3rd quarter report


Good operations during the period - weaker NOK
gives positive effect within finance items

 Gross freight income is MNOK 574 in the
quarter compared to MNOK 484 in the 3rd quarter 2007
 Net TC rate per day was NOK 37,678 in the
3rd quarter compared to NOK 39,671 in the 2nd
quarter 2008 and NOK 34,398 in the 3rd quarter 2007
 EBITDA is MNOK 124 compared to MNOK 111 in
the 3rd quarter 2007
 Net financial result in the quarter shows
MNOK 37 compared to NOK -64 for the 3rd quarter
 Result before tax and minority is MNOK 115
in the quarter compared to MNOK 13 in the 3rd
quarter 2007

Wilson ASA - Business idea

Wilson`s main activity is the chartering and
operation of small dry bulk vessels between 1,500
and 10,000 dwt in the European short sea trade.
Wilson is a premier player in this market. Per
12.11.2008 the Wilson system is operating 112
ships, whereof 78 are owning-wise controlled by the
Wilson`s strategy is to offer Norwegian and
European industry competitive, reliable, flexible
and long-term transportation services. By
controlling large contract volumes and long-term
contract portfolios Wilson may optimize vessel
operations and secure stable and long term income

Result 3rd quarter 2008

During the 3rd quarter 2008 the company achieved
freight income on TC basis of MNOK 313 compared to
MNOK 272 in the 3rd quarter 2007. The increase is
primarily due to higher average freight rates
compared to the same period last year, but also an
effect of increased activity from more ships in
operation in the quarter than in the corresponding
period last year.

The company`s running cost (excl. depreciations) in
the quarter is MNOK 194 compared to MNOK 167 in the
3rd quarter 2007. Other operating cost ships and
crewing cost show a total increase of MNOK 29 which
is partly related to a higher activity level and
partly to a general cost increase.

The operating result before depreciations (EBITDA)
is MNOK 124 in the quarter compared to MNOK 111 in
the 3rd quarter 2007.

The net financial result shows MNOK 37 in the
quarter compared to MNOK -64 in the same period in
2007. The item is positively affected by value
changes in financial instruments with MNOK 76 which
is an increase of MNOK 134 compared to the same
period in 2007 when the item was MNOK -58. The
value change arises from the mark-to-market
principle for the company`s currency- and interest
swap portfolio and is primarily related to the
period`s unrealized USD forward contract profit.
The quarterly result has at the same time been
charged with MNOK 21 as net currency loss compared
to net currency gain of MNOK 2 for the 3rd quarter
2007. The currency loss item is primarily a result
of realization of historic forward currency USD
forward contracts as well as value changes on EUR-
loans. MNOK 11 of this item is unrealized.
Interest cost in the 3rd quarter 2008 is MNOK 21
compared to MNOK 14 in the 3rd quarter 2007.

The company`s result before minority and calculated
tax is MNOK 115 in the 3rd quarter 2008 compared to
MNOK 13 for the 3rd quarter 2007.


In the quarter the company has had contract
coverage of 66 % compared to 65 % in the 3rd
quarter 2007. Spot earnings in the quarter has been
relatively better during 2008 than in 2007, but is
somewhat down compared to the 2nd quarter.

The activity level measured as the number of
sailing days shows an increase of 3 % compared to
the 2nd quarter. The increase comes as a result of
more ships being operated.

Financing and capital structure

Interest bearing mortgage- and leasing debt in the
balance per 30.09.2008 is totaling MNOK 1,134
compared to MNOK 1,110 per 30.06.2008. The increase
is due to draw down on the credit facility and
value changes on the EUR-loan in the period.

Booked equity per 30.09.2008 is MNOK 718 compared
to MNOK 634 per 30.06.2008. Booked equity ratio is
thereby 31.3 % compared to 28.2 % per 30.06.

Bank and cash deposits per 30.09.2008 are MNOK 75,
and additionally the company has an unused credit
facility totaling MNOK 175.


During the quarter the company has entered into an
agreement with the joint venture partner Eimskip to
purchase Eimskip`s 50 % share of Euro Container
Line for MNOK 40. This share position was
transferred 9th October and Wilson is now the sole
owner of Euro Container Line. Full financial effect
will therefore be established in the 4th quarter.

On the 24th September the company furthermore
entered an agreement to purchase the container ship
MV Doris from Arno Shipping Ltd. for MEUR 7.275.
The ship was taken over on the 20th October and has
been given the name MV ECL Commander.

Order reserves

Wilson`s contract coverage is satisfactory and the
order reserve per 30.09.2008 is ca NOK 1.8
billions. The order reserve is defined as the
expected future shipment commitments under the
current Contracts of Affreightment (COA) during the
agreed contract period. The company has long
lasting and good relations to the customers with
close to 100 % success rate in contract renewals.


The company has had a high activity level during
this year`s first 3 quarters with good nominations
under the contracts. The recent changes in the
financial markets indicate some uncertainty for the
prospects for the 4th quarter and into 2009. The
current activity in the spot market has been
considerably lower than in this year`s previous
quarters. The contracts market still shows good
activity although somewhat below the previous
quarters. It is therefore difficult to assess the
outcome of the financial unrest for the company`s
customers and their future nominations under the

Financial principles for the quarterly report

The quarterly report has been established on the
basis of international accounting standards (IAS

Board of Directores of
Wilson ASA

Bergen, 12th November 2008

Om oss

The Company’s business concept is to offer Norwegian and European industry competitive, secure, reliable, flexible and long-term maritime transport services. With large transport volumes and long-term transport portfolios, Wilson can optimise sailing patterns and achieve efficient operations and thus secure long-term stable earnings. The Company’s strategy is to focus on growth and expansion in the European dry cargo segment by increasing the volume of long-term freight contracts, purchasing tonnage, acquiring companies or entering into alliances with other players. The Company’s financial strategy is to keep focus on and control risk, as well as hedge against major fluctuations in general market conditions for Wilson by aiming for: - A high contractual share of the total freigt volume- A reasonable balance between contract portfoilio and freight capacity- A balanced currency risk- Reduced exposure to fluctuations in bunker pricesAs a part of Wilson’s company culture, core values and ethical guidelines have been prepared and implemented. Wilson’s core values are to be: reliable, service minded, professional, long term, solid, competitive and innovative.


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