GTT wraps up 2021 with 68 LNG carrier orders

French LNG containment specialist Gaztransport & Technigaz (GTT) reports solid earnings at high-end of annual targets for 2021, with 68 LNG carrier orders, amongst others.

GTT finishes 2021 with 68 orders for LNG carriers
Courtesy of GTT

On 17 February 2022, GTT presented its results for the 2021 financial year.

Philippe Berterottière, CEO of GTT, said: “With 68 LNG carrier orders, 2 ethane carrier orders and 6 onshore storage tank orders, GTT posted a strong commercial performance in 2021 for our core business. The market dynamics remain very positive in 2022 with ten LNG carriers ordered since the beginning of the year. All the liquefaction projects under construction still represent significant potential for LNG carrier orders.”

In the LNG as fuel segment, new orders reached a total of 27 units, which is a record volume compared to previous years.

Also, the company obtained several approvals from classification societies to develop new technologies.

In 2021, the revenues were down 21 per cent compared to 2020, when they were exceptionally high, but up 9 per cent compared to 2019.

“From a financial standpoint, revenues for 2021 are in line with our expectations, Berterottière said. He also added that they estimate that consolidated revenues for 2022 should be in the range of €290 million to €320 million ($329.6m to $363.7m).

“The Group underlines that the orders received since mid-2020 correspond to delivery dates spread mainly over the 2023-2025 period. These factors enable us to expect, from 2023 onwards, revenues and earnings to be significantly higher than in 2022.”

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Higher order intake for LNG carrier and ethane carrier

2021 brought multiple successes in the field of LNG carrier. With 68 orders for LNGCs booked during the year, GTT’s core business activity now stands at a very high level.

Delivery of these vessels will take place between the first quarter of 2023 and the fourth quarter of 2025.

These orders include three medium-capacity LNG carriers and four large-capacity LNG carriers. These 68 orders represent an average capacity of 172,000 cubic metres.

In addition, in April 2021, GTT also received an order from Hyundai Heavy for the design of the tanks of two very large ethane carriers (VLEC), with a total cargo capacity of 98,000 cubic metres. Delivery of these vessels is scheduled for the fourth quarter of 2022 and the first quarter of 2023.

In May, GTT announced that it had received an order from China Huanqiu Contracting & Engineering for the design of four full integrity LNG membrane storage tanks. Following this, it also received a second order from Chengda for the design of two additional large storage tanks.

GTT will design these membrane tanks with a total capacity of 220,000 cubic metres using latest generation GST technology. These orders are part of the new cooperation agreement for the Tianjin Nangang LNG terminal concluded in March 2021 between Beijing Gas Group and GTT.

The company received orders to equip 27 vessels with LNG as fuel in 2021. The first order was from the Chinese shipyards Hudong-Zhonghua Shipbuilding and Jiangnan Shipyard on behalf of CMA CGM. This was to equip 12 very large LNG-powered container ships. The second order was from Samsung Heavy to equip five very large container ships for Asian ship-owner Seaspan. In September, it received one order from Korean shipyard HHI to equip two container ships and another order from Korean shipyard SHI to equip six new container ships. Finally, in November, Hyundai Samho shipyard placed an order with GTT to equip two container vessels.

In September, GTT launched LNG Optim, a new digital smart shipping solution that helps LNG operators, and LNGC or LNG-fuelled vessel ship-owners, to plan the voyages of their vessels.

Hydrogen mass production with Elogen

In October, Elogen said that Storengy selected it as part of the HyPSTER project to store green hydrogen produced from renewable energies. Elogen will design and produce the 1MW PEM (proton exchange membrane) electrolyser and will install its technology at the Etrez site in France from 2022.

As a reminder, Elogen signed a contract with German energy company E.ON as part of its major SmartQuart project. Elogen will supply E.ON with a 1MW-containerised electrolyser with a production capacity of 200 cubic metres of hydrogen per hour.

In addition, it also signed a collaboration agreement with the University of Paris-Saclay. This agreement will provide for the pooling of resources around a joint research program dedicated to PEM electrolysis.

Finally, in January 2022, Elogen said it was taking the first step towards mass production with the installation of a new electrolyser production line designed to reach an assembly capacity of 160 MW per year.

In the 2021 financial year, Elogen generated €5 million ($5.68m) in revenues and received €0.6 million in operating subsidies; giving total income of €5.6 million, and recorded order intake worth €6.2 million.

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GTT climate ambitions


In 2021, GTT embarked on a structured approach to define its decarbonisation ambitions in accordance with the Science-Based Targets initiative (SBTi), covering its own emissions.

The company confirms its climate targets over the 2019-2025 period. It remains committed to significantly reducing its operational emissions (Scope 1 & 2) by 2025:

  • In line with the objective of limiting global warming to 1.5°C, i.e. -4.2 per cent per year vs. 2019, and -25.2 per cent by 2025;
  • By improving energy efficiency, switching to low-carbon energy sources and gradually replacing its fleet of company vehicles.

In addition, GTT will continue to reduce emissions from business travel (restricted Scope 3) by 2025:

  • In line with the objective of limiting global warming to 2.0°C, i.e. -2.5 per cent per year vs. 2019, and -15.0% by 2025;
  • By limiting travel through extensive use of digital resources.

Order book at end of 2021

On 1 January 2021, GTT’s order book excluding LNG as fuel comprised 147 units, and subsequently changed as follows:

  • Deliveries completed: 53 LNG carriers, 5 ethane carriers, 3 FSRUs;
  • Orders received: 68 LNG carriers, 2 ethane carriers, 6 onshore storage tanks.

At 31 December 2021, the order book excluding LNG as fuel stood at 161 units, as follows:

  • 137 LNG carriers;
  • 6 ethane carriers;
  • 0 FSRU3;
  • 2 FSUs;
  • 1 FLNG;
  • 3 GBSs;
  • 12 onshore storage tanks.

With regard to LNG as fuel, the order book stood at 32 units at the end of 2021, compared with 14 units at the end of 2020. It changed as follows during 2021:

  • Deliveries completed: 8 container ships and 1 cruiser icebreaker;
  • Orders received: 27 container ships.

2021 consolidated revenues amounted to €314.7 million ($357.5m), down 20.6 per cent compared to 2020.

GTT 2022 targets

In the absence of any significant order delays or cancellations, the company announces its targets for 2022, namely:

  • Consolidated revenues between €290 million and €320 million ($329.45m to $363.54m);
  • 2022 consolidated EBITDA between €140 million and €170 million ($159m to $193.1m);
  • A dividend amount for the 2022 financial year at least equivalent to that proposed for the 2021 financial year.

The Group notes that the orders received since mid-2020 correspond to delivery dates spread mainly over the 2023-2025 period. For this reason, the Group expects, from 2023 onwards, revenues and earnings to be significantly higher than in 2022.