In its half-year results Wärtsilä raised the outlook for its marine solutions business to “solid” which it credited to a favourable vessel contracting mix.
However the manufacturer added on a less upbeat note: “The general marine market environment remains challenging, as the merchant, gas carrier, and offshore segments continue to suffer from overcapacity, slow trade growth, and the financial constraints of customers.”
The company’s orderbook for its marine solutions business was down 15% in the first half of the year to EUR2.11bn compared to EUR2.48bn a year earlier.
In the medium-speed engine market Wärtsilä’s market share was down at 40% compared to 45% previously, while its share of the auxillary market was 8% compared to 20%.
“Contracting activity remained on a good level in niche vessel segments, such as cruise, ferry, special vessels and ro-ro, where newbuild investments were supported by higher earnings, ageing fleets, planned regulatory developments, and attractive newbuilding prices,” Wärtsilä said.