ENGINE BUILDER WÄRTSILÄ TO SHED 600 STAFF

Björn Rosengren, Poresident and TOP DOG of engine builder Wärtsilä says the company is to lose 600 staff because of exactly what he described as a "challenging" market and a decline sought after for engines for the overseas market.

Mr Rosengran stated marine markets continue to are afflicted by weak vessel demand triggered primarily by over capability, depressed freight rates, as well as low oil prices. But he said the company's sea order intake in the very first half of 2015 was great, despite the challenging market circumstances. "Still, we must ensure our own future competitiveness in a lower demand environment. Consequently, we now have today announced plans to realign our Marine Solutions company, " he said.

"Based on the market situation during 2014 and the GDP forecasts with regard to 2015, the market for fluid and gas fuelled energy generation is expected to stay challenging, " he mentioned. "Despite slower economic development in the emerging markets, improved electricity demand will assistance power plant investments.

"In the actual OECD countries, low financial growth continues to limit with regard to new power plants. Lower gas prices are traveling demand in the US. The megatrend towards distributed, flexible gas-fired power generation is apparent. The increasing deployment in numerous parts of the world of intermittent alternative power, such as wind and also solar, will require flexible methods to balance fluctuations in the main grid.

"The overall outlook for your shipping and shipbuilding marketplaces is challenging, " explained Mr Rosengren. "Low essential oil prices continue to impact purchases of exploration and development, therefore limiting the demand for just offshore drilling and support ships. Over capacity is affecting need vessels, particularly in the dried out bulk and offshore market segments.

On 17 July 2015, Wärtsilä announced plans in order to realign its Marine Options organisation, operations and sources in response to the sluggish worldwide marine market situation. The actual realignment will mean the decrease of approximately 600 jobs, which approximately 160 will be within Finland. China diesel engine .