GTT names Choimet as new CEO, books orders for 25 LNG carriers in Q1

French LNG containment giant GTT has named the head of its hydrogen unit Elogen, Jean-Baptiste Choimet, as its new chief executive officer, while it received orders for 25 LNG carriers and four very large ethane carriers during the first quarter of this year.

Choimet, who is also a member of GTT’s executive committee will officially take over as the company’s CEO on June 12, 2024, according to a statement by GTT.

He will replace GTT’s chairman and CEO, Philippe Berterottière, who has been GTT’s CEO since 2009.

The decision taken unanimously on April 19 by GTT’s board of directors is the culmination of a “rigorous” selection process, led by the appointments and remuneration committee, GTT said.

“Furthermore, so that GTT can continue to benefit from the experience and commitment of Philippe Berterottière to the success of the group, the board of directors will renew the latter in his role as chairman of the board of directors for the remaining period of his term of office as director,” the company said.

GTT said these decisions are part of the separation of the functions of chairman and CEO, decided by its board of directors on February 17, 2022.

“Very high demand”

GTT received orders for 73 liquefied natural gas carriers and one FLNG in 2023, down from record 162 orders for LNG carriers in 2022 and higher than 68 orders in 2021.

The Paris-based firm said “high level” of orders continued in the first quarter of the this year and the 25 LNG carriers booked during the period will be delivered between 2026 and 2028.

The four VLECs will be delivered in 2026 and 2027.

Commenting on the company’s quarterly results, Berterottière said that “commercial performance in our core business remains strong.”

“LNG continues to be in very high demand,” he said.

Revenues jump

As of March 31, 2024, GTT’s order book excluding LNG as fuel stood at record 329 units.

This includes 310 LNG carriers, eight ethane carriers, one FSRU, one FLNG, and nine onshore storage tanks, the firm said.

With regard to LNG as fuel, the order book stood at 66 units as of March 31, 2024. These are all containerships.

Moreover, GTT said its consolidated revenues rose 81.2 percent to 144.8 million euros ($154 million) in the first quarter of this year, while its newbuild revenues reached 133.2 million euros, up 81.3 percent compared to the first quarter of 2023.

Berterottière said revenue growth is expected to continue in the coming year, due to the growing
number of vessels under construction.

GTT confirmed its 2024 targets and it 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.

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