Wallenius Wilhelmsen Logistics ASA (WWL ASA) began trading on the Oslo stock exchange – the Oslo Børs – on Wednesday (April 5), following completion of the ownership merger announced in September last year.
The company, which is worth 17.9 billion krone ($2 billion), said it was among the 10 largest listed shipping and logistics companies globally and would become “the undisputed market leader”, serving more than 15 trade routes to six continents for all major vehicle, construction and mining equipment manufacturers.
The finished vehicle transport and logistics provider was formed last year as part of a major restructuring of joint operations between Scandinavian finished vehicle and breakbulk shipping lines Wallenius and Wilh. Wilhelmsen. It brings together the shipping and logistics businesses of WWL, Eukor Car Carriers and American RoRo Carriers (ARC).
Following the listing, Wallenius now owns a 48% interest in WWL ASA, with Wilhelmsen holding a 37.8% stake. Wallenius has agreed to sell down its holding to match that of Wilhelmsen within three weeks of the new entity releasing its second quarterly report. The two companies will also share the upside and downside risks of the sale if the shares achieve an average price below 22.50 krone per share, or above 32.50 krone per share.
The company is currently trading at around 42.50 krone per share. As announced in December, Craig Jasienski is the CEO of the new company while Rebekka Glasser Herlofsen has been appointed chief financial officer (CFO). Jasienski was previously CEO of Eukor and Herlofsen moves over from her role as CFO at Torvald Klaveness, the Norwegian dry bulk shipping provider.
“The car and ro-ro shipping markets have changed significantly in recent years, and will face considerable change,” said Jasienski this week. “Changes in manufacturing, technology, artificial intelligence, regulations and commercial demand will alter the world of transport as we know it.”
He added that the company was “poised to take full advantage of the opportunities created in [a] dynamic marketplace.”
Jan Eyvin Wang, president and CEO of Wilh. Wilhelmsen ASA, said: “The new company will facilitate an improved growth path for the land-based logistics offer, where we expect investments and development of new products and services, as well as a sound foundation for offering tomorrow’s deep-sea transportation services to global car and ro-ro manufacturers.”