Wärtsilä Touts Ship Power Performance

by Ship & Bunker News Team
Thursday April 24, 2014

Wärtsilä Corp. (Wärtsilä) reports that good performance in its ship power division helped offset a difficult market for power generation in Q1 2014.

Overall, the company's order intake fell 16 percent to €1.1 billion ($1.5 billion), while earnings per share dropped 16 percent to €0.31 ($0.43).

"Activity in the marine market was at a healthy level and Ship Power performed well, which partly offset the current challenges within the power generation markets," said CEO Björn Rosengren.

"Several orders were received for offshore support vessels and there was active ordering of dual-fuel solutions and gas handling systems for the merchant fleet."

Rosengren said the company has responded to volatile markets with restructuring efforts, first announced in January, designed to improve efficiency.

Looking toward the remainder of 2014, Wärtsilä anticipates continuing economic improvement, supporting more seaborne trade, along with a strong demand for offshore support vessels (OSVs) from the energy sector.

In addition, the company notes that concerns over fuel efficiency and emissions regulations are driving increased interest in liquefied natural gas (LNG) power systems.

Wärtsilä anticipates stable demand from offshore markets and active interest in gas carriers, but a possible slight decline in traditional merchant vessel orders.

The company has announced a number of orders for scrubber systems in recent months.

Ship & Bunker News Team
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