Log In

Reset Password

Ocean Wilsons celebrates great 2023, but wary of the future

A year after Caroline Foulger became chair at Ocean Wilsons, the firm saw its best year yet (File photograph)

With container ship volumes and maritime operations back at pre-pandemic levels, Bermuda-based Investment holdings company Ocean Wilsons had their best year yet.

Ocean Wilsons operates a maritime services company in Brazil.

In their latest financial statements for 2023, they reported profit after tax of $103.1 million, up 796.5 per cent compared with the previous year.

Revenue was at $488.6 million, a 10.6 per cent increase, while their share price was also up 29 per cent, at $12.

However, net debt was also up 8.8 per cent at $479.1 million.

Caroline Foulger, who became chair in 2022, was delighted.

“Our investment portfolio returned strong results after a loss in 2022,” she said in her report to shareholders.

“These accomplishments resulted in solid returns, allowing us to propose an annual dividend of 85 cents per share for our shareholders to be paid on June 14, an increase from the 70 cents dividend paid in recent years.”

Their investment portfolio had a gross return of 10.1 per cent and a net return of 8.9 per cent, while the portfolio’s absolute benchmark, which is inflation based, returned 6.4 per cent.

The strategy is designed to offer investors a balanced portfolio of assets that combines both exposure to both public and private equities with a more defensive portion of the portfolio that is invested in assets that provide diversified returns.

However, Ms Foulger said projections for 2024 remained mixed, with interest rates and inflation likely to remain unsettled for the short term.

“The fears of a global recession, while somewhat mitigated, have not gone away,” she said.

Given the market uncertainties, during the year, the investment portfolio was broadened by adding in more value-oriented funds and by slightly increasing the weight of the defensive assets.

Ms Foulger predicted choppy waters ahead, with the geopolitical outlook never more uncertain.

“As we look forward to 2024, while we are starting from a position of strength with a solid platform of performance in 2023, the outlook remains uncertain with continuing armed conflicts in several regions and key elections this year in both the United States and the United Kingdom,” she said.

She said the firm’s management team had demonstrated their ability to navigate challenges and to innovate and embrace technology which they will continue to do.

“As such, we expect Wilson Sons to continue to capitalise on its strong market position in Brazil and to take advantage of more stable global shipping industry compared to a year ago,” she said.

Ocean Wilsons is listed on both the London Stock Exchange and the Bermuda Stock Exchange.

You must be Registered or to post comment or to vote.

Published April 15, 2024 at 7:55 am (Updated April 15, 2024 at 7:03 am)

Ocean Wilsons celebrates great 2023, but wary of the future

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon