WILHELMSEN REPORTS $4-MILLION 1ST QUARTER LOSS
Wilh. Wilhelmsen ASA, the 50-percent parent company of Wallenius Wilhelmsen Lines, reported a net loss of $4 million for the first quarter, compared to a net income of $5 million in the year-earlier period.
The group’s tanker and bulk shipping arm, Wilship, suffered a $16-million net loss in the first quarter, as compared to a deficit of $100,000 in the same period last year. Gross revenue for the quarter was $10 million, the same as in the year-earlier quarter.
Wilh. Wilhelmsen said that Wilship’s results were affected by a very weak tanker market in the first three months.
Group results for the first quarter included a write-down of $13 million on the sale of two large tankers.
Wallenius Wilhelmsen Lines, the liner and car carrier business of the group, had “a relatively weak start to the year,” with declining volumes from the Far East to Europe and the U.S., the group said. The liner and car carrier activities produced a net income of $11 million in the first quarter, up from $3 million in the year-earlier period. Gross revenue increased to $171 million, from $151 million.
Commenting on trading prospects, Wilh. Wilhelmsen said that its future results will primarily depend on developments in the car-carrier and roll-on/roll-off market, which is characterized by some surplus capacity.