Wallenius Wilhelmsen: Highest quarterly result since the merger
Oslo (09.11.2021) Wallenius Wilhelmsen's EBITDA for the third quarter ended at a record USD 223m. "We demonstrate our operating flexibility and ability to secure higher margin cargos", says Torbjørn Wist, CFO and Acting CEO Wallenius Wilhelmsen. Despite trade imbalances, semiconductor chip shortages and other supply chain disruptions, Wallenius Wilhelmsen delivers the highest quarterly EBITDA since the merger in 2017.
Strong rate and profitability development in the Shipping segment outweigh lower volumes in all segments this quarter due to chip shortages.
"In the Shipping segment we demonstrate our operating flexibility and ability to secure higher margin cargos", says Wist.
The global economy is in recovery, but Wallenius Wilhelmsen is still prepared for continued volatility and imbalances in the market.
"On our journey back to normalization we continue to increase active vessel days and we have taken delivery of the final newbuild, MV Nabucco", says Wist. Highlights o EBITDA ended at a record USD 223m, the highest quarterly level since the merger in 2017 o Strong rate and profitability development in the Shipping segment outweigh a reduction in volumes and lower activity in Logistics and Government services o Semiconductor chip shortages impact volumes across all segments o Successful bond issue of NOK 1,500m in August with pricing 3m NIBOR+390bps and 5-year maturity o Cash position of USD 587m, up USD 21m QoQ
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. Logistic volumes will benefit from stabilization of automotive semiconductor chip supply expected during 2022.
Potential risks include further shortages of semiconductor chips and other parts, labor shortages, negative impacts of any further imbalances and disruptions to the global supply chain, and operational impact from any new COVID19 outbreaks.
Continuing stabilization of market conditions will provide more financial flexibility and help drive future shareholders value creation.
For further information, please contact: Investor relations: Anette Orsten, VP Global Treasury & IR. Tel: +47 980 67 912 Email: firstname.lastname@example.org Media relations: Anette Maltun Koefoed, VP Corporate Communications. Tel: +47 975 87 999 ; Email: email@example.com 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. Read more at walleniuswilhelmsen.com