Full orderbooks at cruise ship building yards are turning the attention of owners to upgrade their existing vessels instead of placing further newbuilding orders, according to the Finnish technology group Wärtsilä tht has extensive foothold in the marine sector.

“Newbuild orders in all the major vessel segments have declined, with LNG carrier and cruise vessel segments being the least affected,” the company said in its third quarter interim report..

“Demand for larger cruise vessels has stabilised following the contracting of most of the major fleet replacement programs and the increased interest in the refurbishment of the existing fleet due to capacity constraints at shipyards,” the company said.

The outlook in the Marine Business was soft due to lower vessel contracting volumes and a decline in the demand for scrubber solutions from last year’s exceptionally high level. However, activity in the marine services market is expected to be stable, the company concluded.