WALLENIUS WILHELMSEN SEES IMPROVEMENT IN FIRST HALF

WALLENIUS WILHELMSEN SEES IMPROVEMENT IN FIRST HALF

   Wallenius Wilhelmsen Lines, the 50-50 joint venture of Wilh. Wilhelmsen ASA and Wallenius Lines, reported a first half operating income of $41.7 million, compared to $36.7 million for the same period in 2000.

   The first half results, which were reported Tuesday by Wilh. Wilhelmsen, include a write-down of $10 million on two tankers last year and results of roughly $5 million from the acquisition of a 51.7-percent share of Offshore Heavy Transport (OHT) last year.

   Operating income from WW's liner and car carrier operations in the second quarter rose to $22.7 million, from $19 million in the first quarter.

   Car volumes were down in the Far East/North America and Far East/Europe trades, and car exports from Korea also showed a decline. These results were offset by buoyant roll-on/roll-off, containers and non-containerized cargo. Activities in Europe/North America, Europe/Australia and the Atlantic were also solid, the line said.

   While WW expects to maintain shipments of cargoes other than cars at the present levels in the second half, its future results depend largely on the car and ro/ro markets.

   “Economic trends in the USA show signs of a slowdown which will quickly have a knock-on effect on car shipments,” Wilh. Wilhelmsen said in a statement. “There are few indications that this position will change in the near future.” The company said another factor is whether car shipments expand from Korea to North America and Europe.

   Wilh. Wilhelmsen said its first half net income was $$19.2 million, compared with $13 million for the same period last year. Operating income was $412 million, down from $434.1 million.

   Barwil, WW's international ship agency chain, saw progress during the first half, while Barber International, the ship management arm, saw a small decline in results.