Awilhelmsen group has reported a decline in profit for 2019 and is facing a a major hit from the coronavirus this year.
The major Norwegian maritime company's reported an annual profit of NOK 5bn ($500m), down from NOK 730m earned in 2018.
The company reported operating revenue of NOK 1.79bn for 2019, down from NOK 1.58bn a year earlier.
With huge investments in cruise and hotels, the family-owned, Oslo-based company was hit hard when the coronavirus hit the world early this year.
Awilhelmsen holds a 12% stake in Royal Caribbean Cruises, the world’s second biggest cruiseship company.
At its worst moment, Royal Caribbean's stock price dropped to a 52-week low of $19.25 on the New York Stock Exchange, down from a high of $135 per share. It has since recovered to just under $50 per sahre.
Awilhelmsen chief executive Sigurd Thorvildsen told Finansavisen that that 2020 will be a challenging year for the firm.
“Luckily we have sort of a mixed bag,” he told the Norwegian financial daily.
Awilhelmsen also reported that Thorvildsen had a total remuneration of NOK 53m last year, which is NOK 16m less than in 2018.
The company is owned by Aweco Holding, which is owned by the late Arne Wilhelmsen’s sons Arne Alexander, Bent Christian and Peter Preben Wilhelmsen.
Though it started as a shipping business more than 80 years ago, today there is relatively little traditional shipping left in the company. Awilhelmsen has a few of LNG carriers, some containerships and stakes in four modern VLCCs that are fixed out on medium-term contracts.
