WALLENIUS WILHELMSEN ASA
Sector unknown·WAWI · Oslo Børs·Fiscal year to 31/12/2024
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
EU climate and energy policy
Regulation
DriverMixed impact: mixed
“In the EU, new car registrations grew by 0.8 percent YoY, whereof BEV volumes declined by 7 percent. The total BEV penetration for the year ended at 13 percent compared to 14 percent in 2023.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“In the EU, the auto market will be significantly influenced by tariffs and EU CO emission targets. European OEMs will aim to shift their product mix towards affordable BEVs and PHEVs to avoid significant penalties for non-compliance.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Failure to deliver on decarbonization transition plan Wallenius Wilhelmsen has a net-zero 2040 objective. There are several uncertainties related to achieving this objective. These, include selection of technology, customers’ willingness to pay in an economic downturn, too slow transition, external events (f.ex. Baltimore) that affect the transition plan, insufficient supply of new fuels and dropin fuels..”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“We achieved this by reducing the average speed in the fleet, and increased our biofuel purchases substantially in 2024. We continue to focus strongly on the long-term plan to achieve our net-zero by 2040.”
Annual report 2024A · The company itself
Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency
Automotive
End markets
DriverPositive impact: strengthens
“Average net freight rates increased by about 7 USD/cbm, where the major driver was repricing book of business. Positive development in trade and customer mix were also contributing factors in terms of average net freight rates.”
Annual report 2024A · The company itself
DriverMixed impact: mixed
“In 2024, the global auto market experienced varied trends, with growth in North America and China, but challenges in BEV sales in the EU.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“In 2024, North American production reached 16 million units, a 2 percent increase over 2023.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“In 2024, Chinese exports totaled 5.86 million vehicles, growing by 19.3 percent YoY, driven by higher volumes to Southeast Asia, the Middle East, Africa, and South America.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Wallenius Wilhelmsen's main objective for the shipping segment is to strengthen its position as the RoRo shipping market leader with unrivaled high & heavy and breakbulk capabilities.”
Annual report 2024A · The company itself
Market
“We partner with global original equipment manufacturers in the automotive segment, as well as the leading manufacturers of high & heavy equipment for construction, agriculture and mining.”
Annual report 2024A · The company itself
Market
“Auto is the largest product group in the logistics portfolio, providing light vehicle processing services to auto producers globally.”
Annual report 2024A · The company itself
Market
“North America, a main contributor to the auto business, delivered a 4 percent increase in volume and 6 percent price/mix, positively impacting profit margins.”
Annual report 2024A · The company itself
Shipping and logistics
End markets
Market
“By fleet size, we are the world’s largest operator of pure car and truck carriers (PCTCs).”
Annual report 2024A · The company itself
Market
“On shore we provide a comprehensive land-based logistics network through eight terminals, 11 inland distribution networks and more than 66 service and processing centers. Strategically located to support customers’ operations, in addition we also work in-house at many manufacturers' plants preparing vehicles for end consumers.”
Annual report 2024A · The company itself
Market
“Benefiting from over 160 years of heritage and history, Wallenius Wilhelmsen includes EUKOR, American Roll-on Roll-off Carrier (ARC), Armacup and Keen, and today has operations in three key segments: Shipping services, logistics services and government services.”
Annual report 2024A · The company itself
Market
“Total revenue was USD 5,308 million for the year 2024, an increase of 3 percent compared to 2023. Shipping revenues were up 1 percent year-over-year (YoY), from USD 3,881 million in 2023 to USD 3,937 million in 2024.”
Annual report 2024A · The company itself
Market
“Logistics revenues were up 5 percent, from USD 1,148 million to USD 1,205 million, as volumes increased as a result of less disruptions in supply chains.”
Annual report 2024A · The company itself
Chains in: Carbon tax and ETS prices weakens, Global trade volumes strengthens, Fuel strengthens
United States
Geography
DriverPositive impact: strengthens
“In 2024, North American production reached 16 million units, a 2 percent increase over 2023.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Regarding exports, the looming risk of American tariffs on European vehicles is likely to hurt export volumes to the US.”
Annual report 2024A · The company itself
Market
“North America, a main contributor to the auto business, delivered a 4 percent increase in volume and 6 percent price/mix, positively impacting profit margins.”
Annual report 2024A · The company itself
Market
“The government services segment provides ocean transport of United States flag cargoes and performs global logistics services for the U.S. government.”
Annual report 2024A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Industrial manufacturing
End markets
StrategyPositive impact: strengthens
“Wallenius Wilhelmsen's main objective for the shipping segment is to strengthen its position as the RoRo shipping market leader with unrivaled high & heavy and breakbulk capabilities.”
Annual report 2024A · The company itself
Market
“We partner with global original equipment manufacturers in the automotive segment, as well as the leading manufacturers of high & heavy equipment for construction, agriculture and mining.”
Annual report 2024A · The company itself
Market
“Total high and heavy revenue was USD 165 million, an increase of USD 22 million vs 2023. EBITDA for 2024 was USD 35 million compared to USD 31 million in 2023 Terminal revenue was USD 283 million, a 4 percent increase from 2023.”
Annual report 2024A · The company itself
Carbon tax and ETS prices
Regulation
InputNegative impact: weakens
“Fuel and carbon prices: The group is exposed to carbon price risk through the EU ETS.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“We achieved this by reducing the average speed in the fleet, and increased our biofuel purchases substantially in 2024. We continue to focus strongly on the long-term plan to achieve our net-zero by 2040.”
Annual report 2024A · The company itself
Chains out: this weakens Shipping and logistics, strengthens Energy efficiency, weakens Cement and building materials
Public sector
End markets
Market
“Government revenue increased 32 percent from USD 324 million in 2023 to USD 427 million, mainly due to increased U.S. flag cargo activity.”
Annual report 2024A · The company itself
Market
“The government services segment provides ocean transport of United States flag cargoes and performs global logistics services for the U.S. government.”
Annual report 2024A · The company itself
Mining
End markets
Market
“The mining industry remains strong, and we expect this to continue. Geopolitical tension, electrification, and awareness of their own sourcing vulnerability has made western countries focus on self-sufficiency and domestic production of metal, minerals and rare earth metals. It implies more focus on investments in the mining industry.”
Annual report 2024A · The company itself
Chains in: Copper strengthens
Geopolitical uncertainty
Macro
DriverNegative impact: weakens
“Capacity constraints as a result of re-routing vessels via the Cape of Good Hope negatively impacted volumes. Shipping experienced a 8 percent drop in transported volumes yearover-year. The lower volumes were more than offset by increased average rates driven by the continued repricing of the book of business.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“In December 2023 we decided to re-route all our vessels planned for Red Sea transit via the Cape of Good Hope due to the security situation in the region. The safety of our people is our number one priority, and Wallenius Wilhelmsen was the first car carrier operator to suspend sailings through the Red Sea. The re-routing impacted tonnage capacity negatively and about one week was added to each Europe-Asia and Asia-Europe sailings.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“This was mainly due to increased US flag cargo activity in large part attributable to cargo moved in support of the United States and NATO response to the Russian invasion of Ukraine, two vessels added in 2024 generating charter revenue, increased vessels on charter and increased logistics support to the U.S. government.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“For 2025, global GDP growth is anticipated to strengthen, though geopolitical tensions and the introduction of new tariffs in the US create increased uncertainties.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“However, elevated geopolitical tensions, and particularly the possible introduction of new trade tariffs, pose significant uncertainties, potentially increasing inflation and hindering economic activity and consumer confidence.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Higher uncertainty and lower global activity levels, mainly due to geopolitical tensions, US elections, increased costs, and a new economic reality, are factors likely to have affected Q4 loaded high & heavy volumes.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Due to the security situation in the southern parts of the Red Sea, all vessels were re-routed to avoid the area from December 2023 and onwards. Other areas of concerns are US West Coast & Brunswick congestion (mainly due to lack of yard space for import volume), Industrial actions (strike) by dockworkers (stevedores) etc We continue to monitor the Red Sea situation closely and stay in direct consultation with marine authorities, industry bodies and all relevant counterparts.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Our outlook remains positive, while we are closely monitoring two key risks: 1. Geopolitical challenges and the risk of escalating trade conflicts 2.”
Annual report 2024A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Tariffs and trade policy
Macro
DriverNegative impact: weakens
“For 2025, global GDP growth is anticipated to strengthen, though geopolitical tensions and the introduction of new tariffs in the US create increased uncertainties.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“However, elevated geopolitical tensions, and particularly the possible introduction of new trade tariffs, pose significant uncertainties, potentially increasing inflation and hindering economic activity and consumer confidence.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“However, this demand could be weighed down by uncertainty related to policy changes and IRA incentives, tariffs on imports, a higher risk of returning inflation, and resilient new and used vehicle pricing.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Regarding exports, the looming risk of American tariffs on European vehicles is likely to hurt export volumes to the US.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“On March 4, the USA introduced 25 percent tariffs on imports from Mexico and Canada. Canada responded by introducing reciprocal tariffs on imports from the USA. Additional tariffs was also introduced on Chinese imports to USA.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Our outlook remains positive, while we are closely monitoring two key risks: 1. Geopolitical challenges and the risk of escalating trade conflicts 2.”
Annual report 2024A · The company itself
Chains in: Geopolitical uncertainty strengthens
Chains out: this weakens Global trade volumes
Business cycle and GDP growth
Macro
DriverPositive impact: strengthens
“For 2025, global GDP growth is projected to strengthen slightly to 3.3 percent , while inflation is expected to decline further and reach its target in almost all major economies by the end of 2025 or early 2026 (OECD).”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“The volumes in Q4 hit the lowest level on record, and the loaded volumes declined with 29 percent YoY. YoY, volumes were down 23 percent in 2024.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“In terms of high & heavy demand, global economic growth is the key factor for the activity level. For the construction industry interest rates, higher costs and political initiatives will affect the short-term outlook and demand for machinery.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Resilience in a market downturn Demand for shipping and logistics services are cyclical and closely correlated to global economic activity in general, and deep-sea transportation of light vehicles (LVs) and high and heavy (H&H) equipment in particular. Changes in the global economy therefore strongly impact the development of Wallenius Wilhelmsen's volumes and financial performance.”
Annual report 2024A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Interest rates
Macro
DriverNegative impact: weakens
“The high and heavy market was slow in 2024, impacted by higher interest rates. Although this impacted processing volumes and revenue negatively, storage revenue was very strong.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“However, this demand could be weighed down by uncertainty related to policy changes and IRA incentives, tariffs on imports, a higher risk of returning inflation, and resilient new and used vehicle pricing.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“The volumes in Q4 hit the lowest level on record, and the loaded volumes declined with 29 percent YoY. YoY, volumes were down 23 percent in 2024.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“In terms of high & heavy demand, global economic growth is the key factor for the activity level. For the construction industry interest rates, higher costs and political initiatives will affect the short-term outlook and demand for machinery.”
Annual report 2024A · The company itself
Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction
Oil
Raw materials and inputs
DriverNegative impact: weakens
“Failure to deliver on decarbonization transition plan Wallenius Wilhelmsen has a net-zero 2040 objective. There are several uncertainties related to achieving this objective. These, include selection of technology, customers’ willingness to pay in an economic downturn, too slow transition, external events (f.ex. Baltimore) that affect the transition plan, insufficient supply of new fuels and dropin fuels..”
Annual report 2024A · The company itself
InputNegative impact: weakens
“Increased net fuel costs (fuel surcharges less fuel expenses) contributed to dampen the improved profitability from increased rates.”
Annual report 2024A · The company itself
InputNegative impact: weakens
“Fuel expenses increased USD 31 million on significant increase in biofuel purchases and consumption.”
Annual report 2024A · The company itself
Chains out: this strengthens Plastics and polymers
Global trade volumes
Macro
DriverNegative impact: weakens
“Capacity constraints as a result of re-routing vessels via the Cape of Good Hope negatively impacted volumes. Shipping experienced a 8 percent drop in transported volumes yearover-year. The lower volumes were more than offset by increased average rates driven by the continued repricing of the book of business.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Resilience in a market downturn Demand for shipping and logistics services are cyclical and closely correlated to global economic activity in general, and deep-sea transportation of light vehicles (LVs) and high and heavy (H&H) equipment in particular. Changes in the global economy therefore strongly impact the development of Wallenius Wilhelmsen's volumes and financial performance.”
Annual report 2024A · The company itself
Chains in: Tariffs and trade policy weakens, Geopolitical uncertainty weakens, Business cycle and GDP growth strengthens
Chains out: this strengthens Shipping and logistics
Defence budgets
Regulation
DriverPositive impact: strengthens
“This was mainly due to increased US flag cargo activity in large part attributable to cargo moved in support of the United States and NATO response to the Russian invasion of Ukraine, two vessels added in 2024 generating charter revenue, increased vessels on charter and increased logistics support to the U.S. government.”
Annual report 2024A · The company itself
Chains in: Geopolitical uncertainty strengthens, Reconstruction of Ukraine mixed effect
Chains out: this strengthens Defence industry
Electrification
Technology
DriverMixed impact: mixed
“In 2024, the global auto market experienced varied trends, with growth in North America and China, but challenges in BEV sales in the EU.”
Annual report 2024A · The company itself
DriverMixed impact: mixed
“In the EU, new car registrations grew by 0.8 percent YoY, whereof BEV volumes declined by 7 percent. The total BEV penetration for the year ended at 13 percent compared to 14 percent in 2023.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“In the EU, the auto market will be significantly influenced by tariffs and EU CO emission targets. European OEMs will aim to shift their product mix towards affordable BEVs and PHEVs to avoid significant penalties for non-compliance.”
Annual report 2024A · The company itself
Chains out: this strengthens Electricity, strengthens Power grid expansion, strengthens Copper
Inflation
Macro
DriverPositive impact: strengthens
“For 2025, global GDP growth is projected to strengthen slightly to 3.3 percent , while inflation is expected to decline further and reach its target in almost all major economies by the end of 2025 or early 2026 (OECD).”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Higher uncertainty and lower global activity levels, mainly due to geopolitical tensions, US elections, increased costs, and a new economic reality, are factors likely to have affected Q4 loaded high & heavy volumes.”
Annual report 2024A · The company itself
InputNegative impact: weakens
“Vessel operating expenses were up USD 18 million on exercises of purchase options, as well as a general increase in vessel operating cost based on inflation and cost increase.”
Annual report 2024A · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
Europe
Geography
DriverNegative impact: weakens
“Regarding exports, the looming risk of American tariffs on European vehicles is likely to hurt export volumes to the US.”
Annual report 2024A · The company itself
Geography
“Leading the way to connected, sustainable supply chains Our fleet of 125 vessels sails on 15 trade routes, serving six continents.”
Annual report 2024A · The company itself
China
Geography
DriverNegative impact: weakens
“In 2024, Chinese exports totaled 5.86 million vehicles, growing by 19.3 percent YoY, driven by higher volumes to Southeast Asia, the Middle East, Africa, and South America.”
Annual report 2024A · The company itself
Labour and wages
Raw materials and inputs
InputNegative impact: weakens
“Vessel operating expenses were up USD 18 million on exercises of purchase options, as well as a general increase in vessel operating cost based on inflation and cost increase.”
Annual report 2024A · The company itself
Natural gas
Raw materials and inputs
InputNegative impact: weakens
“Increased net fuel costs (fuel surcharges less fuel expenses) contributed to dampen the improved profitability from increased rates.”
Annual report 2024A · The company itself
USD vs DKK/EUR
Macro
DriverMixed impact: mixed
“The group's largest foreign exchange exposure is EUR against USD, but the group also has exposure to a number of other currencies whereof KRW, JPY, SEK, CNY and NOK are the most important.”
Annual report 2024A · The company itself
Chains out: this mixed effect United States
Asia and emerging markets
Geography
Geography
“Leading the way to connected, sustainable supply chains Our fleet of 125 vessels sails on 15 trade routes, serving six continents.”
Annual report 2024A · The company itself
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 5.31 bn USD |
| Revenue growth vs. the year before, same method | 3.1 % |
| EBITDA reported by the company | 1.87 bn USD |
| Net debt debt incl. leasing minus cash | 1.76 bn USD |
| Diluted EPS per share | 2.3 USD |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✓ |
| Healthy balance sheet | ✓ |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (USD), not converted to DKK. Quotes are shown as the company's own words in the report's original language.