Shipowner Wilhelm Wilhelmsen ASA (WWASA) has reported an increase in operating profit for the third quarter of 2010 with the company’s president and CEO, Jan Eyvin Wang stating the higher earning was thanks partly to a more favourable cargo mix achieved through growth in the high and heavy sector.
Third-quarter operating profits were up $26.5m on the same quarter last year to $58.9m. Total income for the company came to $507m compared with $389.4m over the same period in 2009.
“Compared with the same period in 2009, we see a volume increase of 27%,” said Wang. “We are especially pleased to see that cargo volumes from Asia to Europe have more than doubled year on year and that the Asia to North America trade almost trebled during the same period.”
Total operating profit for the first nine months of 2010 amounted to $135m up from $99.5m in 2009. The company’s income increased almost 20% in the second quarter.
WWASA, a publicly traded company since a restructuring earlier this year, has extensive shipping and logistics interests, including 50% of Wallenius Wilhelmsen Logistics (WWL), and 40% of Eukor, as well the North American based ARC and a share in Glovis, the logistics arm of Hyundai Kia.
As reported recently in Automotive Logistics News, WWASA is depending on a recovery in the proportion of high-and-heavy and break-bulk cargo carried on its vessels, particularly as WWL’s fleet is geared toward a high percentage of such cargo, particularly for its new vessels on order.
“It is taking the ro-ro concept in a different direction,” Wang told Automotive Logistics News recently. “WWL will need some of that capacity but they will also need PCTCs. The mixture is what makes it unique. These vessels have been built not only looking at the market, but also by talking to customers.”
WWL is restoring laid-up capacity this month and has plans to add up to 12 new vessels to its fleet in the next two years. WWL will receive seven new vessels in 2011, followed by 3-5 more in 2012.
WWASA expects continued overall growth in cargo volumes during the fourth quarter, followed by seasonal downturn into the early part of 2011.