for 2023, the best year on record

Oslo, March 15, 2024 - Wallenius Wilhelmsen’s 2023 financial results were the strongest on record. Capacity constraints in the car carrier markets and general increased demand for cars and heavy equipment have led to solid earnings and renewal of multi-year contracts at rates reflecting the current market. Contract renewals have focused on integrating offerings across ocean and land-based services, combined with decarbonization initiatives such as the use of biofuel. Wallenius Wilhelmsen has also set a target of reaching net zero by 2040.


The group delivered an all-time high EBITDA at USD 1,807 million, up 18 percent from 2022. The fiscal year 2023 has been an exceptional year for Wallenius Wilhelmsen – financially, commercially, and operationally.

“I am deeply impressed by the dedication and hard work of our people, delivering great performance across our business. Our strong results are helped by strong demand in the markets we operate, and we are in a position to serve our customers and deliver value to our shareholders thanks to the people of this organization,” says Lasse Kristoffersen, President and CEO at Wallenius Wilhelmsen.

Leading the way to net zero

Wallenius Wilhelmsen presents revised climate targets in the annual report. In line with the strategy of leading the industry towards zero, and in response to the increasing urgency on climate change, the company has set a target of reaching net zero by 2040. As part of this, the target for reduction in 2030 as compared to 2019 is increased to 45%. The new target is aligned to the Science Based Targets Initiative.

Cementing Wallenius Wilhelmsen’s commitment to bringing low and no carbon services to customers, the company made practical steps towards this goal in 2023.

“This year we made a significant leap towards net zero emission by partnering with our customers on buying reduced carbon freight. Another key milestone was the ordering of our Shaper class vessels capable of running on green methanol upon delivery. We also introduced zero-emission battery electric trucks in the U.S and opened the Orcelle terminal in Belgium. All these initiatives are vital parts of our strategic goal to deliver the world’s first end-to-end net zero service to our customers in 2027. This is a very ambitious target, and we need to break many barriers to get there. But together with our customers, we are confident that it is both possible and needed,” says Kristoffersen.

Financial results demonstrate significant contributions from all three segments

Total revenue was USD 5,149 million for FY 2023, an increase of 2 percent compared to FY 2022. Shipping volumes were almost flat YoY as global supply chains were hampered by congestion issues, including the Red Sea effects towards the end of the year. Revenue for the shipping segment in FY 2023 was USD 3,881 million, down 4 percent YoY. The
shipping segment delivered a record adjusted EBITDA of USD 1,527 million, up 12 percent YoY.

Overall, logistics services saw volume improvements year over year across the business, positively impacting financial performance. Auto, terminal, and high & heavy all saw increased volumes, while inland services saw decreased volumes from the previous year. The total logistics segment revenue for FY 2023 was USD 1,148 million, up 26 percent YoY. The logistics segment delivered an adjusted EBITDA of USD 174 million, up 62 percent YoY.

Total revenue from the government segment for the full year of 2023 was USD 324 million, up 7 percent YoY from USD 302 million. This was mainly due to increased US flag cargo activity in large part attributable to cargo moved in support of the United States and NATO response to the Russian invasion of Ukraine. The government segment delivered an adjusted EBITDA of USD 130 million, up 61 percent YoY.

Proposed dividend for 2023 and a new dividend policy

The board proposes a total dividend of USD 1.14 per share for 2023. The dividend will be paid in NOK in two tranches of USD 0.68 and USD 0.46 respectively. Going forward, the board has proposed a semi-annual pay-as-you-go dividend policy, under which potential dividends will be declared in connection with the Q2 and Q4 reports, and be based on H1 and H2 earnings, respectively. The level of dividends, which will be declared in USD but paid in NOK, will still be based on a range of 30-50 percent of the company’s net profit after tax on an annual basis. The proposed dividend for 2023 and the revised dividend policy are pending approval at the upcoming Annual General Meeting on April 30, 2024.


For further information, please contact:

Media relations
David Hopkins, External Communications Manager
Tel: 942 88 486 Email: david.hopkins@walwil.com

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