Cryo AB divests marine fuel and bunkering business to MAN Diesel & Turbo
MAN Diesel & Turbo Sverige AB, a wholly owned subsidiary of MAN Diesel & Turbo SE, has acquired the marine fuel gas supply system (FGSS) business from Sweden-based Cryo AB.
The deal is expected to close in February 2016.
For MAN Diesel & Turbo, it further enhances the group’s system scope offering in the field of marine LNG propulsion, and will be integrated into the company’s four-stroke marine business.
For Cryo AB, part of the Linde Engineering Division and a manufacturer of cryogenic equipment for the storage, distribution and handling of liquefied gases, there appears to be a feeling that MAN Diesel & Turbo will be better placed to take the business to its full potential.
Jürgen Nowicki, Managing Director at Linde Engineering, commented, “We are happy to hand over this promising specialist segment to a market leading company like MAN Diesel & Turbo, who has the specific business volume to leverage Cryo’s full potential.”
Dr. Uwe Lauber, CEO of MAN Diesel and Turbo SE, added, “Natural gas is rapidly gaining importance as a fuel for marine applications, which is why this acquisition is of major strategic relevance for us.”
“It allows us to further shape our profile in the dual-fuel and gas propulsion segment and to gain access to market leading supply system technology. Many of our customers are looking for a one-stop solution for comprehensive engine and fuel gas supply systems. Thanks to Cryo’s expertise we can offer this solution in the future and position ourselves ahead of the competition.”
LNG is fast-growing as the marine fuel of the future, with gradually tightening emission limits requiring ship owners and traders to use fuel on-board with an increasingly lower sulfur content.
As gasworld explores in its upcoming hot topic, while the currently low price of oil may have caused a temporary slowdown in marine LNG adoption, the general consensus is that LNG will be the fuel of the future in this business – and drive equipment demand for the gases industry as a result.
Last week Bestobell Marine secured two new orders to supply its range of high pressure globe and check valves to be used in high pressure LNG fuel gas systems on board ships.