Wallenius Wilhelmsen Withdraws Dividend, Mothballs Vessels

March 23, 2020

(Photo: Wallenius Wilhelmsen)
(Photo: Wallenius Wilhelmsen)

Shipping firm Wallenius Wilhelmsen, which transports cars and other vehicles from factories to markets, has cut its dividend to zero and will mothball up to 10 vessels as demand plunged amid the coronavirus outbreak, it said on Monday.

The company also plans to scrap up to four older vessels, it added.

Oslo-listed Wallenius Wilhelmsen, which operates around 125 vessels, had originally proposed to pay dividends of up to $60 million, divided into two tranches.

"The world has changed dramatically over the past weeks, and we are all feeling the effect," Chief Executive Craig Jasienski said in a statement, adding that the impact could last for a long time.

"Our strong focus on synergies and cost efficiency over the past years have put us in a solid liquidity position, but we are taking early precautionary steps now, to preserve cash," Jasienski said.


(Reporting by Terje Solsvik, editing by Gwladys Fouche)

Logistics News

Great Lakes Limestone Trade Up in June

Great Lakes Limestone Trade Up in June

Consilium Safety Group Appoints New Chairman of the Board

Consilium Safety Group Appoints New Chairman of the Board

AAL Shipping Unveils Sixth Heavy Lift Super B-Class Vessel

AAL Shipping Unveils Sixth Heavy Lift Super B-Class Vessel

MDL Leases Land for Peterhead Offshore Project Support Site

MDL Leases Land for Peterhead Offshore Project Support Site

Subscribe for Maritime Logistics Professional E‑News

USAID has cancelled the rape survivors kits that were to be sent to Congo due to conflict.
Qantas Australia confirms cyber attack at customer contact center, data exposed
Heatwave in Europe forces France to close schools and Italy to limit outdoor work