The third-quarter results from Ocean Wilsons’ quoted subsidiary, Wilson Sons, represented another resilient performance against a still difficult economic background in Brazil. In addition, the company has announced the extension of its concession for the Salvador container terminal confirming (as expected) the long-term future of this element of the business. The longer-term prospects for Wilson’s maritime services businesses remain promising and the 32% discount that Ocean Wilsons shares trade on compared with a look-through value appears conservative.