Ann: Wellard Releases Interim Financial Results for HY23, page-7

There are not a lot of positive things happening in WLD at the moment although both Ocean Drover and Ocean Ute look to be busy. Not sure if they are profitably busy, but Drover is shipping between Brazil and Turkey; Ute is shipping between Townsville and Vietnam. I think WLD indicated in its half year outlook the Vietnam route was fragile at best.

On the downside:

1. I think the Brett Cattle Company class action settlement sum is heading back to court for 'directions' / resolution
2. The liquidation of Ruchira in Singapore looms large. I think no news suggests that the liquidator is not 'disclaiming' the asset in which case ownership of Drover is truly out there in the cold winds of NFI. The liquidator had called for final proofs of debt pre 9 May 2024 so I guess the process is nearing some sense of finale.
3. Swagman is no longer part of the WLD fleet, but I note it too has been flat out since being returned to Heystbury

Other than that, not too many people are interested in WLD so it doesn't take much of a trade to make a difference. Silence from WLD is unhelpful. I had hoped SNC might have published some thoughts but alas...

Have a great day