WAWI.OL Wallenius Wilhelmsen
Car Carrier · PCTC · 56 documents
Reporting basis & limitations
Revenue and net income are consolidated group results, not vessel economics or a vessel cash bridge.
Scope caveat: interest expense ($M) (Note 7) and mandatory amortization ($M) are GROUP-WIDE (Shipping, Logistics, Government services), divided by Shipping services OWNED vessel-days only, so the derived break-even is overstated. Revenue and net income remain consolidated group. Half-year DPS is not split; payout/coverage ratios stay null
| Reported period | Months | Revenue basis / as of | Sources & reconciliation |
|---|---|---|---|
| 2026Q2 | Apr–Jun | consolidated group figures; discrete calendar quarter 2026Q2; 2026-04-01 to 2026-06-30 | source 1 insufficient data for an earnings bridge; consolidated-group figures span more than the segment modelled; all-fleet $/day benchmark not on file; voyage/charter processing cost bridge incomplete |
| 2026Q1 | Jan–Mar | consolidated group figures; discrete calendar quarter 2026Q1; 2026-01-01 to 2026-03-31 | source 1 insufficient data for an earnings bridge; consolidated-group figures span more than the segment modelled; all-fleet $/day benchmark not on file; voyage/charter processing cost bridge incomplete |
| 2025Q4 | Oct–Dec | consolidated group figures; discrete calendar quarter 2025Q4; 2025-10-01 to 2025-12-31 | source 1 insufficient data for an earnings bridge; consolidated-group figures span more than the segment modelled; all-fleet $/day benchmark not on file; voyage/charter processing cost bridge incomplete |
| 2025Q3 | Jul–Sep | consolidated group figures; discrete calendar quarter 2025Q3; 2025-07-01 to 2025-09-30 | source 1 insufficient data for an earnings bridge; consolidated-group figures span more than the segment modelled; all-fleet $/day benchmark not on file; voyage/charter processing cost bridge incomplete |
| 2025Q2 | Apr–Jun | consolidated group figures; discrete calendar quarter 2025Q2; 2025-04-01 to 2025-06-30; Q2 2025 comparative column | source 1 insufficient data for an earnings bridge; consolidated-group figures span more than the segment modelled; PCTC fleet-days not on file; this quarter's scheduled principal not on file; all-fleet $/day benchmark not on file; voyage/charter processing cost bridge incomplete |
| 2025Q1 | Jan–Mar | consolidated group figures; discrete calendar quarter 2025Q1; 2025-01-01 to 2025-03-31; Q1 2025 comparative column | source 1 insufficient data for an earnings bridge; consolidated-group figures span more than the segment modelled; PCTC fleet-days not on file; this quarter's scheduled principal not on file; all-fleet $/day benchmark not on file; voyage/charter processing cost bridge incomplete |
Reporting-period source notes
2026Q2
2026Q2 fiscal window 2026-04-01 to 2026-06-30; published 2026-08-11. VERBATIM "Consolidated income statement"; "USD million Note Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025"; "Total revenue 3 1,305 1,350 2,558 2,647 5,240"; "Profit for the period 138 403 315 649 1,104"; "Owners of the parent 124 380 284 605 1,017". First discrete Q2 column, not half-year total. Group profit and parent-attributable profit separate; no half-year division
2026Q2 fiscal window 2026-04-01 to 2026-06-30. VERBATIM "USD million Shipping services Logistics services Government services Holding & eliminations Total"; "Ship operating expenses (73) (71) - - (28) (27) - - (102) (98)"; "Selling, general and admin expenses (48) (49) (42) (44) (6) (6) (17) (11) (113) (111)". Segment-note context only: opex_m/gna_m are pinned from the Shipping services segment table (see next entry), not the Total column
2026Q2 fiscal window 2026-04-01 to 2026-06-30. VERBATIM "USD million Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025"; "Interest expenses (37) (48) (74) (98) (181)". First column gross expense from Note 7, not derivative-adjusted interest payments or net finance cost
2026Q2 Shipping services segment (the priced PCTC unit). VERBATIM "Shipping services, USDm1 Q2 2026 Q1 2026"; "Ship operating expenses -73 -69 7 % -71 3%"; "SG&A -48 -47 2 % -49 -2%"; "Net TC result per day (USD 1,000) 51 52 -3 % 58 -13 %". At :265: "The net TC result per day was USD 51K per day in Q2". First column. opex ($M) 73 = Shipping services ship operating expenses; G&A ($M) 48 = Shipping services SG&A (Holding, Logistics and Government services excluded). average realized TCE ($/day) 51000 = issuer-printed net TC result per day, stated in USD thousands; Q2-2026 deck footnote: TCE earnings/day is net of fuel surcharges and fuel cost. NOT_A_DAY_RATE applies only to net freight USD/cbm, which is not pinned. The issuer defines no day denominator for this metric
2026Q2 quarter-end principal. VERBATIM "Current interest-bearing debt 10, 11 252 398". First column = current (next-twelve-months) interest-bearing loans and bonds, group-wide; / 4 = 63.0 per quarter (TDW precedent). Includes bond/loan maturities, not only amortization; current lease liabilities excluded (long-term charters are outside owned vessel-days)
Scope caveat: interest expense ($M) (Note 7) and mandatory amortization ($M) are GROUP-WIDE (Shipping, Logistics, Government services), divided by Shipping services OWNED vessel-days only, so the derived break-even is overstated. Revenue and net income remain consolidated group. Half-year DPS is not split; payout/coverage ratios stay null
2026Q1
2026Q1 fiscal window 2026-01-01 to 2026-03-31; published 2026-05-06. VERBATIM "Consolidated income statement"; "USD million Note Q1 2026 Q1 2025 2025"; "Total revenue 3 1,253 1,297 5,240"; "Profit for the period 177 246 1,104"; "Owners of the parent 159 225 1,017". First discrete Q1 column; group profit and parent-attributable profit separate. Do not infer Q1 from later rounded YTD minus Q2 amounts
2026Q1 fiscal window 2026-01-01 to 2026-03-31. VERBATIM "USD million Shipping services Logistics services Government services Holding & eliminations Total"; "Ship operating expenses (69) (68) (279) - - - (28) (28) (112) - - - (97) (96) (391)"; "Selling, general and admin expenses (47) (39) (194) (43) (43) (179) (7) (7) (25) (13) (8) (37) (110) (96) (435)". Segment-note context only: opex_m/gna_m are pinned from the Shipping services segment table (see next entry), not the Total column
2026Q1 fiscal window 2026-01-01 to 2026-03-31. VERBATIM "USD million Q1 2026 Q1 2025 2025"; "Interest expenses (36) (50) (181)". First column gross expense, not net finance cost or interest including derivatives. Retain this direct discrete print rather than derive 37 from a later YTD figure
2026Q1 Shipping services segment (the priced PCTC unit). VERBATIM "Shipping services, USDm1 Q1 2026 Q4 2025"; "Ship operating expenses -69 -72 -5 % -68 1%"; "SG&A -47 -58 -20 % -39 19%"; "Net TC result per day (USD 1,000) 52 50 4 % 56 -7 %". At :281: "The average net TC result per day were USD 52K in Q1". First column. opex ($M) 69 = Shipping services ship operating expenses; G&A ($M) 47 = Shipping services SG&A (Holding, Logistics and Government services excluded). average realized TCE ($/day) 52000 = issuer-printed net TC result per day, stated in USD thousands; Q2-2026 deck footnote: TCE earnings/day is net of fuel surcharges and fuel cost. NOT_A_DAY_RATE applies only to net freight USD/cbm, which is not pinned. The issuer defines no day denominator for this metric
2026Q1 quarter-end principal. VERBATIM "Current interest-bearing debt 10, 11 224 398". First column = current (next-twelve-months) interest-bearing loans and bonds, group-wide; / 4 = 56.0 per quarter (TDW precedent). Includes bond/loan maturities, not only amortization; current lease liabilities excluded (long-term charters are outside owned vessel-days)
Scope caveat: interest expense ($M) (Note 7) and mandatory amortization ($M) are GROUP-WIDE (Shipping, Logistics, Government services), divided by Shipping services OWNED vessel-days only, so the derived break-even is overstated. Revenue and net income remain consolidated group. Half-year DPS is not split; payout/coverage ratios stay null
2025Q4
2025Q4 fiscal window 2025-10-01 to 2025-12-31; published 2026-02-11. VERBATIM "Consolidated income statement"; "USD million Note Q4 2025 Q4 2024 2025 2024"; "Total revenue 3 1,261 1,341 5,240 5,308"; "Profit for the period 175 290 1,104 1,065"; "Owners of the parent 158 265 1,017 973". First discrete Q4 column, not annual-minus-nine-months. Group profit and parent-attributable profit pinned separately
2025Q4 fiscal window 2025-10-01 to 2025-12-31. VERBATIM "USD million Shipping services Logistics services Government services Holding & eliminations Total"; "Ship operating expenses (72) (69) - - (28) (28) - - (101) (97)"; "Selling, general and admin expenses (58) (44) (49) (43) (6) (6) (5) (13) (119) (106)". Segment-note context only: opex_m/gna_m are pinned from the Shipping services segment table (see next entry), not the Total column
2025Q4 fiscal window 2025-10-01 to 2025-12-31. VERBATIM "USD million Q4 2025 Q4 2024 2025 2024"; "Interest expenses (40) (53) (181) (248)". First column gross interest expense, not net financial items or interest paid
2025Q4 Shipping services segment (the priced PCTC unit). VERBATIM "Shipping services, USDm1 Q4 2025 Q3 2025"; "Ship operating expenses -72 -68 7 % -69 5%"; "SG&A -58 -47 23 % -44 32%"; "Net TC result per day (USD) 50 56 -11 % 55 -9 %". At :266: "The average net TC result per day were USD 50K in Q4". First column. opex ($M) 72 = Shipping services ship operating expenses; G&A ($M) 58 = Shipping services SG&A (Holding, Logistics and Government services excluded). average realized TCE ($/day) 50000 = issuer-printed net TC result per day, stated in USD thousands; Q2-2026 deck footnote: TCE earnings/day is net of fuel surcharges and fuel cost. NOT_A_DAY_RATE applies only to net freight USD/cbm, which is not pinned. The issuer defines no day denominator for this metric
2025Q4 quarter-end principal. VERBATIM "Current interest-bearing debt 10, 11 398 338". First column = current (next-twelve-months) interest-bearing loans and bonds, group-wide; / 4 = 99.5 per quarter (TDW precedent). Includes bond/loan maturities, not only amortization; current lease liabilities excluded (long-term charters are outside owned vessel-days)
Scope caveat: interest expense ($M) (Note 7) and mandatory amortization ($M) are GROUP-WIDE (Shipping, Logistics, Government services), divided by Shipping services OWNED vessel-days only, so the derived break-even is overstated. Revenue and net income remain consolidated group. Half-year DPS is not split; payout/coverage ratios stay null
2025Q3
2025Q3 fiscal window 2025-07-01 to 2025-09-30; published 2025-11-05. VERBATIM "Consolidated income statement"; "USD million Note Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024"; "Total revenue 3 1,331 1,353 3,979 3,967 5,308"; "Profit for the period 280 259 929 775 1,065"; "Owners of the parent 255 234 859 708 973". First discrete quarter column. Group profit and parent-attributable profit are separate; no YTD arithmetic
2025Q3 fiscal window 2025-07-01 to 2025-09-30. VERBATIM "USD million Shipping services Logistics services Government services Holding & eliminations Total"; "Ship operating expenses (68) (67) - - (29) (24) - - (96) (91)"; "Selling, general and admin expenses (47) (82) (43) (45) (7) (6) (12) (8) (109) (140)". Segment-note context only: opex_m/gna_m are pinned from the Shipping services segment table (see next entry), not the Total column
2025Q3 fiscal window 2025-07-01 to 2025-09-30. VERBATIM "USD million Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024"; "Interest expenses (43) (59) (141) (195) (248)". First column gross interest expense, not the USD 38m derivative-adjusted narrative or net financial items
2025Q3 Shipping services segment (the priced PCTC unit). VERBATIM "Shipping services, USDm1 Q3 2025 Q2 2025"; "Ship operating expenses -68 -71 -5 % -67 -%"; "SG&A -47 -49 -4 % -82 -42%"; "Net TC result per day (USD) 56 58 -3 % 57 -2 %". At :256: "The average net time charter earnings per day were USD 56K in Q3". First column. opex ($M) 68 = Shipping services ship operating expenses; G&A ($M) 47 = Shipping services SG&A (Holding, Logistics and Government services excluded). average realized TCE ($/day) 56000 = issuer-printed net TC result per day, stated in USD thousands; Q2-2026 deck footnote: TCE earnings/day is net of fuel surcharges and fuel cost. NOT_A_DAY_RATE applies only to net freight USD/cbm, which is not pinned. The issuer defines no day denominator for this metric
2025Q3 quarter-end principal. VERBATIM "Current interest-bearing debt 10, 11 445 338". First column = current (next-twelve-months) interest-bearing loans and bonds, group-wide; / 4 = 111.25 per quarter (TDW precedent). Includes bond/loan maturities, not only amortization; current lease liabilities excluded (long-term charters are outside owned vessel-days)
Scope caveat: interest expense ($M) (Note 7) and mandatory amortization ($M) are GROUP-WIDE (Shipping, Logistics, Government services), divided by Shipping services OWNED vessel-days only, so the derived break-even is overstated. Revenue and net income remain consolidated group. Half-year DPS is not split; payout/coverage ratios stay null
2025Q2
2025Q2 fiscal window 2025-04-01 to 2025-06-30; published 2026-08-11. VERBATIM "Consolidated income statement"; "USD million Note Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025"; "Total revenue 3 1,305 1,350 2,558 2,647 5,240"; "Profit for the period 138 403 315 649 1,104"; "Owners of the parent 124 380 284 605 1,017". Second, discrete Q2 2025 column, not YTD. reported net income ($M) is group profit and net income ($M) is attributable to parent shareholders; no division or subtraction of halves
2025Q2 fiscal window 2025-04-01 to 2025-06-30. VERBATIM "USD million Shipping services Logistics services Government services Holding & eliminations Total"; "Ship operating expenses (73) (71) - - (28) (27) - - (102) (98)"; "Selling, general and admin expenses (48) (49) (42) (44) (6) (6) (17) (11) (113) (111)". Printed Total Q2 2025 column; positive expense magnitudes. Ship opex excludes voyage/charter/processing expenses; G&A is consolidated. Rounded totals are used as printed, not reconstructed from segments
2025Q2 fiscal window 2025-04-01 to 2025-06-30. VERBATIM "USD million Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025"; "Interest expenses (37) (48) (74) (98) (181)". Gross interest expense, second column, not net finance cost or derivative-adjusted interest paid
2025Q2 fiscal window 2025-04-01 to 2025-06-30. VERBATIM "Net freight per cbm (USD) 61.4 63.2 -3 % 64.9 -5 %"; "Net TC result per day (USD 1,000) 51 52 -3 % 58 -13 %". NOT_A_DAY_RATE applies to USD/cbm. The separate daily TC metric is Shipping services only, not an all-fleet benchmark; requested TCE fields remain null
Named absences: PCTC fleet-days, complete voyage/charter/processing bridge, all-fleet benchmark and discrete quarter scheduled principal. Annual repayment schedules and historical repayments are not quarter scheduled amortization; no annual amount divided by four. Group revenue/profit/G&A cover Shipping, Logistics and Government services, not a pure PCTC cash bridge. H1 DPS is not divided or repeated in Q1; payout and coverage ratios suppressed because half-year DPS and quarterly earnings differ in period. Registry/payout policy unchanged
2025Q1
2025Q1 fiscal window 2025-01-01 to 2025-03-31; published 2026-05-06. VERBATIM "Consolidated income statement"; "USD million Note Q1 2026 Q1 2025 2025"; "Total revenue 3 1,253 1,297 5,240"; "Profit for the period 177 246 1,104"; "Owners of the parent 159 225 1,017". Select the second, discrete Q1 2025 column, not FY2025; reported net income ($M) is group profit and net income ($M) excludes non-controlling interests. No half-year division
2025Q1 fiscal window 2025-01-01 to 2025-03-31. VERBATIM "USD million Shipping services Logistics services Government services Holding & eliminations Total"; "Ship operating expenses (69) (68) (279) - - - (28) (28) (112) - - - (97) (96) (391)"; "Selling, general and admin expenses (47) (39) (194) (43) (43) (179) (7) (7) (25) (13) (8) (37) (110) (96) (435)". Use the printed Total Q1 2025 column, expense magnitudes positive. First-quarter YTD is the discrete first quarter. Vessel opex is distinct from voyage, charter and processing expenses; G&A is consolidated, not Shipping-only. Do not sum rounded segments
2025Q1 fiscal window 2025-01-01 to 2025-03-31. VERBATIM "USD million Q1 2026 Q1 2025 2025"; "Interest expenses (36) (50) (181)". Gross interest expense from Note 7, second column, not net finance cost or interest paid including derivatives
2025Q1 fiscal window 2025-01-01 to 2025-03-31. VERBATIM "Net freight per cbm (USD) 63.2 61.8 2 % 66.2 -5 %"; "Net TC result per day (USD 1,000) 52 50 4 % 56 -7 %". NOT_A_DAY_RATE applies to freight USD/cbm, not to the separate daily TC metric. The latter is Shipping services only; retained as evidence, not promoted to an all-fleet TCE or benchmark. TCE fields explicitly null per scope
Named absences: no PCTC fleet-days, all-fleet benchmark or complete vessel cash bridge. Group revenue/profit/G&A include Logistics and Government services; ship opex alone does not reconcile that scope. Annual repayment schedules and historical repayments are not discrete quarterly scheduled principal; no division of annual amounts. No discrete Q1 dividend declaration pinned; H1 2025 distribution is recorded once in 2025Q2, not divided across quarters. Registry/payout policy unchanged
Wallenius Wilhelmsen's 81-vessel car carrier fleet should earn about $51,000 a day in 2026Q3.
Yields annualise each payment ×2 at the last close, $18.73 (2026-10-19). Our model is not company guidance.
Rates in, dividend out 2026Q3
Model Your scenarioSet a rate per vessel class and the statement below re-prices: our model’s figures in one column, yours beside them. These are your numbers, not our forecast and not company guidance; nothing you set is saved.
Latest rates
| Class | Company earned | Booked 2026Q3 | Market now | 8 weeks |
|---|---|---|---|---|
| Pctc · 81 | $51,0002026Q2 · fleet avg | —none printed | —no open $/day series |
Company earned: the issuer’s own reported TCE (linked). Booked: cover the issuer printed for 2026Q3. Market now: the median across the broker route prints we hold for the class — a derived blend, not a vendor index; the trend is rebased to 100 eight weeks ago.
Your rates every day is at your rate
2026Q3 P&L and cash
| Line | Model | Your scenario | Δ | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Vessel-days, days modelledShips on the fleet list × the quarter's calendar days for pctc: no off-hire or drydock days are deducted there. |
7,452 | 7,452 | |||||||||
By class
| |||||||||||
| Fleet TCE, $/day assumed | 51,000 | 51,000 | |||||||||
Revenue (TCE basis), $m assumedVessel-days × fleet TCE. |
380.1 | 380.1 | |||||||||
Vessel opex, $m assumed2026Q2: $73.0m over 7,452 vessel-days, held per day. Source (2026Q2) |
(73.0) | (73.0) | |||||||||
G&A, $m assumed2026Q2: $48.0m over 7,452 vessel-days, held per day. Source (2026Q2) |
(48.0) | (48.0) | |||||||||
| EBITDA, $m assumed | 259.1 | 259.1 | |||||||||
Hire for chartered-in ships, $mNot on file for any quarter (not extracted, or not disclosed). |
— | — | |||||||||
Interest expense, $m assumed2026Q2: $37.0m over 7,452 vessel-days, held per day. Source (2026Q2) |
(37.0) | (37.0) | |||||||||
Scheduled debt amortisation, $m stated2026Q2: $63.0m over 7,452 vessel-days, held per day (the issuer’s scheduled principal). Source (2026Q2) |
(63.0) | (63.0) | |||||||||
Drydock cost, $mNo separate drydock cash line on file. |
— | — | |||||||||
Cash break-even, $/day assumedΣ cash costs above ÷ vessel-days. |
29,656 | 29,656 | |||||||||
| Cushion vs fleet TCE, $/day | 21,344 | 21,344 | |||||||||
Free cash flow to equity, $m assumedRevenue − cash costs: the cash available for distribution. |
159.1 | 159.1 | |||||||||
Maintenance capex, $mNot disclosed as a cash line; not in the model’s cash. |
— | ||||||||||
Dividend policy
“The company targets a dividend which over time shall constitute 30-50 percent of the company's profit after tax on an annual basis. The dividend will be declared and paid on a semi-annual basis.”
| Output | Model | Your scenario | Δ |
|---|---|---|---|
| Estimated DPS, $/share | — | ||
| Forward yield, run-rate % | — | ||
| vs last declared ($0.61, 2026Q2) | — |
Yield annualises the quarter’s DPS × 2 (a run-rate, not a forecast of the year) against the $18.73 close on 2026-10-19.
No dividend is modelled for 2026Q3: its payout policy is on file, but the model is still missing: share count.
Showing the model’s own figures. Setting your own rates needs JavaScript.
Dividend per share declared · model
Why no forward dividend next step: forward DPS
This page prices a fleet, takes off its cash costs and debt service, and measures what is left against the payout. The step it cannot take today: its payout policy is on file, but the model is still missing: share count. More quarters of dividends beside a reported rate, or a quantified payout policy, unblocks it.
What is on file:
- 81-vessel fleet —
- realized fleet TCE of $51,000/day in 2026Q2
- 3 declared distributions on file, latest $0.61
Every company's position on the modelling chain, and what each page can and cannot answer yet: coverage.
Market context — rates, the dividend, and the price
Rates and dividend — realized rate and declared
Bars are the fleet TCE this issuer reported. Dashed-outline bars are the model estimate — see Dividend forecast.
The line is the declared dividend per share. Model estimate — not issuer guidance.
Price and the yield it implied
Latest: 2026-Q2 declared $0.61/share on 2026-08-11, 7.8% annualised against the $15.71 close that day.
The continuous line is the daily closing price in dollars — the raw close, not a dividend-adjusted one, which would back-adjust away the very payouts being measured. The second line carries 2 declared dividends and is marked nowhere else — each annualised ×2 and divided by the close on, or last before, the day it was declared. A quarter with no dividend has no mark. The segments between the marks connect them; they are not measured. This is what the share yielded at the time, not what those dividends would yield at today's price. Prices start 2025-09-22, so anything declared before then is not plotted.
How we got the number
How to read this page
Every figure here is built the same way: the fleet's vessel-days are priced at the rate its classes earned, costs and debt service come off, and what is left is measured against the dividend the company actually declared. Nothing is estimated where it can be sourced, and a number that cannot be sourced is withheld rather than filled in. The full method, and the rates behind it →
Where WAWI.OL departs from that
- This issuer declares twice a year, not quarterly; quarters without a declaration carry no dividend.
- No market index covers this fleet's vessel types, so each is priced at the company's own last realized rate per calendar vessel-day (revenue divided by vessel-days), held flat — the revenue track record shows how that has done.
What drives it — fleet TCE, 2026Q3
Dividend history & forecast accuracy
| Period | DPS | Kind | Ex-date | Pay date | Source |
|---|---|---|---|---|---|
| 2026-Q2 | $0.61/share | regular | — | — | as of 2026-08-11 declaration |
| 2025-Q4 | $1.01/share | regular | — | — | as of 2026-02-11 declaration |
| 2025-Q2 | $1.10/share | regular | — | — | as of 2025-08-12 declaration |
Financials & fleet
Latest quarter 2026Q2 2 qtrs old
81× pctc current
Revenue model track record model vs realized
Each quarter priced at the previous quarter's realized rate, held flat — the figure the model holds once that quarter is reported — against the rate the fleet actually realized. Average miss 5.9% over 3 backtested quarters.
| Quarter | Record | Model $/day | Realized $/day | Model rev $M | Realized rev $M | Miss |
|---|---|---|---|---|---|---|
| 2025Q4 | backtest | 56,000 | 50,000 | 412.2 | 368.0 | +12.0% |
| 2026Q1 | backtest | 50,000 | 52,000 | 360.0 | 374.4 | -3.8% |
| 2026Q2 | backtest | 52,000 | 51,000 | 383.3 | 375.9 | +2.0% |
Backtest rows apply today's rule to past quarters using only the prior quarters' reported rates; live rows are the forecast as frozen on the date shown. Revenue is rate × vessel-days, so a miss here is a rate miss.
Fleet model — 2026Q3
Fleet model estimate — not issuer guidance.
| Class | Ships | TC | Spot | % Fixed | Guided $/d | Spot $/d | Blended $/d | QTD rev $M | Modeled Q rev $M |
|---|---|---|---|---|---|---|---|---|---|
| Pctc | 81 | — | — | — | — | — | 51,000 | — | 380.1 |
| Total | 81 | 51,000 | — | 380.1 | |||||
Guided rates are issuer-booked cover for 2026Q3 blended with the company's own realized rates for the open days.
Bear uses booked coverage only; Base prices open vessels at the company's own last realized fleet rate — no market index covers this fleet, so there is no peak-index Bull case.
Model gaps & assumptions
pctc: no index and no guidance — priced at the issuer's own last realized fleet rate $51,000/day (2026Q2, issuer's printed figure), held flat (owner ruling 2026-09-26) · dividend history's TCE covers pctc only — the payout fit is evaluated at that rate, $51,000/day, not the fleet mean · DPS chain unscoreable — missing: share count
Profit statement highlights
| Line | 2026Q2 | 2026Q1 | YoY Δ |
|---|---|---|---|
| Revenue | $1,305.0M | $1,253.0M | -3.3% |
| Opex | $73.0M | $69.0M | -25.5% |
| Net income | $124.0M | $159.0M | -67.4% |
reconciliation: insufficient data for an earnings bridge; consolidated-group figures span more than the segment modelled; all-fleet $/day benchmark not on file; voyage/charter processing cost bridge incomplete (2026Q2) earnings bridge incomplete — treat income-derived figures as provisional
Full P&L grid — 6 quarters
| Line item | 2026Q2 | 2026Q1 | 2025Q4 | 2025Q3 | 2025Q2 | 2025Q1 |
|---|---|---|---|---|---|---|
| Revenue $M | 1,305.0 | 1,253.0 | 1,261.0 | 1,331.0 | 1,350.0 | 1,297.0 |
| Voyage expenses $M | — | — | — | — | — | — |
| Vessel opex $M | 73.0 | 69.0 | 72.0 | 68.0 | 98.0 | 96.0 |
| G&A $M | 48.0 | 47.0 | 58.0 | 47.0 | 111.0 | 96.0 |
| Depreciation $M | — | — | — | — | — | — |
| Interest expense, gross $M | 37.0 | 36.0 | 40.0 | 43.0 | 48.0 | 50.0 |
| Net income $M | 124.0 | 159.0 | 158.0 | 255.0 | 380.0 | 225.0 |
| Declared DPS | 0.61 | — | 1.01 | — | 1.10 | — |
Realized fleet TCE
Realized fleet TCE versus benchmark: 4 points, 2025-07-01 to 2026-04-01; Realized fleet TCE latest 51,000.00.
Benchmark comparison will appear once issuer-printed benchmark data is available.
Guidance & sources
Sources — press, filings & documents
Press & filings by quarter
Recent documents
- mfn 2026-10-19T13:57:09 WAWI: Interest Adjustment (2026-10-19)
- mfn 2026-10-14T07:46:19 Wallenius Wilhelmsen ASA - Share capital increase from Private Placement registered (2026-10-14)
- mfn 2026-10-06T23:46:00 WALLENIUS WILHELMSEN ASA - MANDATORY NOTIFICATION OF TRADE (2026-10-06)
- mfn 2026-10-06T23:40:28 WALLENIUS WILHELMSEN ASA - PRIVATE PLACEMENT SUCCESSFULLY COMPLETED (2026-10-06)
- mfn 2026-10-06T16:30:00 WALLENIUS WILHELMSEN ASA - CONTEMPLATED PRIVATE PLACEMENT AND TRADING UPDATE (2026-10-06)
- mfn 2026-09-24T09:00:00 Wallenius Wilhelmsen: Market update - presentation material (2026-09-24)
- mfn 2026-09-21T12:00:00 Wallenius Wilhelmsen: Reminder - Invitation to market update presentation 24 September at 09:00 CET (2026-09-21)
- mfn 2026-09-17T12:30:00 Wallenius Wilhelmsen: Investor Presentation at Pareto Securities Energy Conference (2026-09-17)
- mfn 2026-09-15T09:00:00 Wallenius Wilhelmsen: Invitation to market update presentation 24 September at 09:00 CET (2026-09-15)
- mfn 2026-08-27T13:38:48 WAWI: Rentefastsettelse (2026-08-27) pdf
- mfn 2026-08-26T08:00:00 Wallenius Wilhelmsen ASA: Trading ex. dividend of USD 0.61 today (2026-08-26)
- mfn 2026-08-11T11:03:33 Wallenius Wilhelmsen: Clarification on key information related to proposed dividend for H1 2026 (2026-08-11)