Ocean Wilsons (OCN), a Bermuda-based holding company that runs shipping and port services in Brazil, was busy last year. Operating profit soared by 40 per cent to $119m (£71m), a tenth higher than City forecasts, and broker Cantor Fitzgerald is pencilling in double-digit earnings growth for both this year and next.
Admittedly, cuts in payroll tax slashed Ocean's social security bill by $11m, and offloading commercial property in downtown Rio de Janeiro and Sao Paulo chipped in $10m in 2013. Yet, even after a $19m foreign exchange hit and a doubling of finance costs driven by overseas currency loans, pre-tax profit still edged up 2 per cent to $101m. Wilson Sons, Ocean's maritime unit (the shipyard, terminals and towage operation), generated much of that - more than $86m. Extra capacity drove shipyard revenue up 61 per cent to over $100m, and demand for new vessels from the offshore oil and gas industry "remains robust", says management.