GTT booked orders for 73 LNG carriers in 2023

French LNG containment giant GTT received orders for 73 liquefied natural gas carriers and one FLNG in 2023, while its revenues rose 39.2 percent compared to 2022.

GTT said in its financial report on Monday that deliveries of these LNG carriers are scheduled between the first quarter of 2026 and the third quarter of 2029.

The FLNG, being built at South Korea’s SHI, is expected to be delivered in the first quarter of 2027.

GTT won orders for 52 LNG carriers in January-September, and 21 LNG carriers in the fourth quarter.

The Paris-based firm received record 162 orders for LNG carriers in 2022 and 68 orders in 2021.

Besides these LNG carriers and the FLNG, GTT received an order from Chinese shipyard Yangzijiang to design the tanks for ten LNG-powered ultra-large containerships and for five very large LNG-powered containerships with South Korea’s HD Hyundai Heavy Industries.

Delivery of all these container ships is scheduled between the second quarter of 2026 and the first quarter of 2028.

GTT also secured an order for two ethane carriers with delivery scheduled between the fourth quarter of 2026 and the second quarter of 2027.

Also, in the first two months of 2024, GTT booked two orders for a total of 23 LNG carriers, including 8 Q-Max vessels, as well as an order for three very large ethane carriers.

LNG demand remains high

Commenting on the company’s 2023 results, GTT’s chief Philippe Berterottière said that “the commercial performance of our core business remains buoyant.”

He noted that demand for LNG “remains particularly high and sustainable, as borne out by the number of final investment decisions for new liquefaction plants – involving substantial volumes – that were confirmed at the beginning of the financial year.”

“Continued strong demand for LNG, coupled with the construction of new liquefaction plants, will continue to fuel further demand for LNG carriers. In addition, with the ageing of fleets and the introduction of new environmental regulations, the replacement market is expected to grow in the coming years,” he said.

Last year’s FID’s include Venture Global LNG’s second Plaquemines LNG phase, Sempra’s Port Arthur LNG project, and NextDecade’s Rio Grande LNG project. GTT also mentioned Qatar’s North Field South project, saying that project’s sanctioned in 2023 represent a total amount of 56 mtpa.

Revenues rise

As of December 31, 2023, GTT’s order book excluding LNG as fuel stood at record 311 units.

This includes 296 LNG carriers, 4 ethane carriers, 1 FSRU, 1 FLNG, and 9 onshore storage tanks, the firm said.

With regard to LNG as fuel, the order book stood at 76 units as of December 31, 2023. These are all containerships.

Moreover, GTT said its consolidated revenues rose 39.2 percent to 428 million euros ($464 million) in 2023, while its consolidated Ebitda increased 45.6 percent to 235 million euros.

Berterottière said the growth in revenues was driven by the progressive increase in the number of LNG carriers under construction, Elogen’s growth, and the services business line.

He said that Ebitda increased due to “sound cost management and the absence of significant delays in shipbuilding schedules.”

“GTT benefits from very strong visibility on its core business over the coming years, with cumulated revenues for the period from 2024 to 2029 amounting to 1,815 million euros,” Berterottière said.

GTT expects 2024 consolidated revenues to be between 600 million euros and 640 million euros, and consolidated Ebitda to be between 345 and 385 million euros.

The firm proposed a dividend of 4.36 euros per share, up 40.6 percent compared to 2022, and expects 2024 dividend payout of at least 80 percent of its consolidated net income.

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