Very good earnings in the quarter give
historically good operating income in the first
half year.

 Gross freight income is MNOK 538 in the
quarter and MNOK 1,027 for the first half year
compared to MNOK 452 for the 2nd quarter 2007 and
MNOK 862 for the first half year 2007
 Net TC rate per day was NOK 39,671 in the
2nd quarter compared to NOK 33,515 in the 1st
quarter 2008 and NOK 33,961 in the 2nd quarter 2007
 EBITDA in the quarter is MNOK 136 compared
to mot MNOK 106 in the 2nd quarter 2007, for the
first half year EBITDA is MNOK 222 compared to
MNOK 166 for the first half year 2007
 Net finance cost is MNOK 18 in the quarter
compared to MNOK 17 in the 2nd quarter 2007, for
the first half year net finance cost is MNOK 62
compared to MNOK 31 in 2007
 Result before tax and minority interest is
MNOK 77 in the quarter corresponding to NOK 1.82
per share compared to MNOK 56 corresponding to NOK
1.34 per share in the 2nd quarter 2007. Result
before tax and minority interest in the first half
year is MNOK 79 compared to MNOK 70 for the first
half year 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
20.08.2008 the Wilson system is operating 108
ships, whereof 77 are owning-wise controlled by
the company.
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 2nd quarter 2008

During the 2nd quarter 2008 the company achieved
freight income on TC basis of MNOK 310 compared to
MNOK 257 in the 2nd quarter 2007. The company has
had a higher activity level during the current
quarter from more ships in operation than in 2007,
but the increase is also due to higher nominations
under the contracts, a good spot market and
further improvements in fleet utilization.

The company`s operating cost (excl. depreciations)
is MNOK 180 in the quarter compared to MNOK 159 in
the 2nd quarter 2007. Crewing cost and other
operating cost ships shows a total increase of
MNOK 26 which is reflecting a higher activity
level as well as a general cost increase. TC and
BB hire cost has been reduced due to fewer hired

Operating result before depreciations (EBITDA) is
MNOK 136 in the quarter compared to MNOK 106 in
the 2nd quarter 2007.

Net finance cost is totalling MNOK 18 in the 2nd
quarter 2008 compared to MNOK 17 for the 2nd
quarter 2007. Value changes in financial
instruments give a positive contribution of MNOK
10 in the quarter, an improvement of MNOK 22
compared to 2nd quarter 2007. Currency translation
shows a net loss of MNOK 6 compared to a net gain
of MNOK 4 in the 2nd quarter 2007. Net interest
cost is charging the results with MNOK 20 in the
quarter, an increase of MNOK 8 compared to the
corresponding period in 2007.

The company`s result before minority and
calculated tax is MNOK 77 in the 2nd quarter 2008
compared to MNOK 56 for the 2nd quarter 2007.


In the quarter the company has had stable earnings
from the contracts and the COA-share of the total
sailing days is 68 % compared to 71 % in the 1st
quarter 2008 and 66 % in the 2nd quarter 2007.
Earnings are improving compared to the previous
quarter, both from contract cargoes and from spot

The activity level measured as the number of
sailing days shows a decline of 2 % during the
quarter compared to the 1st quarter. The decline
may be ascribed in main to increased docking
activity in the period.

Financing and capital structure

Interest bearing mortgage- and leasing obligations
per 30.06.2008 in the balance is totalling MNOK
1,110 compared to MNOK 1,064 per 31.03.2008 and
MNOK 905 per 30.06.2007. The company`s booked
equity is MNOK 634 compared to MNOK 620 per
31.03.2008 and MNOK 578 per 30.06.2007. Booked
equity ratio is thereby 28.2 % compared to 28.4 %
per 31.03.2008 and
30.7 % per 30.06.2007.

A major refinancing of the fleet has been carried
through by the company during the quarter. Amongst
others it has been established a facility of the
type `Reducing Revolving Credit Facility` where
any drawdown is regulated directly by the company
within agreed criteria. The loan has 7 years
duration and has half yearly down payments of MNOK
45. Per 30.06.2008 the unused share under the
facility was MNOK 125.

The company`s cash deposit per 30.06.2008 is MNOK
49 compared to MNOK 38 per 31.03.2008 and MNOK 107
per 30.06.2007. Per 30.06.2008 the company has an
unused credit facility of MNOK 50 and the drawing
facility mentioned above.


During the 2nd quarter the company has not entered
into any agreements regarding purchase of new

The previously published contract with the Chinese
building yard Shandong Baibuting Shipbuilding Co
Ltd (Rong Cheng, China) for the building of a
series of 8 bulk ships à 4.500 dwt was made
effective 10th June 2008. The ships will be
delivered from mid 2010 until primo 2012 and has a
total cost price of around MNOK 475 depending on
rate of exchange.

Order reserves

Wilson`s contract coverage is satisfactory and the
order reserve per 30.06.2008 is ca NOK 1.5
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 Board of Directors have positive expectations
to the income level from the first half year to be
maintained also during the second half year.
Looked at in isolation the Board of Directors
expects a moderate decline in the earnings from
the 2nd to the 3rd quarter due to normal seasonal
variations. The activity level is expected to
continue to be maintained on a high level.

Central risk- and uncertainty factors for the next
half year

Market risk.
Demand; a general reduction in the demand of the
company`s services will affect the company`s
earnings negatively. Even in the short term
reduced volumes from the contract customers will
negatively affect company earnings during the
second half-year compared to the first half-year
2008. The company has no indications of such drop
in demand.
Contract renewals; Contract renewals are done
throughout the year, but the major part of the
renewals are done during the 4th quarter. The
outcome of the renewals will affect the company`s
earnings in the period after the renewal.

Financial risk.
Rates of exchange; a strengthening of USD will
affect the financial items positively, but will be
negative for the company`s operating expenses
expressed as NOK.

Financial obligations from sales options; external
shareholders in the subsidiary company Nesskip hf
may declare sales option on their shares, which
would entail a payment obligation for the company.
Per 30.06.2008 this obligation was MNOK 82. If
this payment obligation was to become due this
would affect the total investment capacity for the
company. The company has no indications as to
whether the external shareholders will exercise
their option during the second half year in 2008.

Operational risk;
The company`s two new building programs are both
expected to be started during the second half-
year. Satisfactory building supervision is in

Major transactions by related parties during the
first half year 2008

In January 2008 the board member Gudmundur
Asgeirsson received settlement for a sale of 10 %
of the shares in Nesskip hf according to a sales
option being exercised. The sales option exercised
was published via the stock exchange on the 11th
July 2007.

There have been no further transactions with
related parties in the period 1st January and
until 30th June 2008.

Responsibility statement

We confirm to the best of our knowledge that the
condensed set of financial statements for the
period 1 January to 30 June 2008 has been prepared
in accordance with IAS 34 Interim Financial
Reporting and gives a true and fair view of the
company`s consolidated assets, liabilities,
financial position and result for the period
viewed in their entirety, and that the interim
management report includes a fair review of any
significant events that arose during the six-month
period and their effect on the half-yearly
financial report, any significant related parties`
transactions and the description of the principal
risks and uncertainties for the remaining six
months of the year.

The Board of Directors in
Wilson ASA

Bergen, 20th August 2008

Kristian Eidesvik Katrine Trovik
Chairman Deputy chairman

Gudmundur Asgeirsson Eivind Eidesvik
Synnøve Seglem Bernt Daniel Odfjell
Ellen Solstad
Nina Hjellestad
Employees` repr. (Deputy)

Øyvind Gjerde
Managing Director

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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