Services market development
Marine service market focused on cost savings throughout the year
During 2010, the global economic downturn had its effect on the marine service market which focused strongly on cost savings. Marine customers, especially in the merchant segment continued to limit their maintenance and modernisation investments. A large number of ships were slow steaming which reduces maintenance and repair expenditures. At the end of the year, the amount of idled vessels had decreased to 6% from its peak of 10% at the beginning of 2010. The power plants service business was less affected by the downturn.
Wärtsilä's installed engine base in the Ship Power and Power Plant markets totals close to 180,000 MW and consists of thousands of installations distributed throughout the world. Both end markets consist of several customer segments for Services, and Wärtsilä's portfolio is the broadest in the market. These factors limit the impacts of fluctuations in any individual market or customer segment.