Oslo-listed shipping conglomerate Wilh Wilhelmsen Holding has seen profit dwindle in the third quarter.
The Norwegian ship management and maritime services group said net earnings dropped to $136m from $148m in the same period of 2023, as its share of profits from joint-venture and associated companies fell.
The Thomas Wilhelmsen-led group said revenue rose to $295m from $253m.
Revenue for the maritime services division was $216m, up 21% year on year.
“All main activities had a year-over-year increase in organic revenue, driven by the inflationary effect on pricing and an increase in volumes and activities,” the group said.
Total income for ship management was $47m in the third quarter, up from $22m in the corresponding period last year.
This was boosted by the takeover of Germany’s Zeaborn Ship Management with MPC Capital, which was completed on 31 March, adding $23m in revenue.
Technical management is arranged through the established Wilhelmsen and MPC joint ventures, while crew management is handled by Wilhelmsen.
The share of profit from its 38% stake in car carrier giant Wallenius Wilhelmsen was $91m, down from $113m in 2023, however.
The book value of the investment was $973m at the end of the third quarter.
Glovis contribution up
The share of profit from its holding in South Korean shipowner Hyundai Glovis was $23m, up from $20m a year earlier.
The book value of the 11% stake was $720m.
The group is a significant shareholder in offshore vessel owner Edda Wind, with John Fredriksen and Idan Ofer, with a stake of 31%.
It booked a loss of $3m from its share in the company.
Wilh Wilhelmsen also owns 50% of autonomous shipping company Massterly and 19% of Norwegian offshore support shipowner Reach Subsea.
