Interview: GTT’s boss expects more than 450 LNG carrier orders in next 10 years

French LNG containment giant GTT is expecting that there will be more than 450 orders for large LNG carriers over the next ten years, GTT’s chief Philippe Berterottière told LNG Prime on Thursday.

Earlier this year, Berterottière said that GTT was expecting up to 450 orders for large LNG carriers over the 2023-2032 period due to a strong LNG demand outlook and more stringent environmental regulations, which will force owners to replace older tonnage.

The CEO told LNG Prime at the sidelines of DMG’s 23rd World LNG Summit & Awards currently taking place in Athens the company is now expecting “higher figures” for LNG carrier orders.

Berterottière said that the company now expects more than 450 LNG carrier orders but GTT will give a precise update on the number of vessels in February 2024.

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

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

During the first nine months of this year, GTT booked orders for 52 large LNG carriers, one FLNG, and 15 LNG-powered containerships.

“We are now at about 65 orders for LNG carriers up to date,” Berterottière said.

For the next year, GTT expects a “pretty good year” and not “far away from 70 LNG carriers”, he said.

Regarding LNG as fuel, Berterottière said that “companies are discovering that methanol will not be available any time soon and some companies are switching from methanol to LNG.”

“We expect more orders for LNG as fuel in 2024,” he said, adding that GTT is not just targeting containerships but also VLCCs and Suezmax tankers.

Asked about does he see any real competition for GTT in the LNG tank market in the future, he said “competition is existing, and there are many competitors in the market.”

“We are under constant pressure as other companies are trying to improve their solutions. In a certain way I would like to thank our competitors for that because it keeps us all the time awake, imaginative, and innovative,” he said.

“We will keep on improving our solutions and that is the only right thing to do,” he added.

Most Popular

South Korea’s Posco says first LNG carrier to start ops in H2

Posco International, a unit of South Korean steel producer Posco, plans to start shipping LNG with its first dedicated LNG carrier in the second half of this year.

Canada’s Cedar LNG names FLNG

Canada’s Cedar LNG, a joint venture of Canada’s Pembina Pipeline and the Haisla Nation, has picked a name for its floating LNG facility, which will be located in the traditional territory of the Haisla Nation, on Canada’s West Coast.

Wilhelmshaven LNG jetty ready to welcome Excelerate’s FSRU

Dutch marine contractor Van Oord announced on Monday it had completed the new jetty for its client, state-owned LNG...

More News Like This

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.

Yangzijiang nears completion of its first LNG carrier

Chinese private shipyard Yangzijiang Shipbuilding is nearing the completion of its first 175,000-cbm liquefied natural gas (LNG) carrier. The shipbuilder aims to resell this and its sister LNG carrier.

GTT to buy Danelec

French LNG containment giant GTT will spend 194 million euros ($219.6 million) to buy Danelec, a Danish provider of digital solutions.

GTT secured orders for nine LNG carriers in Q1

French LNG containment giant GTT received orders for nine liquefied natural gas carriers in the first quarter, while its revenue rose 31.6 percent compared to the same period last year.