Oslo, 18 August 2020 - Wallenius Wilhelmsen reports adjusted EBITDA of USD 104
million for the second quarter, as volumes and income for the group were highly
impacted by the evolution of the Covid-19 pandemic and measures taken to try to
reduce its spread. This was somewhat balanced by effective cost control, low net
bunker costs and higher net freight per CBM.

Total income was USD 606 million for the quarter, down 40% compared to the same
period last year because of lower volumes across all trade lanes and product
segments. Ocean volumes were down 45% y-o-y and landbased volumes were sharply
affected by OEM plant closures and production cutbacks. Ocean income did however
benefit from a higher net freight per CBM due to favourable cargo mix with a
substantial share of high and heavy cargo. Compared to the first quarter, total
income for the group was down 27%.

"As the pandemic and its impact on people, societies and business around the
world continues to evolve, we have successfully taken a range of actions to
ensure safe workplaces, adjust capacity, reduce costs and protect our cash
position. Though the future remains unpredictable, we are encouraged to see
volumes beginning to return and are now focused on supporting our customers
through the market recovery whilst maintaining tight cost control," says Craig
Jasienski, President & CEO of Wallenius Wilhelmsen.

Wallenius Wilhelmsen is taking a preventative and proactive approach to the
COVID-19 pandemic, with priority on the welfare of our employees and community,
as well as the needs of our customers. The group took decisive action early on
to adjust capacity, reduce costs and preserve cash, and supported by these
measures cash reserves stood at USD 539 million at the end of the second
quarter, up from USD 451 in the first quarter.

Prospects
In the very near term the company is impacted by a sharp drop in volumes driven
by measures taken globally to fight the Covid-19 pandemic. The drop in volumes
has created excess capacity in the industry, which is likely to persist for some
time, delaying market improvements. Measures taken to recycle, lay-up, idle and
slow-steam ships will go some way in countering this effect.

Wallenius Wilhelmsen is undertaking significant measures to reduce costs and
strengthen liquidity. Together with an efficient and flexible cost base and
starting from a strong financial situation going into this, the company is well
prepared to manage through this unprecedented market situation.

About Wallenius Wilhelmsen 
The Wallenius Wilhelmsen group (OEX: WALWIL) is a market leader in RoRo shipping
and vehicle logistics, transporting cars, trucks, rolling equipment and
breakbulk around the world. The company operates around 125 vessels servicing 15
trade routes to six continents, and a global inland distribution network, 120
processing centres, and 11 marine terminals. The Wallenius Wilhelmsen group
consist of Wallenius Wilhelmsen Ocean, Wallenius Wilhelmsen Solutions, EUKOR and
ARC. The group is headquartered in Oslo, Norway with 9 500 employees in 29
countries worldwide. Read more at walleniuswilhelmsen.com

For further information, please contact: 
Astrid Martinsen, Head of Group Treasury & IR 
Tel +47 958 45 255 
email: astrid.martinsen@walleniuswilhelmsen.com

Anna Larsson, Head of Corporate Communication 
Tel: +47 484 06 919 
email: anna.larsson@walleniuswilhelmsen.com

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© Oslo Bors ASA, source Oslo Stock Exchange