French cargo containment system designer GTT logged its second-best results in 2024 on the back of a growing haul of LNG-related orders.
Net income was up almost 73% at €347.8m ($365.1m) from €201.4 in the previous 12 months.
The company, which focuses on membrane-type containment systems, increased revenues last year to €641.4m from €427.7m.
GTT said it benefited from the increase in the number of LNG carriers under construction and the growth in the digital business.
The company said it booked orders to design the cargo tanks of 72 LNG carriers last year, including 18 of QatarEnergy’s 271,000-cbm QC-Max vessels. The vessels deliver from 2026 to 2031, which is when GTT receives the bulk of payments for the contracts.
It also received orders for two floating storage and regasification units and a floating LNG production unit.
On top of this, there were orders for 12 large ethane carriers for delivery in 2026 and 2027, including eight orders for a new breed of 150,000-cbm, ultra-large vessels,
This year, GTT has boosted its orderbook further with seven more LNG vessels, including six very large capacity ships, and three very large ethane carriers.
As of 31 December, its orderbook stood at 332 units: 306 LNG carriers, 16 ethane carriers, three FSRUs, two FLNG units and five onshore tanks.
GTT characterised LNG as a fuel sector as undergoing “market recovery amid intensified competition”.
During 2024, the company received an order to design the LNG bunker tanks for 12 very large LNG dual-fuelled container ships for CMA CGM delivering in 2027 and 2028.
GTT received a similar order this month for the tanks on a further 12 container ships.
The company also won a contract from Spain’s Ibaizabal Group for the tanks on an 18,600-cbm LNG bunker vessel that will be chartered to TotalEnergies.
It had 50 on-order, LNG-fuelled vessels on its books at the end of last year.
Gaining momentum
Chairman and chief executive Philippe Berterottiere said: “The growing demand for LNG is driving additional LNG carrier requirements, supported by ongoing investments in liquefaction plants and increased shipyard construction capacity…
“New liquefaction projects are anticipated in the US by the end of 2025, and the replacement market is set to gain momentum, driven by an ageing fleet and tightening environmental regulations.”
But Berterottiere noted that subsidiary Elogen, which designs and built electrolysers for green hydrogen production, reported a €33m Ebitda loss, in what he described as “a particularly challenging market environment, leading to a lack of significant orders in 2024.”
The company has previously announced a reorganisation plan for this business, which will entail workforce cuts and the suspension of a new building project.
GTT said it has strong revenue visibility, supported by the orderbook for its core business, which represents a cumulative future revenue of €1.9bn.
It has started a process to select a new chief executive after the resignation of Jean-Baptiste Choimet on 10 February.
Chairman Berterottiere is serving as interim CEO.
GTT is targeting revenues of between €750m and €800m for 2025, as well as consolidated Ebitda of €490m to €540m.(Copyright)
