Wärtsilä Corporation Annual report 2014

Ship Power development in 2014

During the year 2014 a total of 1,769 contracts for new vessels were registered, compared to 2,201 in 2013. In the traditional merchant markets contracting activity was slow, and the demand for offshore vessels was clearly lower than in the previous year. The ordering of gas carriers (LNG and LPG carriers) was, however, robust and the cruise vessel markets developed well with contracting volumes doubling compared to 2013. Wärtsilä’s share of the medium-speed main engine market was 52% (51% at the end of the previous quarter).

Despite the slowdown in vessel contracting, Ship Power’s order intake increased by 6% to EUR 1,746 million during 2014. The ordering of gas handling systems and dual fuel engines for LNG and LPG carriers was strong, and gas as a marine fuel is being increasingly applied also in other vessel markets. Among the noteworthy orders was the contract to supply an integrated solution, comprising the main propulsion equipment, the gas fuel supply system, and the cargo handling system, for three multigas carriers being built for the Danish operator Evergas. Ship Power’s net sales increased by 30% and totalled EUR 1,702 million, which represents 36% of Wärtsilä’s net sales.

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