ORDER intake at W?tsil?s Ship Power business rose 60% in this year first quarter, the Finnish power system and marine technology group said today.

The unit had �443M ($581.61M) worth of new orders, from �276M in 1Q12, with the offshore and specialised ship sectors driving the business.

Net profits for the entire group rose to �73M in 1Q13 on revenues of �882M, from �66M on higher revenues of �1Bn y/y.
our outlook for the shipping and shipbuilding markets in 2013 is cautious, although market conditions are expected to be better than in 2012,?the group said in a statement.

Still, it warned: “Despite the recent pick up in-orders, financing and overcapacity related issues are still visible in the traditional merchant markets. The orders placed in these markets focus more on fuel-efficient design and technology.?

The number of newbuilding orders placed in the first three months of the year rose by 40% year on year, to 286 vessels.

“Competitive newbuilding prices have attracted some investments in merchant vessels,?noted W?tsil? which added that both the LPG and LNG sectors had also been active.

Ship Power accounted for 31% of the new orders won in 1Q13 by W?tsil? which also supplies Diesel-powered, land-based power stations.