Wallenius Wilhelmsen reactivates final three vessels from cold layup
PRESS RELEASE – 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 the third quarter 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 in the second quarter.
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 Covid-19 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.