As global LNG vessel orders have been finalized in succession this year, French LNG containment expert GTT Company has “secured” nearly 70 LNG vessel storage tank design orders from Chinese and Korean shipyards. This “unicorn” in the shipping industry has entered the order harvest season ahead of schedule.
Daewoo Shipbuilding has ordered 17 ships
South Korea’s Daewoo Shipbuilding has awarded GTT an order to design storage tanks for six new 174,000 m3 LNG vessels. GTT announced on July 20 that it had received an order from partner Daewoo Shipbuilding in the second quarter of this year to design tanks for six new LNG carriers. Daewoo will deliver the new ships between the fourth quarter of 2024 and the second quarter of 2026.
Four of the new vessels are owned by a South Korean consortium including H-Line Shipping, Pan Ocean and SK Shipping, while the other two are owned by liquefied Gas Shipping company Maran Gas. Each new vessel will also be equipped with GTT’s NO96 GW or NO96 L03+ membrane containment system.
GTT has received an order from Daewoo Shipbuilding to design eight 174,000 m3 LNG tanker tanks. Including an order from Daewoo Shipbuilding in April this year, the company will design storage tanks for two new 174,000 cubic meter LNG ships. Each tank will use GTT’s NO96 GW membrane containment system. Daewoo Shipbuilding will deliver its first LNG vessel in the third quarter of 2025 and the second in the third quarter of 2026.
In March this year, Daewoo Shipbuilding awarded GTT an order to provide tank designs for three new 200,000-m3 LNG vessels scheduled to be delivered to an anonymous owner in the fourth quarter of 2025. Each tank will be equipped with GTT’s NO96 membrane containment system.
Samsung Heavy Industries has ordered nearly 20 ships
In addition, GTT has recently received orders from Samsung Heavy Industries for nearly 20 LNG vessel storage tank designs.
On July 22, GTT announced that it had received an order in late June from Samsung Heavy Industries of South Korea to supply tank designs for 14 new LNG carriers.
Twelve of the new ships are owned by an American shipowner, while the other two are owned by an Asian owner. Each vessel will also have a total cargo capacity of up to 174,000 cubic metres and will also use GTT’s Mark III Flex membrane containment system.
GTT announced on July 11 that, as of the second quarter of this year, it has received an order from its South Korean partner Samsung Heavy Industries to supply tank designs for three 174,000 m3 LNG carriers from an unnamed Asian owner that will be equipped with GTT’s Mark III Flex membrane containment system. Samsung Heavy Industries will deliver the new ships between the third quarter of 2025 and the first quarter of 2026.
It is worth mentioning that earlier this month, GTT disclosed another order to provide tank designs for two 174,000 m3 LNG carriers to be built by Samsung Heavy Industries, owned by a European ship owner. The new vessels will be designated to use GTT’s Mark III Flex membrane envelope system. The two new vessels are scheduled to be delivered in the fourth quarter of 2024 and the first quarter of 2026, respectively.
There are more than 70! Order harvester! This ship industry unicorn is the ultimate buzzword
Hyundai Heavy Industries has ordered 13 ships
South Korea’s Hyundai Heavy Industries has awarded two orders to GTT to provide tank designs for five 174,000 m3 LNG carriers.
On July 13, GTT announced that it had received an order from partner Hyundai Heavy Industries, with results booked in the second quarter of this year, to provide tank designs for two new LNG carriers owned by an unnamed European shipper. Under the contract, GTT will design the tanks and will be equipped with GTT’s Mark III Flex membrane containment system. The two new vessels will be delivered in the second quarter of 2025.
On July 19, GTT announced that it had received an order from Hyundai Sanhu Heavy Industries in the second quarter of this year to provide tank designs for two 174,000 m3 LNG carriers from a European owner. Under the contract, GTT will design the tanks for the new vessel, which will be equipped with GTT’s Mark III Flex membrane envelope system. Hyundai Samho Heavy Industries plans to deliver the two new ships in the first quarter of 2026.
Earlier, Hyundai Samho Heavy Industries had awarded GTT an order to provide tank design for a new 174,000 m3 LNG vessel. The company, an Asian shipowner, is scheduled to deliver the new vessel in the fourth quarter of 2025. Under the contract, GTT will design tanks for the new vessel and will use its membrane envelope system, Mark III Flex.
GTT has also received orders from Hyundai Heavy Industries to design eight LNG tanker tanks.
In May, GTT received an order from Hyundai Heavy Industries and Hyundai Samho Heavy Industries of South Korea to provide tank designs for four 174,000 m3 LNG carriers, each of which will use GTT’s Mark III Flex membrane containment system. Hyundai Heavy Industries and Hyundai Samho Heavy Industries will build two new vessels each and deliver them between the first quarter and the fourth quarter of 2025. The ship owners were not disclosed.
In April this year, GTT received an order from Hyundai Samho Heavy Industries to provide tank designs for two 174,000 cubic meter LNG carriers. The owners are an unnamed Asian and a European shipowner. The new vessel will also use the Mark III Flex membrane envelope system developed by GTT. The two new LNG carriers will be delivered in the fourth quarter of 2025.
In March, GTT also won an order from Hyundai Samho Heavy Industries to provide tank designs for two new 174,000 cubic metre LNG vessels being built by a European owner, both of which will use GTT’s Mark III Flex membrane containment system. The new vessel is expected to be delivered in the first half of 2025.
Hudongzhonghua 10 orders
Chinese shipyard Hudong Zhonghua has awarded GTT an order to design storage tanks for four 174,000 m3 LNG vessels.
Each new vessel will be equipped with GTT’s NO96 L03+ membrane containment system. Hudong Zhonghua plans to deliver the new vessels in the second and third quarters of 2024 and the first quarter of 2025.
In early April, Qatar Energy signed a charter agreement with a subsidiary of Japan’s merchant Marine Mitsui to lease and operate four LNG carriers on a long-term basis, according to International Shipping Network. Meanwhile, Mitsui and Hudong Zhonghua have signed contracts to build four new LNG carriers.
Previously, GTT had received an order from HUDong Zhonghua to provide tank designs for six 174,000 cubic metre LNG vessels from an Asian owner. The tank will also use the GTT NO96 Super+ membrane envelope system developed by GTT. The new vessels are scheduled to be delivered in the second quarter of 2026 and the second quarter of 2027.
Jiangnan Shipbuilding 5 orders
Separately, GTT of France recently received an order from Jiangnan Shipbuilding to provide tank designs for three new 175,000 m3 LNG carriers, which will be included in the second quarter of this year’s results. Under the contract, GTT will design the tanks for the new vessel and will use GTT’s Mark III Flex membrane envelope system.
ADNOC Logistics & Services (ADNOC L&S), a unit of ABU Dhabi National Oil Company (ADNOC), has ordered five LNG carriers from Jiangnan Shipbuilding in the first half of this year. The order is for 175,000 cubic meters of MARK III thin-film LNG carriers developed and designed by Jiangnan Shipbuilding. Jiangnan is scheduled to deliver the new vessels between the third quarter of 2025 and the second quarter of 2026.