GTT receives an order from HD Hyundai Heavy Industries for the tank design of 12 large LNG-fuelled container ships

20 Feb 2025 17:40 CET

Issuer

GAZTRANSPORT ET TECHNIGAZ

GTT receives an order from HD Hyundai Heavy Industries for the tank design of 12 large LNG-fuelled container ships

Paris, 20 February 2025 - GTT announces that it has received, during the first quarter of 2025, an order from its Korean partner HD Hyundai Heavy Industries to design the cryogenic fuel tanks for 12 new LNG-fuelled container vessels on behalf of an European shipowner.

As part of this new order, HD Hyundai Heavy Industries will build the 12 large container ships equipped with LNG tanks with a capacity of 12,750 m³. These tanks will incorporate the membrane containment system Mark III Flex developed by GTT as well as the “1 barg” design, which allows an effective operating pressure of up to 1 barg instead of the customary 0.7 barg. This will be the second series of vessels applying this design, which helps meet future port regulations requiring ships to be electrically connected to the quayside, confirming the importance of this innovation.

This new order testifies to the relationship of trust between GTT and its partners, driven by a shared ambition: to make LNG a strategic lever for the maritime sector’s energy transition.

The use of LNG as fuel makes it possible to comply with regulations on emissions of atmospheric pollutants, in particular nitrogen oxides, sulfur oxides, CO₂, and fine particules. For example, GTT estimates that using LNG to power a large container ship saves around 25,000 tonnes of CO₂ per year compared to heavy fuel oil propulsion.

The delivery of these 12 vessels is scheduled between the second quarter of 2027 and the fourth quarter of 2028.

Philippe Berterottière, Chairman and CEO of GTT, stated: “GTT is proud to place its innovation at the service of its customers and to support them in the energy transition of maritime transport. The Mark III Flex containment system and the “1 barg” concept, which is being applied here for the second time, offer concrete solutions for optimising LNG propulsion and anticipate regulatory changes. This new order demonstrates our partners’ confidence in our expertise and its commitment to more sustainable shipping.”

About GTT

GTT is a technology and engineering group with expertise in the design and development of cryogenic membrane containment systems for use in the transport and storage of liquefied gases. Over the past 60 years, the GTT Group has designed and developed, to the highest standards of excellence, some of the most innovative technologies used in LNG carriers, floating terminals, onshore storage tanks and multi-gas carriers. As part of its commitment to building a sustainable world, GTT develops new solutions designed to support ship-owners and energy providers in their journey towards a decarbonised future. As such, the Group offers systems designed to enable commercial vessels to use LNG as fuel, develops cutting-edge digital solutions to enhance vessels’ economic and environmental performance, and actively pursues innovation in the field of low-carbon solutions. Through its subsidiary, Elogen, which designs and manufactures proton exchange membrane (PEM) electrolysers, GTT is also actively involved in the green hydrogen sector.

GTT is listed on Euronext Paris, Compartment A (ISIN FR0011726835 Euronext Paris: GTT) and is notably included in the CAC Next 20, SBF 120, Stoxx Europe 600 and MSCI Small Cap indices.

Investor Relations Contact: information-financiere@gtt.fr / +33 1 30 23 20 87
Press Contact: press@gtt.fr / +33 1 30 23 56 37

For more information, visit www.gtt.fr

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