Mitsui Engineering Acquired TGE Marine

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Mitsui Engineering & Shipbuilding (MES) has acquired TGE Marine for €164 million ($184.57 million).

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Bonn based TNG marine specialises in LNG and LPG bunker fuel systems for vessels.  They control about 50% market share in the small LNG carrier as well as small ethylene carrier sectors.  In all they control around 30% market share of the LPG carrier market.  TGE is into both engineering and construction supervision of fuel gas supply systems and floating storage and regasification units.  TNG marine has supplied gas handling and storage systems to more than 150 gas tankers at shipyards spread worldwide.  They are as of now developing a skid-mounted LNG fuel package for Qatari Q-Max carriers and also supplying fuel gas systems to two LNG bunker tankers ordered by Shell.

MES develops and markets gas fuel products, such as engines and high-pressure compressors for dual fuel gas injection diesel engines and the merger with TGE’s FGSS would prove to be compatible for both LNG and fuel oil bunkers.

The merging of two firms was felt to be “highly compatible with each other” and MES felt that the coming tougher would “establish excellent market position” for both the companies, Mitsui added.

Source: MES