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Wartsila says lack of credit hampers ferry and cruise ship orders

A severe downturn in shipbuilding has forced Wartsila, the Finnish propulsion system supplier, to receive cancellations of marine engine orders worth 300 million euro and the company warns that a further 800 million woirth of cancellations may follow.

In both cruise liner and ferry segments that are important for Wartsila there is still activity on the market. “However, difficulties in funding and stricter lending conditions, are affecting these projects as well,” the company said. “Ordering activity for new vessels has come to an almost complete stand still, and it is hard to estimate at what point activity could start to pick up again.”

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