CEO: GTT expects up to 450 LNG carrier orders in next 10 years

French LNG containment giant GTT is expecting that there will be up to 450 orders for large LNG carriers over the 2023-2032 period, according to GTT’s chief Philippe Berterottière.

Due to a strong LNG demand outlook and more stringent environmental regulations, which will force owners to replace older tonnage, GTT is estimating that there will be between 400 and 450 orders for large LNG carriers in the next 10 years.

This is the same long-term estimate as the one GTT presented in July last year, despite the fact that in the second part of the year GTT won orders for 80 ships, Berterottière said during the company’s quarterly and 2022 results presentation on Friday.

Record LNG carrier orders

GTT received record 162 orders for LNG carriers and one FSRU in 2022.

The LNG carrier orders rose by 138 percent when compared to the 68 orders in 2021.

As of December 31, 2022, GTT’s order book, excluding LNG as fuel, stood at 274 units.

This includes 256 LNG carriers, 4 ethane carriers, 2 FSUs, 1 FSRU, and 12 onshore storage tanks.

GTT also did not change its long-term order forecasts for FSRUs, FLNGs, VLECs, and onshore and GBS tanks, Berterottière said.

The firm expects up to ten FSRU orders, not including conversions, five FLNG units, between 25 and 40 VLECs, and between 25 and 30 units for onshore and GBS tanks in the next ten years.

FIDs in 2023

Berterottière pointed out during the presentation that there were four final investment decisions for LNG production projects taken in 2022, representing some 28 Mtpa.

The projects include the expansion of Cheniere’s Corpus Christi and the first stage of Venture Global’s Plaquemines, as well as the third floating LNG producer for Petronas and Eni’s Congo FLNG project.

Also, more FIDs are expected in 2023 as there were SPAs for a total of 53 Mtpa signed in 2022, of which 90 percent are from US projects, he said.

The projects that may take FID this year include Sempra’s Port Arthur, second phase of Venture Global’s Plaquemines, NextDecade’s Rio Grande, and Energy Transfer’s Lake Charles.

Most Popular

Coastal Bend LNG plans large Texas export plant

Coastal Bend LNG said it had initiated development of a 22.5 million ton per annum (mtpa) natural gas liquefaction and export facility on the Texas Gulf Coast.

Golden Pass LNG contractors agree terms for second and third train

Japan's Chiyoda and US-based McDermott have signed a binding term sheet with Golden Pass LNG, a joint venture owned by QatarEnergy and ExxonMobil, to complete the construction of the second and third liquefaction units at the giant LNG export plant in Texas.

HD Hyundai Samho scores contract to build LNG carrier quartet

South Korea’s HD Hyundai Samho has secured an order to build four liquefied natural gas (LNG) carriers for about $1.03 billion.

More News Like This

GTT clinches new LNG tank gig

France’s GTT has secured a new tank design order from HD Korea Shipbuilding & Offshore Engineering for one liquefied natural gas (LNG) carrier.

GTT, HD Hyundai Heavy to advance LNG carrier design

French LNG containment firm GTT signed two joint development projects with South Korean shipbuilder HD Hyundai Heavy Industries, aimed at advancing the design of LNG carriers.

GTT develops new ethane containment tech

French LNG containment giant GTT has received approvals from classification society BV for its new cargo containment systems developed for ethane transport.

Hudong-Zhonghua gets approvals for new three-tank LNG carrier

Chinese shipbuilder Hudong-Zhonghua has received approvals from classification societies for a new three-tank LNG carrier design.