EMEA News
Wartsila: Quarterly Profit up but Marine Sector Remains 'Challenging'
Finnish marine engineering company Wartsila saw pre-tax profits edge up in its first quarter results. The company posted EUR 76 million ($93 million) up by EUR 6 million over the same period a year ago.
The company said its performance in the marine sector was solid.
Quarterly orders for its marine solutions were up by 31% over the period with liquified natural gas (LNG) a feature. Marine sales were also up.
"Among the orders received was the supply of volatile organic compounds (VOC) recovery technology, LNG fuel gas handling systems, and the auxiliary engines for two new shuttle tankers being built for Singapore-based AET Tankers," the company said.
"The ships will operate primarily on LNG, enabling a significant reduction in carbon dioxide emissions.
"VOC – the gas evaporating from the oil cargo tanks – will also be utilised as fuel by mixing it with the LNG, thereby reducing the vessels' bunkering needs."
Looking ahead, Wartsila said that while its services and energy solutions segments should perform well, marine "remains challenging due to overcapacity and lack of financing".
