WALLENIUS Wilhelmsen is reactivating the last three vessels it placed in cold layup last spring amid the downturn caused by the COVID-19 pandemic.
The company said 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.
Reactivation is expected take place in the third quarter of this year, with the intention that reactivated vessels will replace capacity sourced through short-term charters.
Earlier this year, the company reactivated 12 of the 15 vessels placed in layup during last Northern Hemisphere 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 during the second quarter.
Wallenius Wilhelmsen acting CEO Torbjørn Wist said the company expects 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,” Mr Wist said.
“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.”