Wallenius Wilhelmsen, a leader in maritime logistics and roll-on/roll-off (RoRo) shipping, announced a stellar performance for Q3 2024, marking it as the company’s second-strongest quarter on record. Lasse Kristoffersen, President and CEO, revealed an adjusted EBITDA of USD 503 million, emphasizing confidence that this year’s financial performance will exceed 2023’s. Despite a slight global softening in auto and heavy equipment sales, Kristoffersen highlighted that demand remains robust across all segments, signaling a strong year ahead.
Kristoffersen shared, “All business units are performing well, and the activity level is high across the organization. Year-to-date, all segments have delivered better than in 2023.” For the quarter, EBITDA reached USD 471 million, with a net profit of USD 259 million. A breakdown of contributions showed the Shipping segment leading with USD 416 million, followed by Logistics at USD 47 million, and Government services with USD 49 million.
The quarter also brought significant progress in contract negotiations, especially for agreements expiring in 2024. Wallenius Wilhelmsen recently secured a five-year contract in its High and Heavy (H&H) segment, a nod to their industry-leading offerings in shipping, logistics, integrated supply chain services, digital solutions, and emissions reduction. Kristoffersen highlighted the confidence of major clients in these offerings, further bolstering the company’s growth trajectory.
Despite a minor quarterly drop in Logistics due to seasonal effects, Shipping and Government segments outperformed both quarter-on-quarter and year-on-year. In addition, Wallenius Wilhelmsen announced the upsizing of four newbuilds to accommodate 11,700 CEUs and secured favorable financing for six Shaper-class vessels, enhancing their fleet’s efficiency and capacity.
With solid demand continuing to drive results, Kristoffersen remains optimistic. “This provides a solid backdrop for our dividend policy and ability to invest in renewing and growing our business,” he stated, reinforcing the company’s commitment to long-term growth and resilience in a shifting market.
In Q3 alone, Wallenius Wilhelmsen demonstrated its market strength by expanding its contract base, announcing sizable fleet investments, and reinforcing customer commitments. While minor headwinds loom in specific product sales, the Oslo-based company is set for another high-performing year, balancing both expansion and stability. Wallenius Wilhelmsen, with its global reach and substantial infrastructure—125 vessels, 15 trade routes, and 66 processing centers worldwide—stands as a formidable player in global logistics and vehicle distribution.
