GTT still expects more than 450 LNG carrier orders in next 10 years

“We did not change our long-term estimates, even though 2024 has been the second record year for GTT, so we still see at least 450 units over the next 10 years,” Berterottière said during GTT’s earnings call on Friday.

GTT received orders for 72 LNG carriers in 2024, while its revenues rose 50 percent compared to 2023.

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.

Berterottière said GTT still expects between 25 and 40 orders for ULEC and VLEC carriers over the next ten years.

“We still see 10 FSRU units over the next 10 years, even though we got two last year, and we see up to 10 FLNG for the next 10 years. We got one last year. And we see between 25 and 30 onshore tanks or GBS over the next 10 years,” he said.

Up to 75 LNG carriers for projects under construction

Berterottière also said that up to 75 additional LNG carriers are needed to ship contracted volumes of LNG from plants under construction.

The projects with start up dates scheduled from 2025 to 2029 include Corpus Christi Stage III, LNG Canada, Golden Pass LNG, and others.

New FIDs, which are expected to start in the second half of 2025, most notably in the US, will increase this level.

The projects that are expected to take final investment decisions include Woodside’s Louisiana LNG project, Cheniere’s Corpus Christi Midscale Trains 8 & 9, and Eni’s Coral Norte FLNG, according to GTT.

In addition, Berterottière mentioned the fleet replacement market is gaining pace, driven by an aging fleet and tightening environmental regulations.

Out of the current LNG carrier fleet of about 700 vessels, more than 300 will surpass 20 years of service within the next 10 years, and around 200 of those will exceed 25 years.