Teijin Engineering Ltd. announced its development and launch of a selective catalytic reduction (SCR) denitration device for midsized ship engines to ensure compliance with the Tier III NOx (nitrogen oxides) Emissions Regulation that is slated to be enforced by the International Maritime Organization (IMO) beginning in 2016. Teijin Engineering will initially supply the device on an OEM basis in June to Niigata Power Systems Co., Ltd., an engine manufacturer and the codeveloper of the product. Going forward, Teijin Engineering plans to expand sales to other ship engine manufacturers, targeting annual sales of $25 million by 2016. The…