GTT, the technological expert in membrane containment systems used to transport and store liquefied gases, announces its revenues for the first nine months of 2024 on October 25, which stands at 465 million euros (about US$502 million), up 55% with a good order momentum continues.
Commenting on the results, Jean-Baptiste Choimet, Chief Executive Officer of GTT, said: “With a total of 68 LNG carrier orders, 12 ethane carrier orders, one regasification unit order and one FLNG unit order, the commercial performance of our core business was particularly strong in the first nine months of 2024. As demand for LNG grows, so does the need for additional LNG carriers, which is supported by the ongoing investments in liquefaction plants and increasing construction capacity at shipyards.
For LNG as fuel, GTT booked 12 orders for container ships and one order for a LNG bunker vessel in the third quarter of 2024, in a context of increased orders for new LNG-powered vessels, but also heightened competition from containment technologies marketed by Chinese shipyards.
Since the start of the year, our Services activities, which include Ascenz Marorka, have won some major contracts with leading ship-owners, underlining the relevance of our digital solutions. Finally, Elogen, our subsidiary specialising in electrolysers for green hydrogen production, posted nearly stable revenues, in a weak market volume and a very low level of order intake.
The GTT Group is pursuing its continued R&D and innovation efforts, as evidenced by the numerous new approvals obtained from classification societies during the first nine months of 2024, notably in the fields of liquid hydrogen transport and alternative fuels.
On the financial front, revenues for the first nine months of 2024 were up by nearly 55% compared to the first nine months of 2023, driven by the gradual increase in the number of LNG carriers under construction. Therefore, in the absence of significant delays in vessel building schedules, the Group confirms its 2024 objectives, which it now expects at the top of the initial ranges.”