After Shipping Orders Slow Down, GTT Keen on LNG Inventory Network Development
GTT, the France-based membrane containment system manufacturer is looking for a new industrial partnership to build the LNG supply chain. As a result it has signed two such partnerships since the beginning of this year.
In the recent announcements with regard to the first-half figures, GTT has emphasized upon its technical assistance and licence agreements with membrane-system installers AG&P in the Philippines and Endel in France.
Upcoming Orders for GTT
GTT has received just two new orders for containment systems for LNG carriers this year, for South Korea-based SK Shipping which has ordered Mark III Flex containment systems for the 180,000m³ LNG carriers it is having built at Hyundai Heavy Industries.
Good Beginning
The company started the year with an orderbook of 118 units and has since made 13 deliveries to 11 LNG carriers, a floating storage and regasification unit (FSRU) and a floating LNG (FLNG) vessel, Petronas-ownedPFLNG Satu.
At June 30, the orderbook had fallen to 107 units, comprising 96 LNG and ethane carriers, six FSRUs, two FLNG vessels, two onshore storage tanks and one LNG bunker barge.
GTT reported an 11 per cent on-year increase in revenues to €117 million (US$129 million) for the first six months of 2016. It noted “lower than expected growth in 2016 revenues, due to the time lag in the construction milestones of some vessels”.
Chairman and chief executive Philippe Berterottière said the company is expanding its G-Sim software for LNG cargo operations and promoting the advantages of LNG as marine fuel. However, the company will focus on cutting costs to offset the slowdown in new orders and delays to existing ones, reflecting the glut in LNG shipping capacity. GTT hopes to post yearly entire year incomes of €240 million.
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Source: LNG World Shipping
