French LNG Giant GTT Secures Major Order For Four New Carriers

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New Order Details

French LNG containment specialist GTT has secured a new order for four 174,000-cbm liquefied natural gas carriers. This order, received in the second quarter of the year, comes from an Asian shipyard and the vessels will be built for an Asian shipowner.

The Paris-based firm will design the tanks of these four vessels, and the tanks will be fitted with a membrane containment system from GTT’s NO96 series developed.GTT said deliveries of the vessels are scheduled between the first and third quarters of 2027.

The company did not provide any further information regarding the deal.

Qatar Energy Program

This order could be linked to the QatarEnergy shipbuilding program, specifically the four LNG carriers that Hanwha Ocean (formerly DSME) secured on April 2 for $920 million. Hanwha Ocean is set to deliver these vessels to an Asian shipowner by August 2027.

Qatar Energy had previously announced on March 31 the signing of time charter agreements for 19 LNG carriers, including four 174,000 cbm vessels to be built by Hanwha Ocean.

The four carriers will be owned by a joint venture of Japan’s K Line and South Korea’s Hyundai Glovis.

Ownership and Program Scale

Including 16 QC-Max LNG carriers, Qatar Energy’s massive shipbuilding program includes the construction of 122 vessels.GTT received orders for 73 LNG carriers and one FLNG in 2023, following record 162 orders for LNG carriers in 2022 and 68 orders in 2021.

The company’s CEO and chairman Philippe Berterottière said in February the market requires up to 95 additional LNG carriers to ship contracted volumes of LNG from plants under construction.

Berterottière said during GTT’s 2023 results presentation that these estimates do not include the announcement by QatarEnergy regarding a third LNG expansion of the giant North Field with a capacity of 16 mtpa.

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Source: ING Prime