Record Level of New Orders for GTT in 2018

French shipping engineering company Gaztransport & Technigaz (GTT) said that the new ship orders in 2018 surged on year to 50 from 21, making its sales hit a 10-year high, driven by demand from natural gas liquefaction units in construction, in particular in the US.

GTT won 48 orders for LNG carriers and two orders for Floating Storage Regasification Units (FSRUs).

"Most of these LNG carriers orders are intended for natural gas liquefaction units under construction, in particular in the United States. All of the vessels will be equipped with GTT's recent technologies (NO96 GW, NO96-L03+, Mark III Flex and Mark III Flex+)," the company said in a press release.

Announced in early 2018, FSRUs orders reflect the great interest for these regasification vessels which represent a highly flexible and very economical solution, in particular for new LNG-importing countries.

At 31 December 2018,  GTT's order book comprised 97 units, of which: 83 LNG carriers,  9 FSRUs, 2 FLNGs and 3 onshore storage tanks.

Moreover, in 2018, in the field of LNG Fuel, GTT received an order to equip a bunker ship and an order to equip the Commandant Charcot Icebreaker cruise ship, bringing to 11 the number of units recorded in its LNG order book to 31 December 2018.

Philippe Berterottière, Chairman & CEO of GTT, said: "With 50 orders for LNG carriers and FSRUs, 2018 stands out as the best year of the decade for our core business, thus confirming our vision of market needs. The strong growth in LNG demand throughout the past two years, in particular in Asia, shows the current ongoing dynamics of the LNG market. The pace of future orders will notably depend on FIDs in new liquefaction trains."