Wallenius Wilhelmsen Mothballs Vessels, Cuts Dividend

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)

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