The pre-tax income for 2004 compares with USD 85 million for the year before. Income after affiliates totalled USD 158 million as against USD 86 million in 2003. Net operating income came to USD 111 million, compared with USD 72 million the year before.

Freight revenues from ships and other operating income came to USD 1 081 million as against USD 966 million in 2003.

Increased car carrying and strong markets for transporting construction and agricultural machinery as well as project cargoes combined with effective coordination of services from subsidiaries to boost WW’s results.

“We’ve benefited primarily from making our operations more efficient and increasing cooperation between our companies,” says Chief Executive Officer Ingar Skaug.

“This has enhanced the efficiency of our operations organisations and the use of our tonnage, with less time in port and better utilisation of cargo space.”

Increased rates in certain areas have also had a positive effect.

WW otherwise experienced a strong fourth quarter in 2004, when its income before tax came to USD 30 million as against USD 31 million in the same period of 2003. The net operating income in fourth quarter was USD 26 million as against USD 13 million in the same period in 2003. Freight revenues for ships and other operating income totalled USD 277 million in the fourth quarter, compared with USD 260 million in the same quarter in 2003.

The group expects results for 2005 to be somewhat better than in 2004.