WWASA recorded an operating profit of USD 91 million for the the third quarter, up 44.3% from the second quarter. Total income increased by 9.8% and ended at USD 644 million.

“Ocean volumes were slightly down quarter on quarter. However, increased auto export out of Japan, strong export from Europe to China and continued high volumes to Oceania improved the group’s trade mix. Coupled with new vessels improving operational efficiency, this lifted the WWASA’s revenue and earnings,” says Jan Eyvin Wang, CEO at WWASA.

“The group’s advanced shore-based logistics services had a positive impact on the group’s performance, with the successful development Glovis contributing most to the logistic segment’s profit,” says Wang.

Lower interest rates led to loss on interest rate hedges, and increased interest bearing debt lifted the group’s interest expenses. Net profit after tax and minority interest amounted to USD 29 million up from USD 21 million in the previous quarter.

Commenting on the prospects for group, Mr Wang says: “Given the fiscal uncertainty that exists in Europe and the ripple effect this has on global financial markets, volumes may soften during the next six months. The BRIC countries are expected to stay strong including export from Europe to China, whilst exports to Europe may weaken.”

WWASA paid a dividend equivalent to NOK 0.50 per share in May. The board of directors proposes a second dividend of NOK 0.50 per share to be paid in December. The decision is subject approval by shareholders at an extraordinary general meeting scheduled for 6 December.    

The board of WWASA acknowledges a strong third quarter. The global uncertainty affects both consumer confidence and risk tolerance, and the board recognises that this development could affect the group’s performance.

For further information, contact:

Jan Eyvin Wang, president and CEO:                      +47 67 58 47 05 (office),
                                                                                 +47 900 20 200 (mob)

Benedicte Bakke Agerup, CFO:                                +47 67 58 48 55 (office),
                                                                                  +47 915 48 029 (mob)

Benedicte Gude, VP corporate communication:       +47 67 58 41 77 (office),
                                                                                  +47 959 07 951 (mob)

Wilh. Wilhelmsen ASA is through its operating companies (Wallenius Wilhelmsen Logistics, EUKOR Car Carriers and American Shipping and Logistics) the world leading operator within the rolling cargo segment. It is the only listed company in its niche, and offers global car and rolling cargo customers sea transportation and integrated logistics solutions from factory to dealer. For more information, please visit www.wilhelmsenasa.com