Wallenius Wilhelmsen hit by surging fuel costs

Shipping group Wallenius Wilhelmsen's bottom dipped in the third quarter, where more expensive bunker and lower rates hurt. The company has launched a new cost reduction initiative aimed at locating another USD 100 million in savings, says CEO.

Photo: Wallenius Wilhelmsen PR

Norwegian car carrier Wallenius Wilhelmsen took a hit from the rising fuel prices in the third quarter of the year.

While revenue grew slightly to USD 1.03 billion from USD 955 million in the same quarter 2017, the bottom line dropped to a profit of USD 30 million against USD 55 million in the third quarter last year, shows the interim report.

Read the whole article

Get 14 days free access.
No credit card required.

An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Employee at Bunker Holding subsidiary charged for alleged corruption

A trader at KPI Oceanconnect, a subsidiary of Bunker Holding, has been charged with alleged corruption totaling at least USD 191,250 as rewards for nominating Straits for the supply of bunker fuel to KPI's customers. The employee has been suspended and his contract terminated, the company informs ShippingWatch.

Freight rates for furniture eat up almost entire profit

The price of shipping a 40-foot container with assembled furniture from Asia to the US West Coast is currently so high that freight rates make up almost 100 percent of the furniture's retail value, according to Sea-Intelligence.

Wallem Group appoints new CEO

Wallem Group appoints interim CEO since January 2021 as the new chief executive officer of the ship management company.

Further reading

Related articles

Trial banner

Latest news

See all jobs