Wilh. Wilhelmsen laying up vessels

12.03.2009

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.

Wilh. Wilhelmsen (WW) is a global maritime industrial group. Together with its partners, WW controls more than 160 vessels operating in a global network of trades and ranks as the world’s largest operator in the roll-on roll-off cargo segment. Its ocean transport activities are supported by a variety of advanced shore-based logistics services, offering customers seamless door-to-door supply chain solutions. The group also occupies a leading position in the global maritime service industry through an unparalleled global network, delivering services to more than 200 shipyards and some 20 000 vessels each year. The group’s wholly owned subsidiaries employ about 6 000 people or about 10 300 when joint ventures are included. In addition comes a crew pool of more than 8 000 seafarers. The group has close to 400 offices in 73 countries within its wholly-owned structure, increasing to more than 500 offices in 78 countries when partly-owned companies are included.

Wilhelmsen Ship Management