“The maritime industry has experienced a longer period with head wind, and it is pleasing to see that our operating results are stronger year over year,” said Thomas Wilhelmsen about the global maritime industry group’s 2019 results.

The total income for the Wilhelmsen group was USD 224 million in the quarter, up 2% quarter on quarter.

Change in fair value of financial assets was negative with USD 25 million, with the reduced fair value of Hyundai Glovis, offsetting a positive development for other investments. “With more than half of the group’s values in listed entities we are sensitive to quarterly fluctuations in valuation of our financial investments,” said Wilhelmsen.

Operating profit and a net loss on investments in the fourth quarter resulted in a USD 2 million profit for the Wilhelmsen group after non-controlling interests.

A total of USD 12 million (NOK 2.50 per share) where distributed to shareholders in form of a second dividend in November 2019.

The report noted that in the short term, the measures to stop the spread of the coronavirus will have a negative impact on most business activities.

By Jake Frith