Wallenius Wilhelmsen to reactivate vessels in Q1 to replace short term time charter capacity

Oslo, 5 January 2021 - Wallenius Wilhelmsen has decided to reactivate up to 9 of its 16 vessels that are currently in cold layup. Reactivation will take place during Q1 2021, and the reactivated vessels will replace capacity currently sourced through short term charters.

"Flexibility in the fleet has been a core strategic choice since the inception of Wallenius Wilhelmsen, ensuring our ability to adjust the fleet to our needs and shifting market demand," said Craig Jasienski, CEO of Wallenius Wilhelmsen.

At the onset of the Covid-19 pandemic, Wallenius Wilhelmsen took decisive action to meet challenging market conditions by cancelling dividends, as well as recycling and laying up vessels to preserve cash and reduce costs. While the company maintains its cautious volume outlook, scarcity of capacity and increasing rates in the time charter market make reactivation of vessels in layup a more cost-competitive option.

In Q4 2020, Wallenius Wilhelmsen introduced M/V Tannhauser to its fleet. This is the third vessel in the Hero series, designed to provide operational and environmental efficiencies. The fourth and final Hero vessel is under construction and is scheduled for delivery in Q2 2021.

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 123 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 8 000 employees in 29 countries worldwide. Read more at walleniuswilhelmsen.com

Source: NewsWeb