Wallenius Wilhelmsen to reactivate 3 more vessels to replace short term time charter capacity

Oslo, 24 February 2021 - Wallenius Wilhelmsen has decided to reactivate three more of its vessels that are currently in cold layup. Reactivation will take place in June and July, and the reactivated vessels will replace capacity sourced through short term charters. In January, Wallenius Wilhelmsen decided to reactivate up to 9 of the 15 vessels placed in layup during last spring. All 9 are now in the process of being reactivated. Scarcity of capacity and rising rates in the time charter market continue to make reactivation of vessels in layup a more cost-competitive option. Reactivation of the remaining four vessels in layup will be considered based on market developments in the first half of this year.

"As part of our operations we have the ability to adjust the fleet to our needs and changing market conditions. While it remains challenging to predict the potential market impact from virus intensity in parts of the world, the overall industry supply-demand balance is expected to improve in the mid-term due to overall global fleet reduction, low order book and a rebound in volumes during 2021," said Craig Jasienski, CEO of Wallenius Wilhelmsen.

For further information, please contact: Anette Orsten, Vice President Group Treasury & IR Tel + 4798067912 ; Email: anette.orsten@walleniuswilhelmsen.com

Fredrik Tangeraas, Vice President Corporate Communications Tel: +47 92 46 46 99 ; Email: fredrik.tangeraas@walleniuswilhelmsen.com

About Wallenius Wilhelmsen The Wallenius Wilhelmsen group (OEX: WAWI) is a market leader in RoRo shipping and vehicle logistics, transporting cars, trucks, rolling equipment and breakbulk around the world. The company operates around 130 vessels servicing 15 trade routes to six continents, and a global inland distribution network, 120 processing centres, and 11 marine terminals. The Wallenius Wilhelmsen group consist of Wallenius Wilhelmsen Ocean, Wallenius Wilhelmsen Solutions, EUKOR and ARC. The group is headquartered in Oslo, Norway with 8 700 employees in 29 countries worldwide. Read more at walleniuswilhelmsen.com

Source: NewsWeb