March 23, 2020 / 7:08 AM / 6 days ago

BRIEF-Wallenius Wilhelmsen Proposed Dividend For 2019 Is Withdrawn

March 23 (Reuters) - Wallenius Wilhelmsen ASA:

* WALLENIUS WILHELMSEN TAKES DECISIVE ACTION IN PREPARATION FOR CHALLENGING

* WALLENIUS WILHELMSEN ASA - PROPOSED DIVIDEND FOR 2019 IS WITHDRAWN

* WALLENIUS WILHELMSEN ASA - UP TO FOUR VESSELS WILL BE RECYCLED, AND PREPARATIONS ARE BEING MADE TO PLACE UP TO 10 VESSELS IN COLD LAY-UP

* WALLENIUS WILHELMSEN ASA - ESTIMATED COST SAVING FOR A VESSEL IN COLD LAY-UP IS USD 3-4,000 PER DAY DEPENDING ON LENGTH OF LAY-UP

* WALLENIUS WILHELMSEN ASA - NEWBUILDINGS UNDER CONSTRUCTION WILL BE FURTHER DELAYED DUE TO DISRUPTION COVID-19 IS CAUSING

* WALLENIUS WILHELMSEN ASA - GIVEN SITUATION AND TO PRESERVE CASH UNTIL WE HAVE MORE CERTAINTY, MANAGEMENT HAS REDUCED CAPEX SPEND TO A MINIMUM, PRIORITIZING SAFETY AND MAINTENANCE CRITICAL EXPENDITURES

* WALLENIUS WILHELMSEN ASA - THIS INCLUDES DEFERRING SOME LARGER EXPANSION PROJECTS IN OUR LANDBASED OPERATIONS AS WELL AS CANCELLATION OF FOUR OF REMAINING SCRUBBER INSTALLATIONS Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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