Annual report

Events after the balance sheet date

Wallenius Wilhelmsen decided to recycle up to four vessels above 24 years of age as part of the early action to withstand the COVID19 impact. Two of the vessels have been recycled in 2020 and a third vessel is sold for recycling in January 2021. The fourth vessel is still classified as held for sale as of 31 December 2020, and no agreement to sell the vessel for scrap has been entered into yet. In line with the group’s long-standing policy, all recycling is green and is reported accordingly to the Ship Recycling Transparency Initiative.

In Q1 2021, Wallenius Wilhelmsen decided to reactivate 12 of its 16 vessels that are currently in cold lay-up. Reactivation will take place during H1 2021 and the reactivated vessels will replace capacity currently sourced through short-term charters. Reactivation of the remaining four vessels will be considered in the same period.

In February, the Federal Court of Australia issued a fine of AUD 24m to WW Ocean stemming from the Australian Competition and Consumer Commission’s car carrier investigations in 2015. The company has accepted the ruling, which does not trigger any change in provisions. The legal process in Australia is the last of the investigations looking into the car carrying industry involving WW Ocean.

The Board has in dialogue with President and CEO Craig Jasienski agreed to end his employment with the company, effective 8 March 2021. The Chief Financial Officer, Torbjørn Wist, has assumed the role of acting CEO until the process of finding a permanent CEO is completed. The Board extends its gratitude to Craig Jasienski for his efforts in various positions in the group over more than 30 years.