GTT Secures Major Order for LNG-Fueled Container Ships

GTT, a leading provider of containment systems for liquefied gas transportation, has received a significant order from HD Hyundai Heavy Industries for the tank design of 12 large LNG-fueled container ships. This order, valued at tens of millions of dollars, is a testament to GTT's expertise and market leadership in the LNG containment systems industry.



The order from HD Hyundai Heavy Industries involves the design of cryogenic fuel tanks for 12 new LNG-fueled container vessels, each with a capacity of 12,750 m³. These tanks will incorporate GTT's advanced Mark III Flex membrane containment system, which offers a low and guaranteed Boil-Off Rate (BOR) for improved vessel operations. The "1 barg" design, which allows an effective operating pressure of up to 1 barg instead of the customary 0.7 barg, will also be employed in these vessels. This design innovation helps meet future port regulations requiring ships to be electrically connected to the quayside, confirming the importance of this innovation.



This order is a significant milestone for GTT and the LNG industry, as it reflects the growing demand for LNG as a marine fuel. LNG is an attractive alternative to traditional fossil fuels due to its lower emissions of pollutants such as nitrogen oxides, sulfur oxides, and particulate matter. It also reduces CO2 emissions by up to 25% compared to heavy fuel oil propulsion. The use of LNG as fuel ensures compliance with regulations on emissions of nitrogen oxides, sulfur oxides, CO2, and particulate matter, particularly the international MARPOL convention.

Philippe Berterottière, Chairman and CEO of GTT, stated: "GTT is proud to place its innovation at the service of its customers and to support them in the energy transition of maritime transport. The Mark III Flex containment system and the '1 barg' concept, which is being applied here for the second time, offer concrete solutions for optimising LNG propulsion and anticipating regulatory changes. This new order demonstrates our partners’ confidence in our expertise and its commitment to more sustainable shipping."

The delivery of these 12 vessels is scheduled between the second quarter of 2027 and the fourth quarter of 2028. This order is expected to have a positive impact on GTT's financial projections for the next fiscal year, contributing to revenue growth and profitability. The long-term implications for the company's growth trajectory are also favorable, as the order reinforces GTT's market position, supports the company's commitment to innovation, and aligns with the growing demand for LNG as a marine fuel.

In conclusion, GTT's order from HD Hyundai Heavy Industries for the tank design of 12 large LNG-fueled container ships is a significant achievement for the company and a reflection of the broader market trends in the LNG containment systems industry. This order demonstrates GTT's technological advancements, such as the Mark III Flex system, and its commitment to supporting the energy transition in the maritime industry.