Wallenius Wilhelmsen reported Q4 EBITDA of $306 million, increasing 37% quarter-over-quarter, despite supply chain disruptions such as semiconductor chip shortages and labor issues related to the pandemic.
“The results combined with prepayment of deferred debt allow us to return to a dividend paying position, and we are happy to propose a solid dividend,” said Torbjørn Wist, CFO and acting CEO at Wallenius Wilhelmsen.
Strong earnings were driven mainly by performance in the Shipping business and improved profitability in Logistics. The company also credited a fully sailing fleet after reactivating all ships it had put into cold lay-up in response to the COVID1-19 pandemic breakout.
“Our key drivers this quarter are improved freight rates, operational efficiency and a full sailing fleet. As of this quarter, all vessels are back from lay-up and we also got our final newbuild Nabucco delivered in October,” says Wist.
The company listed its highlights from the quarter as follows:
- Strong quarterly EBITDA of USD 306m (up 37% QoQ), driven by Shipping results and improvement in Logistics
- Deferred debt being prepaid in Q1-22, removing dividend block
- Proposed dividend of USD 63.5m for 2021
- Solid cash position of USD 710m
- All vessels returned from lay-up and final newbuild Nabucco delivered
- Lasse Kristoffersen named new CEO, starting no later than 1 June 2022