GE’s Innovative Solutions on Display at Marintec 2013

GE showcases a series of innovative products that support China’s emerging offshore and marine industry at Marintec China 2013.

GE’s newly established Global Offshore and Marine business powers, propels and positions the industry with the latest advances in diesel engines, gas turbines, electric drives and dynamic positioning solutions. The company’s innovative solutions being showcased during Marintec are designed to deliver reliability, fuel efficiency, lower maintenance and life cycle costs supporting China’s expansion and growth in the marine industry’s high-value, high-technology sector.

Based on research by Clarkson, Morgan Stanley and GE internal studies with just 1 percent market share improvement in the high-value, high-technology sector that includes offshore and LNG carriers, China has the potential to add $40 billion accumulated revenue growth opportunities through 2020*. Plus, if the industry transformation could achieve 5 percent market share improvement in the high-value sector, it would add $200 billion accumulated revenue growth opportunities for China through 2020.

As part of supporting China’s growth priorities and achieving the goal of shifting to the high-value industry, GE also announced today that by collaborating with Dalian Shipbuilding Industry Company (DSIC) and Lloyd’s Register, they have jointly developed a design for a gas turbine-powered LNG carrier.

Mark Hutchinson, president and CEO, GE Greater China, said, “As a partner of choice in China, our technology and innovation aligns with the industry shift to high value vessels that operate efficiently, reduce emissions and meet critical environmental regulations. GE is a global technology leader in air and land transport, so we are excited to enter a new space—marine. By combining our expertise in aviation, locomotives, electric propulsion and oil and gas, we can offer our customers ‘whole ship’ solutions.”

* GE refers only to revenue from direct orders and does not account for the tremendous economic opportunities it will bring to adjacent industries, i.e. automation, navigation, etc. According to Clarkson, Morgan Stanley Research and GE internal studies, in 2011, China’s orders booked in tanker, bulker, container cargo, other general cargo, reached $48 billion, 38 percent of total global orders, while in the high-value and high-technology sectors as LNGC, offshore vessels, etc., China won orders of 15 percent of global orders at the value of $25 billion.

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Press Release, December 3, 2013