12 February 2010

2010 will bring several interesting opportunities

The Wilh. Wilhelmsen group has posted an operating profit of US$240.8 million for 2009, compared with US$351.6 million in 2008. Revenues fell to US$2,572.6 from US$3,434.2 million in 2008.

The Group stated that 2009 was an extraordinary year, especially in its shipping segment. While EUKOR Car Carriers and American Roll-on Roll-off Carrier delivered solid results, Wallenius Wilhelmsen Logistics (WWL) experienced a substantial drop in volumes and unfavourable changes in cargo composition and trades.

However, the last two quarters of 2009 showed signs of recovery. The operating profit for the Group in the fourth quarter totaled US$78.3 million (US$134.0 million in 2008) and the total revenue was US$727.7 million (US$853.4 million in 2008), up from US$47.8 million and US$604.9 million respectively in the third quarter.

The improvement in demand for SEA transportation in WWL is still weaker than the Company would like to see, but it has taken three vessels out of layup and sees this as a sign of the market gradually picking up. The Group experienced a continued rebound in cargo volumes, primarily cars, equivalent with a 25.0% increase in cubic metres from the third to the fourth quarter.

Results from the logistics segment were hit by the slide in cargo flows handled by WWL, but partly offset by strong performance of other logistics activities in the group. The Group’s maritime services segment has a strong market position securing stable sales volumes of consumables and service to the merchant fleet.

Looking ahead, the Group believes that the signals from the markets are now positive. With a flexible business model and a diversified portfolio, the Group states that it is certain that 2010 will bring several interesting opportunities.