GTT sees boom in orders for LNG ships

France’s GTT, an expert in membrane containment systems used to transport and store liquefied gases, reported a boom in orders for liquefied natural gas (LNG) ships in the first half of 2024.

Following two record years in terms of order intake in 2022 and 2023, GTT booked 52 orders for LNG carriers in the first half of 2024, including 18 very-large capacity LNG carriers (271,000 m3). Deliveries are scheduled between 2026 and 2031. GTT also received four orders for large-capacity ethane carriers, which will be delivered in 2026 and 2027, as well as one FSRU order and one FLNG order.

GTT, the French manufacturer of membrane containment systems, reported ‘robust’ orders for LNG container ships. (Image: GTT)

“With 58 orders recorded in the first half of 2024, commercial performance in our core business continues to be very strong,” said Jean-Baptiste Choimet, Chief Executive Officer of GTT. “LNG demand remains high, as illustrated by the two final investment decisions announced in June 2024 for new liquefaction projects (Cedar FLNG and Al Ruwais), leading to additional LNG carrier needs.”

He also said GTT is pursuing continuous R&D and innovation efforts, as evidenced by new approvals in principle obtained in the first half of 2024, notably in the field of liquid hydrogen transport.

“We have also finalized the development of our latest membrane containment technology, GTT NEXT1, which has obtained final approvals from leading classification societies, and is now entering the commercialization phase,” he said.

The group’s revenues for the first half of 2024 show an increase of 65.8% compared to the same period of 2023, and the earnings have significantly improved as well, he said.