The company is seeking to cut costs in the face of the current disruption to the shipping industry. File Image / Pixabay
Ro-ro shipping company Wallenius Wilhemsen has announced the measures it is putting in place to reduce costs in the face of the COVID-19 pandemic cutting demand for shipping.
The company has cut spending by $20 million with the cancellation of four scrubber installations, it said in an investor presentation this week.
It also plans to pursue "tighter bunker inventory management" this year, the company said, as well as adjusting the speed and sailing schedules of its vessels and idling some of them.
Up to four of the company's vessels will be targeted for early recycling, it said, with a potential positive cash impact of $4-7 million per ship.