GTT won record 162 LNG carrier orders last year

French LNG containment giant GTT received record 162 orders for liquefied natural gas carriers and one FSRU in 2022.

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

GTT said in its results report on Thursday that the new LNG carriers will be built by South Korean yards and Chinese yards with delivery dates spanning from the third quarter of 2024 and the fourth quarter of 2028.

These orders also include six 200,000-cbm LNG carriers.

GTT also received an order for Excelerate’s FSRU and two orders for large-capacity ethane carriers.

During 2022, GTT received orders to equip 44 LNG-powered vessels, confirming its progress in this segment after a record 2021 with 27 orders.

CEO says GTT achieved “exceptional” commercial performance

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, the firm said.

Following cessation of activities in Russia, GTT removed from its order book 15 ice-breaking LNG carriers and three GBSs, for a total amount of 81 million euros, of which 35 million euros relates to 2023, it said.

With regard to LNG as fuel, the order book stood at 70 units as of December 31, 2022. These are all containerships.

Moreover, GTT said 2022 revenues dropped by 2.4 percent to 307.2 million euros ($328 million), while net income dropped by 4.3 percent to 128.3 million euros.

The company’s board of directors decided to propose the distribution of a dividend of 3.10 euros per share for the 2022 financial year, identical to 2021.

GTT’s CEO Philippe Berterottière said the company “achieved exceptional commercial performance in 2022.”

“Continued strong demand for LNG, particularly in Europe, is generating additional needs for LNG carriers. In addition, the replacement market is expected to grow in the coming years, notably as new environmental regulations come into force,” he said.

“From a financial standpoint, revenues for 2022 are in line with our expectations with a limited decline of 2.4 percent compared to 2021, due to an unfavorable base effect, which is gradually disappearing as a result of order momentum,” Berterottière said.

GTT estimates that consolidated revenues for 2023 should be in the range of 385 million to 430 million euros, and consolidated Ebitda in the range of 190 million to 235 million euros.

“We maintain our commitment to distribute a minimum of 80 percent of our net income for 2023,” Berterottière said.

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