Sign up
Log in Sign up
Mon 4 Aug 2008, 10:19 GMT

W. Wilhelmsen raises profit by $6.5m


Q2 income and profit up vs 2007 despite higher bunker prices.

Strong demand for maritime services and increased cargo volumes contributed to a solid increase in profit for the Wilh. Wilhelmsen group during the second quarter of 2008.

Total operating income for the group in the second quarter of 2008 amounted to USD 894.8 million, up from USD 671.4 million in 2007, while operating profit came to USD 74.7 million compared with USD 68.2 million last year. Group profit before tax and minority interests amounted to USD 76.8 million, with a profit after tax and minority interests of USD 73.0 million, up 9.5% and 20% respectively from the same quarter of last year.

"This 33% increase in income stems from a growth in cargo volumes carried by a larger fleet, rising demand for maritime services and higher bunker cost compensation," says Ingar Skaug [pictured], group CEO at Wilh. Wilhelmsen.

"Although our operating profit has improved, the WW group would benefit from a less tight market. The maritime services and logistics segments delivered increased operating profit, but higher operating costs and bunker prices reduced the operating profit in the shipping segment. The operating margin was hurt by a weakened USD and a one-off provision of USD 21.9 million related to a global administration cost reduction programme in Wallenius Wilhelmsen Logistics."

Total operating income for the first half of 2008 totalled USD 1.7 billion as against USD 1.3 billion for the same period of 2007. Operating profit was USD 134.6 million, compared with USD 121.5 million in the same period of last year. Profit before taxes came to USD 81.3 million, compared with USD 112.0 million.

"Given bunker prices at the current level during the second half of 2008, we maintain the expectation that the group's operating profit for 2008 will exceed the level achieved in 2007," concluded Skaug.


Norway 
Areion vessel. Dorian LPG takes delivery of dual-fuel VLGC capable of carrying ammonia  

The 93,000-cbm Areion can run on LPG or fuel oil and transport ammonia cargoes.
FSRU Toscana alongside Green Zeebrugge vessel. RINA awards ISCC EU certification to OLT Offshore LNG Toscana for bio-LNG supply  

Certification enables bio-LNG use in the EU as a renewable fuel under RED II and RED III directives.
World Shipping Council at IMO meeting. WSC calls for safe maritime corridor as 20,000 seafarers remain trapped in the Persian Gulf  

Industry body urges IMO member states to establish safe passage and supply access.
Graphic promoting Auramarine webinar titled 'Sustainable Fueling Part 3: Ammonia - next alternative fuel in marine'. Auramarine to host webinar on ammonia as marine fuel in April  

Finnish firm will explore ammonia’s role in maritime decarbonisation at its third spring webinar.
Front cover of study by WinGD and Envision Energy titled 'Renewable Fuel Economics: An OPEX illustration based on current costs'. Green ammonia could reach cost parity with VLSFO and LNG by 2050, study finds  

WinGD and Envision Energy study projects green ammonia operational costs competitive with conventional marine fuels.
Elenger Marine's LNG bunkering vessel Optimus alongside Brittany Ferries’ Saint-Malo. Bureau Veritas verifies methane emissions on Brittany Ferries’ LNG vessels  

Verification enables ferry operator to report measured methane slip instead of regulatory default values.
Map showing existing and planned Emission Control Areas (ECAs). Alliance calls for urgent black carbon action as new Arctic emission control areas take effect  

Canadian Arctic and Norwegian Sea ECAs now in force, with compliance deadline set for March 2027.
Artistic impression of battery-electric ferry for operation on Perth’s Swan River. Lloyd’s Register to class Western Australia’s first electric ferry fleet  

Echo Marine Group partners with Lloyd’s Register on five battery-electric ferries for Perth’s Swan River.
Thomas Kazakos, secretary general of The International Chamber of Shipping (ICS). ICS condemns Middle East shipping attacks as 20,000 seafarers remain trapped  

Industry body calls for urgent state action to resupply vessels and enable crew changes.
Molslinjen ferry illustration. Molslinjen order propels Australia to top of battery vessel production rankings  

Danish ferry operator’s three-catamaran order at Incat Tasmania shifts global manufacturing landscape, analysis shows.




   Fuels & Propulsion

Ammonia B100 B24 B30 Bio-LNG/LBM Biofuel Biogas Biomethanol Dual-fuel E-fuel Electric Ethanol FAME Green hydrogen Green/e-ammonia HVO Hydrogen LNG LPG Lubes Methanol MGO Nuclear UCOME ULSFO VLSFO Wind power



 Recommended