Towage and offshore demand lifts Wilson Sons revenues

  • 11/08/2022
  • 4 minutes

Wilson Sons’ towage and offshore businesses in Brazil were buoyed by rising demand for tug and offshore support vessel (OSV) support

The Braziian group reported net revenues of US$211M in H1 2022, up 5% compared with the same period last year. Its net revenues in Q2 2022 were US$110M, up 6% year-on-year.

Wilson Sons said the increased revenues were down to “robust performance in the quarter, driven by positive towage results.” This came from a “better revenue mix and higher average revenue per manoeuvre” in Brazilian ports and terminals.

Towage harbour manoeuvres increased with higher volumes of breakbulk and crude oil shipments from and into Brazilian ports.

Wilson Sons also benefited from a strong increase in offshore operations in Brazil, as its OSV-owning joint venture saw a 29% rise in operational activity and 25% growth in the fleet’s average daily charter rates.

Revenues in Wilson Sons’ offshore support bases grew with rising vessel turnarounds and more drilling campaigns by international oil companies.

Wilson Sons’ international logistics division Allink also performed well during Q2 2022, with a 36% revenue increase, reflecting improved prices and volumes.

Its revenues from container terminal operations remained resilient due to improved warehousing, which offset decreased operational activity, which was impacted by Covid-19 pandemic-driven logistical bottlenecks, particularly in Rio Grande.

Wilson Sons’ post-tax profits were US$31M in Q2 2022, up 8% compared with Q2 2021.  

“We continue to strive to improve the performance of our infrastructure, the portfolio of our activities and the resilience and versatility of our services,” said Wilson Sons chief executive Fernando Salek. “We believe this is the best possible way to address our sector challenges, transforming maritime transport over time and creating a better future.”

During Q2 2022, Wilson Sons brought the first tug, WS Centaurus, complying with IMO Tier III emissions standards into service. This is the most powerful tugboat in Brazil and the first of a series of six 90-tonne bollard pull vessels Wilson Sons is building at its own shipyard. The rest are scheduled to join its port-towage fleet over the next two years.

WS Centaurus has a new hydrodynamic design that improves hull efficiency for an estimated reduction of up to 14% in greenhouse gas emissions compared with previous technology.

In July, Wilson Sons launched Cubo Maritime & Port, Latin America’s first innovation hub focused on making operations more efficient, safe and sustainable. The initiative aims to integrate different ends of the ecosystem to accelerate innovation and foster the development of start-ups dedicated to the industry.

“Innovation will continue to support us in balancing short-term results with future sustainable value generation,” said Wilson Sons chief financial officer Fabrícia Souza.