Wallenius Wilhelmsen has reported its strongest financial results ever for 2024, outperforming the previous record set in 2023 and demonstrating resilience amid ongoing market challenges.
The Oslo-based shipping and logistics company closed 2024 with an adjusted EBITDA of USD 1,901 million, up from USD 1,807 million the year before. Net profit also jumped to USD 1,065 million compared to USD 967 million in 2023. The company’s return on capital employed (ROCE) hit 19.9%, while maintaining a healthy equity ratio of 39.5% and a low leverage ratio of 0.9.
Lasse Kristoffersen, President and CEO of Wallenius Wilhelmsen, credited the company’s global team and operational discipline. “Our safety statistics are strengthened, our customers are happier with our services and our global team is more engaged,” he said. “We delivered the best financial results in our history.”
Revenue Growth Despite Volume Drop
Total revenue for 2024 reached USD 5,308 million, marking a 3% increase year-over-year. The Shipping segment brought in USD 3,937 million, just a 1% uptick, but volumes transported dropped by 8% due to vessel rerouting around the Cape of Good Hope. Despite this, higher average freight rates, driven by repricing efforts, offset the volume decline.
On the Logistics side, revenue grew by 5% to USD 1,205 million, with improvements in supply chain stability driving increased activity. Government-related revenue surged 32% to USD 427 million, driven largely by expanded U.S. flag cargo contracts.
Historic Dividend Payouts Reflect Strong Position
With a robust financial year under its belt, the company announced a total dividend payout of USD 1.85 per share, the highest in its history. For the second half alone, the Board approved a dividend of USD 1.24 per share, totaling USD 524 million.
Kristoffersen emphasized the company’s approach to balanced capital allocation. “We are dedicated to delivering long-term value by striking a sustainable balance between investments and returns,” he noted.
Operational and Sustainability Milestones
In 2024, Wallenius Wilhelmsen secured contracts worth USD 8.9 billion, including a renewed five-year deal with Hyundai/Kia valued at approximately USD 4.2 billion, boosting its share of the automaker’s export volume to 50%.
The company also expanded its Shaper Class newbuild program, now totaling fourteen vessels—seven 9,300 CEU and seven 12,100 CEU ships—with deliveries expected between 2026 and 2028.
On the environmental front, the company continued to reduce its greenhouse gas emissions, reporting a 1% year-over-year decrease and a 7% reduction since its baseline year. Scope 1 shipping emissions for 2024 were 4,162,261 metric tons of CO2e, while the GHG intensity was 60.56 grams per tonne-nautical mile—better than its 62.65 target.
The Science Based Targets initiative (SBTi) also validated Wallenius Wilhelmsen’s near-term and net-zero emissions targets, underscoring its commitment to climate-aligned operations.
Forward Outlook
Despite ongoing geopolitical and supply chain uncertainties, the company sees a solid road ahead. With a substantial book of business and strengthened partnerships, Kristoffersen believes Wallenius Wilhelmsen is “uniquely positioned” to lead in connected and sustainable supply chains going into 2025.
