GTT Inks MOU with Dongsung Finetec

French engineering company GTT said it has signed a Memorandum of Understanding (MOU) with Korean thermal insulation specialist Dongsung Finetec to commercialize GTT's LNG Brick technology for liquefied natural gas (LNG) as fuel applications.

LNG Brick will eventually be built by Dongsung Finetec and will be outfitted on a large range of commercial vessels such as container vessels, bulk carriers and pure car and truck carriers (PCTC).

With the entry into force of the International Maritime Organization's global sulphur cap regulations in January 2020, limiting sulphur emissions to 0.5 percent throughout the whole world seas, and considering the economics of LNG, GTT and Dongsung Finetec consider the market for LNG fueled vessels to be very promising.

GTT developed the LNG Brick technology based on its integrated tank techniques and notably its Mark III technology to offer a cost effective and competitive solution to this new market with an LNG fuel tank capacity below 3,000 m3. Dongsung Finetec has been closely associated in its industrialization through the construction of a prototype.

The MOU was signed during the France-Korea Business Leaders' Summit taking place in Paris in attendance of Moon Jae-In, the President of the Republic of Korea and Bruno Le Maire, French Minister of Economy and Finance.