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GTT said in its financial report that deliveries of these LNG carriers will take place between 2026 and 2031.
The firm booked orders for 25 LNG carriers in the first quarter, 27 LNG carriers in the second quarter, 16 LNG carriers in the third quarter, and four LNG carriers in the fourth quarter.
These orders include the 18 271,000-cbm QC-Max LNG carriers ordered at China’s Hudong-Zhonghua as part of QatarEnergy’s massive shipbuilding program.
Besides LNG carriers, GTT won orders for 12 large-capacity ethane carriers, two FSRUs, and one FLNG, as well as 12 LNG-powered containerships and one LNG bunkering vessel in 2024.
“Last year GTT’s core business delivered its second-best commercial performance on its core business,” Philippe Berterottière, chairman and CEO of GTT said.
Berterottière is currently interim CEO of GTT while the company searches for a new CEO following the recent departure of Jean-Baptiste Choimet.
“The growing demand for LNG is driving additional LNG carrier requirements, supported by
ongoing investments in liquefaction plants and increased shipyard construction capacity,” Berterottière said.
“Furthermore, new liquefaction projects are anticipated in the United States by the end of 2025, and the replacement market is set to gain momentum, driven by an ageing fleet and tightening environmental regulations,” he said.
Revenues jump
As of December 31, 2024, GTT’s order book, excluding LNG as fuel, stood at 332 units.
This includes 306 LNG carriers, 16 ethane carriers, three FSRUs, two FLNGs, and also five onshore storage tanks.
The order book for LNG fuel stood at 50 units, all containerships.
Moreover, GTT said its consolidated revenues rose 50 percent to 641.4 million euros ($673 million) in 2024, while its newbuild revenues reached 591.1 million euros, up 51.8 percent compared to 2023.
Net income reached 347.8 million euros, up 72.7 percent over the previous year.
Berterottière said the group’s revenue was driven by the gradual increase in the number of LNG carriers under construction.
GTT received orders for 73 LNG carriers and one FLNG in 2023, down from record 162 orders for LNG carriers in 2022 and higher than 68 orders in 2021.
“Ebitda for 2024 amounted to 388 million euros, up 65 percent, reflecting significant revenue growth in core businesses as well as effective cost management,” Berterottière said.
“GTT benefits from high visibility on its core business over the coming years, with an order book of nearly two billion euros,” he said.
“Regarding our outlook for the current year, given the order book schedule, we estimate that consolidated revenues for 2025 should be in the range of 750 to 800 million euros, with consolidated Ebitda expected to be between 490 and 540 million euros. We also reaffirm our commitment to distributing at least 80 percent of the group’s net income for the 2025 financial year,” Berterottière said.