Wilh. Wilhelmsen laying up vessels

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Friday, 13 March 2009

Based on the present market conditions, Wilh. Wilhelmsen (WW) and partner Wallenius Lines are currently laying up two vessels in Lyngdal, Norway. Given the market conditions, more vessels are likely to be laid up. The two vessels currently in Lyngdal are Toba and Tapiola (built in 1979 and 1978 respectively). The vessels are owned 50/50 by WW and Wallenius Lines and on charter to the joint venture Wallenius Wilhelmsen Logistics. Due to the current global economic recession, automotive sales have declined rapidly. The current global demand for ocean transportation of cars and ro-ro cargo is substantially reduced. As previously announced, WW has identified significant contingency measures to meet the challenges going forward. These include among others redelivery of chartered vessels, recycling, idling and lay-up.
Laying up some of the older vessels will allow better utilisation of the remaining fleet and substantially reduce operating costs of the laid-up vessels. WW has identified lay-up locations in Europe and Asia, providing flexibility to commence service upon market improvement. 
The above mentioned fleet adjustment will not affect the group’s global trade pattern or the high level of customer service.
Source: Wilh. Wilhelmsen