EMEA News
70% of Engines Delivered in 2024 Were Alternative-Fuel Capable: Wärtsilä
Finnish engine manufacturer Wärtsilä reports that investments in new ships in 2024 significantly exceeded those in 2023.
The surge in investments is attributed to rising demand for ship capacity, increased pressure for decarbonisation, healthy earnings for shipowners, and low orderbooks in ferries, offshore vessels, tankers, and bulk carrier segments, Wärtsilä said in its latest financial statements bulletin.
“Of the total engine megawatts Wärtsilä delivered during 2024, 70% were alternative fuel capable in Marine,” it said.
As regulations tighten, shipowners are increasingly investing in ships that either run on alternative marine fuels or can be easily modified or retrofitted to use them in the future, along with other energy-efficient technologies.
Wärtsilä noted that about 2,765 new ship contracts were signed in 2024, up from 1,977 the previous year.
However, the engine manufacturer expressed concerns over capacity shortages.
Despite efforts to increase shipyard capacity, particularly in China and South Korea, shipyard utilisation remains high, indicating a persistent shortage of yard capacity and sustained high order books.
Stronger demand from the marine sector boosted Wärtsilä's operating result for 2024 to €716 million, up from €402 million in 2023.
