Ocean Wilsons Holdings Ltd on Thursday reported it swung to an interim loss in the first half of 2022 due to a decline in its investment portfolio amid global supply chain challenges.

The Bermuda-based investment company swung to a loss of $9.7 million in the six months ended June 30, from a profit of $66.2 million the previous year.

Ocean Wilsons said this swing was primarily due to its negative return on its investment portfolio as well as increased finance costs.

The firm’s investment portfolio assets as at June 30 dropped 55% to $296.9 million from $351.8 million at December 31. Its net assets fell by the same percentage in the same time period to $729.3 million from $783.7 million.

Revenue however, rose 22% year-on-year to $211.0 million from $188.9 million.

Towage revenue specifically grew by 9.5% year-on-year despite higher fuel costs as a result of higher average revenues per manoeuvre. Logistics revenue grew by 51% against the previous year thanks to favourable conditions for volumes and pricing internationally.

Ocean Wilsons said the financial performance was ‘not unexpected given the market conditions in the first half of 2022,’ citing global supply chain challenges and continued container shortages.

Ocean Wilsons declared an interim dividend of $0.70, unchanged from a year prior.

Shares in the company were down 0.6% at 890.00 pence on Thursday morning in London.

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