Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Wärtsilä - HHI form dual fuel LNG engine jv

Wärtsilä - HHI form dual fuel LNG engine jv

Seoul: Wärtsilä and Hyundai Heavy Industries (HHI) have signed an agreement to set up a 50/50-owned joint venture in Korea to manufacture dual-fuel engines for LNG (Liquefied Natural Gas) carriers. Once formally approved, the new Wärtsilä Hyundai Engine Company, with initial investment of EUR58m,  will manufacture Wärtsilä 50DF dual-fuel engines (pictured) for the Korean, Japanese, Chinese and Taiwanese shipbuilding markets.

"This joint venture will accentuate the strengths of two companies that are already partners: the vast know-how of the world's biggest shipbuilder with the expertise and experience of a global leader in engine design and ship machinery," says Ole Johansson, Wärtsilä president and ceo, adding that it marks "a major step in Wärtsilä's strategy to accelerate growth in the continuously expanding Asian market."

Wärtsilä says it has already received orders for 206 Wärtsilä 50DF dual-fuel engines for 52 LNG carriers, most of which will be built in Korea, estimated to have a 70% market share of in the global LNG shipbuilding market.  [23/01/07]