Wilh. Wilhelmsen Stays in Black

Norwegian rolling cargo shipping specialist Wilh. Wilhelmsen ASA ended the second quarter of 2015 with USD 70 million net profit.

With a seasonal increase of 6% in transported volumes, the total income was USD 596 million for the second quarter, with the operating profit ending at USD 74 million.

”Auto volumes increased in all trades, except Asia to Europe, which had a flat development in the second quarter. The high and heavy market remained challenging. A suboptimal cargo- and trade mix negatively affected our profit,” Jan Eyvin Wang, president and CEO of WWASA, said.

”With increased net bunker costs and more than normal off-hire, we saw an operating profit on par with the previous quarter, adjusted for the USD 26 million gain on the share reduction in Hyundai Glovis in the first quarter.”

In the logistics segment improved results in Hyundai Glovis increased contribution. In addition, Wallenius Wilhelmsen Logistics (WWL) activities contributed well, WWASA says in its report.

”Our activity level was on par with the first quarter, with slightly higher contribution from terminal operations and technical services following somewhat stronger volumes,” said Wang.

WWASA says that the forecasted growth for light vehicle sales and high and heavy volumes is modest for 2015. Based on the market outlook, the WWASA board expects seasonally lower auto volumes and continued soft high and heavy volumes in the second half of 2015.