Saturday, September 23, 2023
HomeFinance & EconomyWallenius Wilhelmsen shows resilience and growth in Q2


To our FREE newsletter
Get all the latest maritime news delivered straight to your inbox.

Wallenius Wilhelmsen shows resilience and growth in Q2

Wallenius Wilhelmsen’s Q2-results demonstrate a robust performance across all three business segments. The company reported USD 477 million in EBITDA and USD 396 million in operational cash flow, underscoring its leading position in a strong market.

“Financially, commercially and operationally, it was a good quarter. Cash generation is solid providing a foundation for our business going forward,” says Lasse Kristoffersen, CEO at Wallenius Wilhelmsen.

Shipping excelled – challenges persisted

Shipping excelled by achieving an all-time high EBITDA margin, powered by amplified volumes and improved voyage efficiency across multiple trade routes. Kristoffersen notes, “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.”

Kristoffersen goes on to say that the quarter also had its challenges. Waiting at key ports remains a challenge: One contributing factor is the recurrent delays attributed to biosecurity clearance processes in Australia. The company also encountered congestions on the West Coast of the United States, in Canada, and in the Panama Canal. Kristoffersen emphasizes that the company is stretched on capacity and points out that long-standing customers are renewing contracts at compelling market rates ensuring predictability for all parties.

Auto services in high demand

The company’s Logistics segment thrived due to robust demand for automobile services, further reinforcing the quarter’s vigor. Similarly, the Government Services sector demonstrated noteworthy EBITDA growth due to heightened U.S. government activities.

New contracts

The quarter also showcased notable achievements, including a significant contract signing with a leading electric vehicle manufacturer, extending until the end of 2025. In addition, a contract securing sustainable biofuel, already underway, was another key accomplishment.

Throughout Q2, the company observed a positive trend in emission reduction and an enhancement in safety performance. These developments further cement Wallenius Wilhelmsen’s dedication to a progressive and sustainable future.

Fleet renewals

Recently, after Q2 was concluded, the company signed a letter of intent outlining the delivery of four vessels with a capacity of 9,350 CEU, methanol-capable and ammonia-ready, alongside individual options for an additional eight newbuildings. The four vessels, designated as the “Shaper Class,” will be delivered from mid-2026 and onwards.

“We are securing our position as our customers’ first choice in shipping and delivering on our strategy to provide a net-zero emission free service by 2027,” says Kristoffersen.

Related Posts


Finance & Economy
Shipping News

Trafigura announces executive leadership changes

Trafigura Group Pte Ltd. has announced an evolution of its executive team to further strengthen leadership and focus across its global activities during a...

Woori, HMM, KOBC to buy Polaris in prospective $448 mln deal – report

Polaris Shipping Co. is poised to sell its entire stake at around 600 billion won ($447.5 million) to Woori Private Equity Asset Management Co....

Pyxis Tankers Announces Closing of Ultramax JV Investment

Pyxis Tankers, an international shipping company, reported that on September 14, 2023, the Company closed on its previously announced newly formed drybulk joint venture...

Korea’s STX denies rumor that it is backed by Chinese fund

South Korean general trading company STX Corp. has said its largest shareholder is a local investment firm, while refuting the false reports appearing through...

Navios Holdings Announces Receipt of Buyout Offer

Navios Holdings announced that its board of directors received an unsolicited non-binding proposal from N Shipmanagement Acquisition Corp. (“NSC”) to acquire all of the...

Baltic index snaps 11-session rally as rates for larger vessels ease

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk...

Baltic index rises for 11th straight session on strong vessel rates

The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry...

The elite of the Shipping Industry meets at the “Maritime Cyprus 2023” Conference

The main theme of this year’s Conference is “Shipping in Action: An agenda for...

Maritime industry explores nuclear power for ships as technology opens up

The maritime industry is exploring whether nuclear fuel can be used to power commercial...

Baltic index logs best day in almost two months on capesize demand

The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry...

Vopak: Agreement with Infracapital on sale of Rotterdam chemical terminals

Vopak announces that it has reached an agreement with Infracapital on the sale of its three chemical terminals in Rotterdam (Botlek, TTR and Chemiehaven)...

Port Hedland Iron Ore Exports Edge Up 4% in August

Pilbara Ports Authority has delivered a total monthly throughput of 62.8 million tonnes (Mt) for August 2023, consistent with the August 2022 throughput. The Port...

Thessaloniki, Gdańsk ports to explore synergies

Thessaloniki Port Authority S.A is expanding its role as a port of international importance through a new cooperation with the Port of Gdańsk Authority...

Hapag-Lloyd CEO: Counteroffer for HHLA would not be in our interest

Hapag-Lloyd CEO Rolf Habben Jansen said on Thursday that it would not be in the container shipper’s interest to make an offer for HHLA...

MSC offers to buy stake in Hamburg port operator

MSC, the world’s biggest container shipping company, is offering to buy almost half of the main operator of Hamburg port, in a deal that...