Bermudian-registered shipping and logistics company Ocean Wilsons Holdings Ltd reported profits after tax dropped 21.3 per cent or $13 million to $48 million in 2020, principally due to the impact of foreign exchange losses and increased income tax.

The Bermuda investment holding company which operates a Wilson Sons, a maritime services company in Brazil, and holds a portfolio of international investments, said foreign exchange losses and reductions in trade due to the Covid-19 pandemic had caused the reduction.

The company said operating profit decreased 2.9 per cent to $66.9 million mainly due to foreign exchange losses of $7.6 million driven by a weaker Brazilian Real against the US dollar but overall expenses were lower year over year. Raw materials costs were 23.8 per cent lower reflecting lower shipyard activity and other operating expenses declined reflecting the reduction of operational activity as a result of Covid-19.

Group revenue for the year was 13.1 per cent lower at $352.8 million due to the impact of the weaker Brazilian Real and lower revenues at the offshore bases due to the impact of Covid-19 on the oil industry.

The company is listed on both the London Stock Exchange and the Bermuda Stock Exchange.

Ocean Wilsons chairman J F Gouvêa Vieira, said: “While this year has presented the most challenging economic and operational environment for businesses globally due to the Covid-19 pandemic, it is important to remember that our business has been through other challenges in the past that have had a significant impact on our results in Wilson Sons and our investment portfolio, including the world financial crisis in 2008 and 2009 and the Brazilian market crash of 2015 and 2016.”

The company also said that Fiona Beck, the former chief executive of Southern Cross Cable Network, and Catherine Foulger, former partner at PricewaterhouseCoopers in Bermuda, were made directors of the company in 2020.