Wartsila Strikes Huge LNG Deal with Samsung

 04 Apr 2019 10.00am

Marine technology experts Wartsila have signed a Joint Development Project (JDP) with Korean construction giant Samsung Heavy Industries (SHI) to establish efficient solutions for liquefied natural gas (LNG) carrier and shuttle tanker vessels.

According to a statement, the JDP will build on sharing knowledge and experience between Wartsila and SHI, and it is expected to benefit both parties and the industry as a whole.

Furthermore, the two companies said an important driver behind the JDP is the strong LNG carrier newbuilding market.

There are, so the statement says, potentially dozens of new vessels to be ordered for transporting increasing volumes of LNG from both new and extended export LNG terminals in Africa, Australia, the Middle East and the US.

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Timo Koponen, Vice President, Processing Solutions, Wartsila Marine, said: “At Wärtsilä we are committed to creating greater efficiencies, better environmental sustainability, and improved safety for our customers.

“The joint development with SHI will support this commitment. SHI is a major high-tech, a high-value shipbuilder with a number one newbuilding share in various vessel markets.

“We are, therefore, delighted to be partnering with them in a project that will ultimately benefit owners and operators around the world.

Jin-Taek Jung, Executive Vice President, Engineering and Procurement Operations, SHI, also commented: “We look forward to working with Wärtsilä to co-develop LNG Carriers and Shuttle Tankers with improved efficiency.

“We are both market leaders in our spheres, and this joint development underscores the mutual respect and appreciation that we have for each other’s knowledge and experience.”

LNG is growing in popularity as a fuel for container shipping due to the upcoming IMO regulations on sulfur emission, due to come into force on January 1, 2020. 

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