Strong development of the cruise and ferry shipping sectors has outperformed continued weakness in freight shipping, according to Wartsila, the Finnish technology group.
In the first three months of the present year, 145 contracts for new vessels were registered, double the figure of 77 in the same period last year. “Despite a gradual improvement in freight rates in the conventional merchant markets, overcapacity and low oil and gas prices continue to burden the marine industry,” the company said in a statement.
“Nevertheless, activity remained on a good level in the cruise segment, thanks to the growing interest in cruise travel in the USA and Asia,” Wartsila said.
“Contracting developed well also in the ferry and Ro-Ro segments, supported by healthy earnings, ageing fleets, planned regulatory developments, and attractive newbuilding prices,” the company added.