Oslo-listed Wallenius Wilhelmsen has decided to reactivate up to nine 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.
The company maintains its cautious volume outlook
“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 quick action, cancelling dividends, as well as recycling and laying up vessels.
“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,” Wallenius Wilhelmsen said while explaining its fleet reactivation plans in a release yesterday.