Wallenius Wilhelmsen delivers improved results through solid demand and increased profitability
Oslo, 17 August 2021 - Wallenius Wilhelmsen reports improved second-quarter results as industry fundamentals continue to strengthen. The company posted a Q2 adjusted EBITDA of USD 205m, up 56% from Q1 2021.
Underlying results are back to pre-pandemic levels in all three segments. Strong shipping volumes, enhanced profitability from improved cargo and trade route mix, and increased fuel surcharges were key contributors to the improved results.
"Wallenius Wilhelmsen has returned to pre-pandemic underlying results fuelled by solid demand and improved profitability. Strong shipping volumes and H&H cargos at decade high more than offset increased fuel costs," said Torbjørn Wist, Acting CEO of Wallenius Wilhelmsen.
"With most vessels out of layup, Wallenius Wilhelmsen is well positioned to thrive as global trade continues to rebound," said Wist.
Highlights: - Adjusted EBITDA USD 205m, up 56% QoQ and near 2019 quarterly average.
- Underlying results back to pre-pandemic levels in Shipping, Logistics and Government segments.
- Shipping saw strong volumes and enhanced profitability from improved cargo and trade mix, further supported by fuel surcharges.
- Updated estimates for anti-trust related customer claims led to an increase in provisions of USD 35m.
- Cash position of USD 566m, down from USD 599m in Q1, and USD 349m of undrawn credit facilities.
Wallenius Wilhelmsen continues to expect the supply-demand balance in Shipping to remain favourable over the mid-term due to the overall global fleet situation and a continued rebound in volumes. Logistics volumes will benefit from stabilization of automotive semiconductor chip supply expected during 2022.
Potential risks include fleet capacity constraints, increased COVID19 intensity, operational impact from any outbreak onboard vessels, further delays in supply of semiconductor chips and negative impacts of further disruptions to the global supply chains. Continuing stabilization of market conditions will provide more financial flexibility and help drive future shareholder value creation.
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About Wallenius Wilhelmsen The Wallenius Wilhelmsen group (OEX: WAWI) is a market leader in RoRo shipping and vehicle logistics, transporting cars, trucks, rolling equipment and breakbulk around the world. The company operates around 130 vessels servicing 15 trade routes to six continents, and a global inland distribution network, 120 processing centres, and 11 marine terminals. The Wallenius Wilhelmsen group consist of Wallenius Wilhelmsen Ocean, Wallenius Wilhelmsen Solutions, EUKOR and ARC. The group is headquartered in Oslo, Norway with 8 700 employees in 29 countries worldwide.
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