“We are proud to announce the second strongest quarter on record with adjusted EBITDA of USD 503m,” says Lasse Kristoffersen, President and CEO at Wallenius Wilhelmsen, being confident that EBITDA for 2024 will be somewhat better than 2023. The company progresses with contract renewals and attractive financing for newbuilds.
“All business units are performing well, and the activity level is high across the organization. Year-to-date, all segments have delivered better than in 2023,” says Kristoffersen.
EBITDA was USD 471m for the quarter and net profit ended at USD 259m. Of the Q3 adjusted EBITDA, Shipping delivered USD 416m, Logistics USD 47m and Government USD 49m.
Positive customer commitment
During the quarter the company continued to move forward with contract negotiations.
“Renewals for contracts expiring in 2024 are progressing well, as evidenced by the latest announcement of a five-year contract in the H&H segment. We see strong and increased demand in areas where we have industry leading offerings, including shipping, logistics, integrated supply chain, digital and reduced emissions services,” says Kristoffersen.
Another strong year
Kristoffersen is confident 2024 will be another strong year. The company experiences continued strong demand for its services despite short-term softening sales of auto and heavy equipment globally, which is viewed more as a temporary softening rather than a structural shift.
“This provides a solid backdrop for our dividend policy and ability to invest in renewing and growing our business,” says Kristoffersen.
Q3 2024 highlights
– Wallenius Wilhelmsen delivers a Q3 adjusted EBITDA of USD 503m
– Shipping and Government segments adjusted EBITDA improved QoQ and YoY
– Logistics declined QoQ mainly due to seasonal effects on volumes and product mix
– Solid progress in contract renewals, expecting to announce further contracts before year-end
– Upsized four newbuildings to 11,700 CEU and secured attractive financing for six Shaper class vessels
– Continued strong demand for shipping and logistics services despite softening sales signals for auto and H&H equipment
– EBITDA for 2024 will be somewhat better than in 2023
Source: Wallenius Wilhelmsen
