WALLENIUS Wilhelmsen’s 2024 financial performance surpassed its record 2023, the company revealed in releasing its annual report in Oslo on Friday.
Adjusted EBITDA for 2024 was USD 1,901 million, up from USD 1,807 million in 2023. This resulted in a ROCE of 19.9%, an equity ratio at 39.5% and a leverage ratio of 0.9. Net profit in 2024 was USD 1,065 million compared to USD 967 million in 2023.
In addition, the company continued to deliver for its shareholders, customers, stakeholders and employees, Lasse Kristoffersen, president and CEO of Wallenius Wilhelmsen, said.
“2024 has been a strong year for Wallenius Wilhelmsen. Our safety statistics are strengthened, our customers are happier with our services and our global team is more engaged. Our emissions continue to be reduced year over year, and we delivered the best financial results in our history,” Mr Kristoffersen said.
Total revenue was USD 5,308 million for the year 2024, an increase of 3% compared to 2023. Shipping revenues were up 1% year-on-year to USD 3,937 million in 2024.
However, capacity constraints because of the continued re-routing of vessels via the Cape of Good Hope negatively impacted volumes and shipping experienced an 8% drop in transported volumes Y-oY. The lower volumes were more than offset by increased average rates driven by the continued repricing of the book of business, WW reported.
Revenues in the Logistics segment were up 5%, to USD 1,205 million, as volumes increased due to less disruptions in supply chains. Government revenue increased 32% to USD 427 million, mainly due to increased U.S. flag cargo activity. WW’s US-flag subsidiary American Roll-on Roll-off Carriers (ARC) now operates 10 PCTCs and ro-ros, which are integrated with the WW operating fleet when not engaged in US Government tasks.
For the second half of 2024, the Board approved a dividend of USD 1.24 per share, which amounts to a total dividend payout of USD 524 million, the highest dividend paid in WW history.
Mr Kristoffersen said despite WW navigating a rapidly changing and complex world of market and geopolitical uncertainty, it remained committed to its mission and building for the future: “From a solid financial position, with a substantial book of business, and strong partnerships, we are well-positioned for 2025 and expect that to be another strong year,” says Kristoffersen.
2024 highlights include: USD 8.9 billionn worth of contracts above USD 100 million in value announced in 2024; Hyundai/Kia contract renewed for five years with a value of around USD 4.2 billion -increasing WW’s share of their export volume to 50%; Near-term and net-zero science-based greenhouse gas emission reduction targets were validated by the Science Based Targets initiative (SBTi); Extended the Shaper Class newbuild program – total order is now seven 9,300 CEU and seven 12,100 CEU vessels to be delivered from 2026 through 2028; and Scope 1 shipping emissions were 4,162,261 mt CO2e in 2024, equivalent to 4,897,960 mt CO2e on a WTW basis. This is a reduction of 1% y-o-y and a 7% reduction since the base year (and in alignment with the SBT trajectory). WW’s GHG intensity was 60.56 gCO2e per tonne-nm, well ahead of the target of 62.65.
