Wärtsilä and Samsung JDP targets LNG carriers and shuttle tankers

The Joint Development Project agreement was signed by Jin-Taek Jung; Executive Vice President, Engineering & Procurement Operations, SHI and Timo Koponen; Vice President, Processing Solutions, Wärtsilä Marine

Wärtsilä Corporation has signed a joint development project agreement with South Korean shipbuilder Samsung Heavy Industries (SHI) aimed at finding a more efficient solution for LNG carriers and shuttle tankers.

An important driver for the JDP is the strong LNG carrier newbuilding market, with the two parties seeing “potentially dozens” of new vessels to be ordered for transporting increasing volumes of LNG from both new and extended export LNG terminals in Africa, Australia, Middle East and the U.S.A.

Overall cost optimization, including both capital and operating expenditure, is among the project aims.

The JDP will build on the sharing of knowledge and experience between SHI and Wärtsilä, a company with unique single-source supplier credentials. It is expected that the agreement, which is said to provide “a level of equality that is greater than in normal shipyard/supplier relationships,” will benefit both parties and the industry as a whole, since it gives valuable opportunities for important co-creation.

“SHI is a major high-tech, high-value shipbuilder with a number one newbuilding share in various vessel markets,” says Timo Koponen, Vice President, Processing Solutions, Wärtsilä Marine. “We are, therefore, delighted to be partnering with them in a project that will ultimately benefit owners and operators around the world.”

“We look forward to working with Wärtsilä to codevelop LNG carriers and shuttle tankers with improved efficiency. We are both market leaders in our spheres, and this joint development underscores the mutual respect and appreciation that we have for each other’s knowledge and experience,” says Jin-Taek Jung, Executive Vice President, Engineering & Procurement Operations, SHI.