Good cargo availability for Wilh. Wilhelmsen 

Comparisons between this period and the corresponding three months of 2006 are heavily influenced by special items. The first quarter of last year was characterised by an accounting gain of USD 7 million from the creation of Express Offshore Transport.

Changes to compensation under bunkers hedging contracts increased operating costs in the first quarter of 2007 by roughly USD 14 million compared with the same period of last year. The combined effect of these items was roughly USD 21 million.

Underlying operations are good.

WW’s net operating profit for the first quarter came to USD 53.3 million, compared with USD 74.3 million in the same period of 2006. Total operating income was USD 581.5 million as against USD 621.8 million the year before. Profit before taxes came to USD 41.9 million, compared with USD 75.5 million.           

“Cargo availability is good and fleet utilisation very high in the market,” notes Mr Skaug. “Demand for shipping cars from Asia to the USA and Europe is particularly high.”

43 nwebuildings up to 2011
In order to modernise the fleet, safeguard today’s market shares and secure involvement in new growth markets, the group and its partners are scheduled to take delivery of 43 newbuildings up to 2011. These include the world’s largest car carriers, ordered by EUKOR from Hyundai Heavy Industries.

WW expects a profit for 2007, after ordinary financial items and adjusted for special items, which is somewhat weaker than in 2006. This is primarily because EUKOR has still not reached agreement with HMC/KMC on compensation for higher bunkers prices.

Attached please find the press releases and reports in English and Norwegian. The presentations are in English only. In order to view these files, you will need the Adobe® Acrobat® Reader™, a plugin available from Adobe Systems, Inc.

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» Link to press release Q1 2007 (English)

» Link to report Q1 2007 (English)

» Link to press release Q1 2007 (Norwegian)

» Link to report Q1 2007 (Norwegian)

» Link to presentation Q1 2007 by Ingar Skaug