Wallenius Wilhelmsen keeps lid on costs as volumes start to return
The company’s total revenue in the second quarter of 2020 fell 40% year on year to $606m, with ocean volumes down 45% and land volumes hit hard by plant closures and production cuts
Scandinavia-based car carrier Wallenius Wilhelmsen said a sharp fall in volumes was “somewhat balanced” by cost cuts, cheaper fuel and better rates carrying heavy machinery. The company expected some recovery but warned excess capacity would delay rate rises for some time
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