Finnish Wartsila Corp, that provides power solutions for the marine and energy market, plans to produce more dual-fuel and methanol-powered marine engines. The company has stated, that they seek opportunities to add new production lines in China.
“China is by far the biggest shipbuilding country in the world and is therefore a very important market for us. The country will continue to hold the global number one position in shipbuilding,” said Hakan Agnevall, Wartsila’s CEO and president.
Wartsila is seeing a consistent increase in demand for dual-fuel engines in China, where the Finland-based firm is already running four plants.
As China rise focus on green and innovation-led growth, Agnevall said the country’s requests within shipbuilding and related industries will change.
“In addition to further enhancing our partnerships with Chinese shipyards, we have invested in technologies and innovations that will boost fuel efficiency and enabled an increase in alternative-fueled vessels,” Agnevall added.
China’s shipbuilding industry recorded a steady development in the first seven months of 2023, with double-digit increases in output, according to the Beijing-based China Association of the National Shipbuilding Industry. The country experienced an increase of 74% year-on-year, with a global market share of 67.7%.