WALLENIUS Wilhelmsen has posted results for “strongest quarter on record”.

The shipping company’s EBITDA reached US$440 million in the third quarter of 2022, up 41% on the previous quarter and up 97% year-on-year.

Total revenue was US$1356 million, a 14% increase since the previous quarter and a 37% increase since the third quarter of 2021.

Wallenius Wilhelmsen president and CEO Lasse Kristoffersen said performance improved across all shipping, logistics and government segments but some challenges remained.

“Despite these positive results, we still experience a stretched labour market alongside limited vessel and port capacity,” he said.

Mr Kristoffersen highlighted strong performance in the shipping segment, high fuel surcharges and healthy freight rates as the biggest contributors to quarterly results.

“We also increased our operational efficiency with lower voyage expenses per cubic meter and full fleet utilisation.”

He said capacity constraints and pent-up demands following the pandemic are still being felt through global value chains.

“Challenges remain despite having seen some improvements in port congestion in some geographies, as well as a greater availability of semiconductors.

“Looking ahead, we expect a continued favourable supply-demand balance, but we closely follow the weakened macro-economic developments and the possible impact on our business.”

An anti-trust settlement involving Wallenius Wilhelmsen concluded in the third quarter of 2022, leaving the company with no remaining anti-trust provisions.

Wallenius Wilhelmsen Ocean was charged in 2019 for giving effect to cartel provisions. It was convicted in Australia’s Federal Court in February last year.

The cartel was involved in shipping vehicles to Australia on behalf of car manufacturers in 2011 and 2012.  

Mr Kristoffersen said it had been a “very challenging” case, costing the company close to US$900 million since 2012.

“What happened was against the law and not according to our principles and procedures,” he said.

“I am very pleased to say that we for many years have moved on with new and renewed contracts with all customers.

“Compliance is at the core of our company, and it will continue to be so in the future.”