Wallenius Wilhelmsen to reactivate final 3 vessels from COVID19 related layup

Oslo, 26 March 2021 - Wallenius Wilhelmsen has decided to reactivate the last three of its vessels that were placed in cold layup last spring due to the COVID19 pandemic. Reactivation will take place in Q3, and the intention is that reactivated vessels will replace capacity sourced through short term charters. Earlier this year Wallenius Wilhelmsen decided to reactivate up to 12 of the 15 vessels placed in layup during last spring. Nine of these vessels have already re-entered service, while three are in the process of being reactivated and are due to start sailing again during Q2. Customer demand, scarcity of capacity and rising rates in the time charter market continue to make reactivation of vessels in layup a more cost-competitive option. The vessel that was placed in cold layup before COVID19 will be activated in November 2021.

"As previously stated, we expect the overall industry supply-demand balance to improve in the mid-term. Given the time required to reactivate vessels, we believe that the time is right to reactivate the remaining vessels that have been laid up due to the pandemic. Predicting the potential market impact of the ongoing pandemic remains a challenge, however we have the flexibility in our operations to adjust the fleet for any changing market conditions," said Torbjørn Wist, acting 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, 65 processing centres, and nine 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 30 countries worldwide. Read more at www.walleniuswilhelmsen.com

Source: NewsWeb