Wilhelmsen

Wilh. Wilhelmsen Limited AS (WWL) is an integrated shipping company. Its subsidiary, Wilhelmsen Lines (WL), is one of the leading operators of car/ro-ro vessels, and its presence in this market has been enhanced since WL’s recent merger with NAL (see article elsewhere in this issue). The international liner activity has always been the core business of WWL. Wilship is another WWL subsidiary involved in the tanker, bulk carrier and chemical carrier markets. In addition, WWL, through its subsidiary Barber International Limited, is involved in ship management activities. Currently, Barber manages about 160 vessels. Barwill Agencies, another WWL subsidiary, is linked to 140 agency offices around the world and is one of the world’s largest agency networks. In addition, Barwill operates a fleet of crew boats.

Weak market conditions, coupled with a weak US$ against the Norwegian Kroner, contributed to WWL’s results for the first eight months of 1995 so that they were lower than those in the corresponding period of 1994. Primary operating profit dropped by 18% to NOK 367 million and net income dropped to NOK 40 million vs. NOK 220 million in the first eight months of 1994. It should be noted, though, that a profit on sales of NOK 180 million was included in the results for the eight months period in 1994. On the other hand, only a 55% ownership in Wilhelmsen Lines was included in 1994 against 100% in 1995.

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