Ocean Wilsons — a Bermuda-based holding company listed on the Bermuda Stock Exchange (BSX) which runs shipping and port services in Brazil — saw its 2013 operating profit soar by 40 percent to $119 million.

That number is a tenth higher than forecasts, and broker Cantor Fitzgerald is pencilling in double-digit earnings growth for both this year and next, according to Investors Chronicle in an April 1 article.

And the company’s preliminary results announcement filed with the BSX stated that sales were up eight percent to $660.1 million, compared to $610.4 million in 2012.

Investor’s Chronicle also reported that cuts in payroll tax slashed Ocean’s social security bill by $11 million, and the sale of commercial property in Rio de Janeiro and Sao Paulo “chipped in” $10 million in 2013. It stated: “Yet, even after a $19 million foreign exchange hit and a doubling of finance costs driven by overseas currency loans, pre-tax profit still edged up two percent to $101 million.

“Wilson Sons, Ocean’s maritime unit (the shipyard, terminals and towage operation), generated much of that — more than $86 million. Extra capacity drove shipyard revenue up 61 percent to over $100 million, and demand for new vessels from the offshore oil and gas industry “remains robust”, says management.

“It made the rest of its money playing the global bond and equity markets, initially funded by the $205 million received when Ocean floated 42 percent of the business in Brazil seven years ago.” Ocean’s investment portfolio returned almost eight percent year-on-year.

In their BSX filing, the company states as their objective that it is run on a long-term basis. “This applies to both the investment portfolio and our investment in Wilson Sons. The long-term view taken by the board allows Wilson Sons to grow and develop its businesses without being pressured to produce short-term results at the expense of long-term value creation. The same long-term view allows our investment managers to make investment decisions that create long-term capital growth.

“The success of this strategy is reflected in the growth in the Ocean Wilsons share price and total returns to shareholders. In the ten years to 31 December 2013 the share price has risen 585 percent from 152p to 1,042p and total returns to shareholders in the period (assuming dividends are reinvested in Ocean Wilsons shares) of 806 percent.”