International car carrier Wallenius Wilhelmsen will cut its fleet by 14 vessels as automobile production and demand nosedive around the world amid the coronavirus pandemic. Wallenius Wilhelmsen said it would save $60 million from halting two annual dividend payments. Honda Motor Co. and Toyota Motor Corp. also said they would temporarily halt production in North America. The plant closures are cascading down automotive supply chains, including parts makers and transport providers, already under strain this year from reduced consumer demand for automobiles. Coronavirus Free to ReadWallenius Wilhelmsen shares were off 9.9% Monday, trading at 7.75 Norwegian kroner (69 cents) on the Oslo Stock Exchange.

Source: Wall Street Journal March 23, 2020 16:18 UTC