Wallenius Wilhelmsen ASA: Wallenius Wilhelmsen delivers another strong quarter improving performance across all segments
Oslo, August 15, 2023 -- Wallenius Wilhelmsen delivers a robust Q2 result with
strong performance in all three segments. With USD 477m in EBITDA and USD 396m
in operating cash flow, these results demonstrate the company's leading position
in a resilient market. "Financially, commercially and operationally it was a
good quarter. Cash generation is solid providing a very sound foundation for our
business going forward," says Lasse Kristoffersen, President and CEO at
Wallenius Wilhelmsen.
Shipping delivered an all-time-high EBITDA margin backed by an increase in
volumes and higher voyage efficiency in several trade lanes. "Our people are
doing an outstanding job managing a high-quality operation with a safety-first
approach in an environment still characterized by congestion and supply chain
constraints," says Kristoffersen.
Kristoffersen adds that the company continues to see extended waiting times at
key ports. One reason is the biosecurity clearance activities which keep causing
delays in Australia, but the company also experiences disruptions and delays
on the west coast of the US, in Canada and in the Panama Canal. He stresses that
the company's capacity is stretched, and that long-term customers renew
contracts at attractive market rates securing predictability for all parties.
High demand for auto services fueled another strong quarter for Logistics. Also,
the Government Services segment showed a solid EBITDA growth due to high U.S.
government activities.
Preparing for the future
The company has recently signed a letter of intent for delivery of four 9,350
CEU methanol-capable and ammonia-ready vessels, with individual options for an
additional eight newbuildings. The four vessels will be delivered from mid-2026
and onwards. "Renewing our fleet with more sustainable vessels demonstrates our
commitment to investing in tonnage that will realize our strategy of a net-zero
service already in 2027," Kristoffersen says.
Other highlights during this busy quarter were the signing of a contract with a
major EV manufacturer lasting until the end of 2025, and a contract securing
sustainable biofuel already in 2023.
During Q2, the company saw a positive development in emission reduction as well
as improving safety performance.
Highlights Q2:
- Strong performance in all segments yielding EBITDA of USD 477m and operating
cash flow of USD 396m
- Shipping delivered an all-time-high EBITDA margin with increasing volumes and
rates, combined with strong voyage efficiency
- Persisting high demand for auto services drives another strong quarter for
Logistics, and Government Services is up on high U.S. government activity
- Multi-year contracts have been concluded at attractive rates during the
quarter, reflecting the current market conditions and our ambitions on
decarbonization
- Improvement across all environmental and safety KPIs
- Signed LOI for delivery of four 9,350 CEU methanol-capable and ammonia-ready
vessels with delivery from mid-2026 onwards, with individual options for an
additional eight vessels
For further information, please contact:
Anders Redigh Karlsen, Vice President Investor Relations & Market Insight
Tel: +47 994 20 293
Email: anders.karlsen@walwil.com
Anette Maltun Koefoed, Chief Communications and Marketing Officer
Tel: +47 975 87 999
Email: anette.maltunkoefoed@walwil.com
Pictures, please see the website:
https://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 walleniuswilhelmsen.com