Wärtsilä losing orders in slow shipping market

Orders to the Finnish manufacturer Wärtsilä fell in the third quarter due to a low newbuilding market and the pressured offshore market, says CEO Björn Rosengren, who will resign November 1. Overalll, he's positive about the rest of the year.

Photo: Björn Rosengren

Orders to Finnish engine producer Wärtsilä declined by 17 percent in the third quarter, show the quarterly results Thursday morning. Over the period, the supplier received orders amounting to USD 1.2 million, compared with USD 1.4 billion in the same period last year. The marine market is a major reason behind the lower figures, says CEO Björn Rosengren of the results.

"The market for marine solutions continues to be challenging. A low contract volume on new ships, together with the weak atmosphere in offshore, is affecting our order intake. I am glad to note that our service arm is compensating for the lower demand in the equipment market. An improved demand from marine customers, and stability in the service of power plants, indicates a positive result for the remainder of the year," he says.

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