May 8 - Norwegian shipping line and maritime logistics service provider Wallenius Wilhelmsen Holding (WWH) has seen operating profit and revenues drop in Q1 2013.
WWH blamed a drop in shipping volumes and a less favourable cargo mix for the slowdown.
Operating profit for the first quarter 2013 was USD78 million - a year-on-year decline over Q1 2012 of 27 percent and a 19 percent fall compared to Q4 2012.
Q1 2013 revenue totaled USD864 million, a reduction of 9 percent year-on-year and a 4 percent decline over the fourth quarter of 2012.
"The beginning of 2013 has been challenging following the expected decline in shipping volumes, a less favourable cargo and trade mix and lower fleet utilisation," commented Thomas Wilhelmsen, group ceo of WWH.
"Earnings from our logistics activities improved compared with previous quarters, but do unfortunately not offset the reduced contribution from our shipping segment," he added.
Looking ahead, Wilhelmsen noted that "the shipping market in general is weak", although he expects volumes to stabilise in the coming months. "Our main concern is related to the development within the high and heavy segment," he added.