ShippingWatch

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.

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