CEO: GTT expects up to 450 LNG carrier orders in next 10 years

French LNG containment giant GTT is expecting that there will be up to 450 orders for large LNG carriers over the 2023-2032 period, according to GTT’s chief Philippe Berterottière.

Due to a strong LNG demand outlook and more stringent environmental regulations, which will force owners to replace older tonnage, GTT is estimating that there will be between 400 and 450 orders for large LNG carriers in the next 10 years.

This is the same long-term estimate as the one GTT presented in July last year, despite the fact that in the second part of the year GTT won orders for 80 ships, Berterottière said during the company’s quarterly and 2022 results presentation on Friday.

Record LNG carrier orders

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

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

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.

GTT also did not change its long-term order forecasts for FSRUs, FLNGs, VLECs, and onshore and GBS tanks, Berterottière said.

The firm expects up to ten FSRU orders, not including conversions, five FLNG units, between 25 and 40 VLECs, and between 25 and 30 units for onshore and GBS tanks in the next ten years.

FIDs in 2023

Berterottière pointed out during the presentation that there were four final investment decisions for LNG production projects taken in 2022, representing some 28 Mtpa.

The projects include the expansion of Cheniere’s Corpus Christi and the first stage of Venture Global’s Plaquemines, as well as the third floating LNG producer for Petronas and Eni’s Congo FLNG project.

Also, more FIDs are expected in 2023 as there were SPAs for a total of 53 Mtpa signed in 2022, of which 90 percent are from US projects, he said.

The projects that may take FID this year include Sempra’s Port Arthur, second phase of Venture Global’s Plaquemines, NextDecade’s Rio Grande, and Energy Transfer’s Lake Charles.

Most Popular

LNG shipping rates continue to decrease

Spot LNG freight shipping rates in both basins continued to decrease this week, while European prices increased compared to last week.

US LNG exports climb to 34 cargoes

US liquefied natural gas (LNG) plants shipped 34 cargoes during the week ending April 16. According to the Energy Information Administration, pipeline deliveries to the LNG terminals increased compared to the prior week.

Adnoc, ENN seal 15-year LNG SPA

UAE’s Adnoc has signed a 15-year sales and purchase agreement with Chinese independent gas distributor ENN to supply the latter with LNG from its LNG terminal in Al Ruwais.

More News Like This

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.

GTT gets LR OK for Mark III’s ammonia-ready notation

French LNG containment giant GTT has secured approval from classification society Lloyd’s Register for the ammonia-ready notation of its Mark III containment system.

GTT inks onshore LNG tank pact with China’s BPE

French LNG containment GTT and China's Beijing Petrochemical Engineering (BPE) have signed a deal to cooperate on onshore membrane LNG tanks.

GTT nets new LNG tank gig

France's GTT has secured a new tank design order for two 170,000-cbm liquefied natural gas (LNG) carriers.