Wallenius’ Loses Drive as Fuel Costs Fill Up — Panjiva


Wallenius’ Loses Drive as Fuel Costs Fill Up

Corp - Shipping 608 Earnings 365 Global 722 Mode - Seaborne 1273

Vehicle carrier Wallenius Wilhelmsen reported a 7.2% growth on a year earlier in 3Q revenues, driven largely by fuel cost recovery. Volumes handled expanded by just 1.8%. A marked slowdown in September was the culprit, with U.S. inbound shipments of passenger cars to the U.S. having dropped by 13.7% year over year that month. The bigger challenge for the firm relates to higher fuel costs, which has been a common problem for the container-lines too. Wallenius’ profitability (EBITDA margin) has fallen to 14.7% vs. 20.1% a year earlier despite a cost cutting plan that may have added 1...

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