Wallenius Wilhelmsen Completes $300m Share Sale for Newbuilds

Car carrier operator Wallenius Wilhelmsen has raised approximately NOK2.88 billion ($300m) through a share sale to finance an expansion of its newbuilding programme, according to TradeWinds and Splash 247. The company announced it has completed a private placement, issuing 17.145 million shares at NOK168 each, bringing in the much-needed capital.

Expanded Orderbook

The Oslo-listed company is in advanced discussions with shipyards to expand its newbuilding orderbook. The company is planning to order four large LNG dual-fuel car carriers with options for up to eight additional ships. These vessels are scheduled for delivery in 2030 and beyond, with quarterly deliveries from 2031 onwards, should all eight options be exercised. According to Splash 247, the new vessels will add to the company’s existing Shaper-class programme at China Merchants Jinling Shipyard.

New Vessel Specifications

Details on the yard, vessel capacity, and contract price have not been disclosed, but the new order is expected to add a different fuel configuration to the car carrier giant’s fleet renewal push. The company’s existing Shaper-class programme includes methanol dual-fuel propulsion and ammonia readiness, while the new vessels will run on LNG. The Shaper-class vessels are designed to have a capacity of 11,700 car equivalent units (ceu).

Fleet Expansion Plans

Wallenius Wilhelmsen currently operates nearly 130 vessels across 15 trade routes. The new additions, if all options are exercised, would bring the company’s newbuilding programme to a total of 26 vessels including options, with deliveries stretching from the third quarter of 2026 through 2032. This expansion is part of the company’s strategic plan to modernise its fleet and meet environmental regulations.

Financial Implications

The share sale proceeds, combined with debt financing, will be used to fund the expanded newbuilding programme. The company raised the $300m in fresh equity to support the construction of four large LNG dual-fuel car carriers and has options for another eight ships on similar terms. This financial move underscores Wallenius Wilhelmsen’s commitment to enhancing its fleet’s environmental credentials and operational efficiency.

What this means for operators: The expansion of Wallenius Wilhelmsen’s fleet with LNG dual-fuel car carriers signals a shift towards more environmentally sustainable shipping practices. Operators in the car carrier sector will likely face increased competition as Wallenius Wilhelmsen enhances its capacity and operational capabilities, potentially influencing market dynamics and pricing strategies.