• 2014 July 18 10:01

    Wärtsilä and China State Shipbuilding Corporation establish joint venture

    Wärtsilä and China State Shipbuilding Corporation (CSSC) have signed an agreement to establish a joint venture, which will take over Wärtsilä’s 2-stroke engine business, the company said in its press release. Through the agreement, CSSC will own 70% of the business through its affiliate CSSC Investment and Development Co. Ltd, while Wärtsilä will hold a 30% ownership position. The parties will co-operate in 2-stroke engine technology, marketing, sales, and service activities. The parties have agreed to transfer CSSC’s whole position as shareholder to a joint venture established by an entity connected with the Municipal Government of Shanghai and CSSC.

    Responsibility for servicing Wärtsilä’s 2-stroke engines will remain with Wärtsilä Services through its global network to support customers in a more dedicated and efficient way. The joint venture parties will support Wärtsilä Services by providing global ship owners with complete solutions of advanced 2-stroke technologies.

    The value of the transaction is approximately EUR 46 million. The financial impact of the deal will be dependent on the timing of the closing and certain related mechanisms. The deal will have a positive effect on Wärtsilä’s continuing operations. The closing of the transaction is subject to the required regulatory approvals, which are expected during the first quarter of 2015.

    The joint venture will be domiciled in Switzerland, and the head office will remain at the present 2-stroke engine headquarters in Winterthur. The current 2-stroke engine business management team will remain in place.

    The joint venture will assume ownership of Wärtsilä’s 2-stroke engine technology, and will continue to develop and promote sales of the engine portfolio with the full support of both partners.

    The objective of the partnership is to combine the strengths of the two partners, both of whom are major players in the global marine sector. The participation of CSSC, the largest shipbuilding conglomerate in China, will accelerate the company’s growth in important Asian markets, while retaining its position as an international supplier to the global shipping industry. The partnership will enhance the position of Wärtsilä’s 2-stroke technology in the marine engine market, and will provide a strong base for future investments in leading 2-stroke technology and customer support.

    “We have enjoyed good co-operation with CSSC for many years, and we are convinced that by joining forces we can better serve the needs of our global customers. CSSC shares our vision for the future of the 2-stroke marine engine market, and we feel that this agreement will benefit both parties as well as the entire shipping sector. By enhancing the sales volume of Wärtsilä’s 2-stroke engines, product development can be accelerated and critical new engine solutions can be brought to the market much faster than earlier,” says Jaakko Eskola, Senior Executive Vice President, Ship Power, Wärtsilä Corporation.

    “We are very pleased that this agreement has been made and we look forward to working closely with Wärtsilä in this joint venture project. Wärtsilä is a company that we admire as a technology leader, and as a supplier that has provided economic and environmental benefits to ship owners and operators through its high quality products,” says Wu Qiang, Vice President, CSSC.


2020 April 2

18:27 FSL Trust completes disposal of crude oil tanker
18:07 CMA CGM announces that this Low Sulphur Surcharge is not applicable
17:54 Aleksandr Tsybulsky appointed as Acting Governor of Arkhangelsk Region
17:31 MAN Energy Solutions's low-speed, dual-fuel engines pass 1,000,000 operating hours
17:16 VARD secures contract for one stern trawler for Framherji
16:59 DHT Holdings announces time charters for six of its VLCCs
16:30 Navigation season opens on the Lower Volga
15:48 PGNiG commences operations at Klaipėda LNG Reloading Station
15:15 World’s largest and most efficient krill trawler to be designed by Wärtsilä
15:13 SMM: Shipping industry steers towards digitalisation
14:49 Bunker prices show no considerable changes at the Far East ports of Russia (graph)
14:26 Vitol Group establishes foothold in Singapore bunker operations
14:02 A.P. Moller - Maersk completes acquisition of Performance Team
13:37 Law ranking heavy fuel oil as medium distillate comes into effect
13:14 Hapag-Lloyd announces GRI from East Asia to East Coast and West Coast of South America, Mexico, Caribbean and Panama
12:52 Covid-19: Passenger transportation by seaborne transport and traffic of small-size ships banned in Crimea
12:25 ABP update: port perations remain open for business
12:01 ABS expands remote survey services
11:28 IMO urges keyworker exemptions for crew changes and repatriations
11:18 Tallink Grupp’s vessel Victoria I to make two return trips on Tallinn-Helsinki-Tallinn route on 2-3 April
10:43 Russian President signs Decree on establishment of Marine Instrument Engineering Corporation
10:21 Brent Crude futures price is up 12.5% to $27.83, Light Sweet Crude – up 10.5% to $22.44
10:06 Jan De Nul nears completion of fabrication of foundations for Taiwan’s Changhua Offshore Wind Farm
10:00 Financing of Nizhegorodsky hydrosystem project to be redistributed in favor of NOVATEK’s projects
09:59 VARD signs contract with P/F Akraberg for the design and construction of a sophisticated unit
09:46 MABUX: Bunker market this morning, Apr 02
09:19 Baltic Dry Index is down to 624 points

2020 April 1

18:36 Diana Shipping announces direct continuation of time charter Ccontract for m/v Myrto with Cargill
18:06 CMA CGM to apply Port Congestion Surcharge for reefer cargo to Philippines (Manila and Subic ports)
17:54 Oil shipments via CPC Marine Terminal in 3M’20 climbed by 4.7% YoY to 16.93 million tonnes with new monthly record set in March
17:35 New BIO SEA BWTS approved by USCG and IMO
17:20 Throughput of port Azov in 3M’2020 fell by 19% to 1.38 million tonnes
17:05 PowerCell signs contract with leading European shipyard regarding fuel cell system worth MSEK 77
16:35 The EU funded FLAGSHIPS project supports construction of a hydrogen fuel powered barge push boat
16:04 Wärtsilä receives contract to upgrade 11-year old Vessel Traffic Monitoring and Information System (VTMIS) serving ports in Cyprus
16:02 Höegh LNG applies for LNG import licence in Cyprus
15:30 OOCL updates Trans-Pacific services in April & May
15:04 THE Alliance announces COVID-19 response measures for April 2020
14:53 Frigates of RF Navy's Black Sea Fleet conducted exercise in Mediterranean Sea
14:43 Launch of Dimecc’s Sea for Value programme paves the way for remote pilotage and safer fairway navigation
14:22 Wärtsilä launches actions to mitigate the impact of COVID-19 and withdraws its market outlook
14:19 Competition announced for construction of Bagayevsky hydrosystem’s Phase 2
13:26 Transit navigation opened in Azov-Don Basin of Russia’s IWW
13:02 Ocean Yield extends standstill agreement and restructuring outline with Solstad Offshore for the vessels Far Senator and Far Statesman
12:00 ABS to class a series of Silver Eagle self elevating drilling units
11:25 Russian Railways' network loading down 3.8% to 306.7 million tonnes in 3M’ 2020
11:01 New shipping service gives boost to growing breakbulk segment in Rotterdam
10:42 Start of cruise navigation season postponed at Passenger Port of Saint-Petersburg
10:14 APM Terminals Mobile completes phase-three expansion to increase capacity
09:54 Brent Crude futures price is down 2.2% to $25.78, Light Sweet Crude – down 0.1% to $20.46
09:33 Bunker prices continue falling at the port of Saint-Petersburg, Russia
09:16 MABUX: Bunker market this morning, Apr 01
09:12 Baltic Dry Index is down to 625 points

2020 March 31

18:06 APM Terminals Nigeria donates $US 200,000 to UN Nigeria Basket Fund
17:51 New publication offers updated maritime security guidance for mariners operating off West Africa and Gulf of Guinea
17:36 Manila ports fear shut down due to continued cargo congestion
17:20 Floating workshop of RF Navy's Baltic Fleet completed tasks in Mediterranean Sea
17:06 Yang Ming reveals 2019 financial report
16:55 State Duma of Russia approved in first reading expansion of resource base for LNG production projects
16:23 Rolls-Royce supplies innovative propulsion system for new multi-purpose vessels in the North and Baltic Seas