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Wartsila orders scrubbed by fuel spreads, energy business powers down

Corp - Shipping 836 Energy - Bunker Fuel 83 European Union 679 Industrials - Capital Goods 486 Quote Watch 281 U.S. 4725

Wartsila, producer of logistics and energy equipment, reported a 27% year over year drop in new orders due to COVID-19 linked declines in the cruise line equipment business while flue gas “scrubber investments was another area of weakness” according to CEO Jaako Eskola. The demand for scrubbers by shipping firms has fallen with the narrowing of the spread between high and low sulfur bunker fuels which dropped to 37.9% by July 10 from 86.3% in January according to S&P Global Platts data. The container lines are likely cutting investment in scrubbers as they protect cash flows in the wake ...

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