GTT receives approval in principle from Bureau Veritas for an LNG tanker concept

(AOF) – GTT has received approval in principle (AiP) from Bureau Veritas for a concept of a large tanker (Very Large Cruise Carrier, VLCC) powered by LNG and “NH31 Ready”. This approval is part of a joint development project launched in 2021 and successfully carried out with China Merchants Energy Shipping Co., Ltd., TotalEnergies, Dalian Shipbuilding Industry Co. Ltd. (DSIC), and Bureau Veritas (BV).

This new VLCC concept is a breakthrough innovation, with a fuel tank placed below the main deck to avoid exposure to bad weather and the risk of piracy, while lowering the center of gravity of the propulsion systems. It incorporates the Mark III membrane containment technology developed by GTT, whose LNG fuel tanks are compatible with ammonia, thus offering the shipowner and the operator great operational flexibility.

The tank capacity of this new VLCC is flexible, from 9,000 to 14,000 cubic meters. It also complies with resistance requirements for LNG and ammonia fuels. Since ammonia is heavier than LNG, the structure of the tank has been reinforced to withstand the loads induced on the ship and the tank. In the design stage, the minimum range is 23,000 nautical miles with LNG fuel and 17,000 nautical miles for ammonia.

Beyond these operational advantages, the new VLCC concept powered by LNG and “NH3 Ready” complies with the main environmental requirements. Its Energy Efficiency Design Index (EEDI) is more than 40% below baseline, its Nitrogen Oxides (NOX) emissions meet IMO Tier III requirements and its Carbon Intensity Rating (CII) is expected to be rated “A” by 2030.

AOF – LEARN MORE

Key points

– World leader in the design of containment systems with cryogenic membranes used for the storage and naval transport of LNG or liquefied natural gas;

– Turnover of €315 million, 94% of which was achieved in the construction of tanks or stationary ships and drawn on 9/10ths of royalties, hence margins of over 50%;

– Capitalization business model on the growth of the natural gas markets (25% of energy consumption expected for 2040) and LNG fuel (“Global Sulfur Cap”, incentive for the propulsion of commercial vessels by LNG) and extension of the service offering through acquisitions;

– Capital held at 21.45% by Engie, Philippe Berterottière being CEO of the 9-member board of directors;

– Very solid debt-free balance sheet with cash of €204 million.

Challenges

– Innovation strategy with a research & development budget of €20 million, aimed at strengthening gas management technologies, improving Mark Systems and NO 96 solutions, reducing carbon impacts via artificial intelligence and Smart Shipping and participate in the growth of the hydrogen market: 1

time

French ETI by the number of patent filings, 8/10

th

the order book from technologies offered for less than 3 years / certification of technologies intended for GL fuel / partnership with the Marseille incubator Zebox, specializing in maritime transport;

– 2025 net zero ambition environmental strategy for the company’s carbon emissions;

– Ramp-up of service activities carried out and offers to GBS (seabed, ethane transport, etc.) as well as green hydrogen storage carried by the subsidiary Elogen (cooperation agreement with Shell for the design of a hydrogen maker);

– Record order book at 193 units worth €795 million, including 32 for the LNG fuel activity, providing visibility until 2029.

Challenges

– Exposure to Russia: 12% of the order book linked to units under construction in the Arctic and 5.7% linked to Asian shipyard projects intended for the Arctic;

– Other geopolitical risks: Qatar, Malaysia and Indonesia, which account for more than half of the world’s LNG liquefaction supply;

– 2022 target of €290 to €320 million in revenue and €140 to €170 million in operating profit;

– Towards a 2023 financial year of sharp increase in results and turnover (€319 million).

Threat to the European energy system

The leading importer of German gas, Uniper posts 54% of the volumes it buys from Russia. Following the war in Ukraine, the group had to acquire the volumes it lacked on the spot market, the prices of which had exploded. In difficulty, he requested aid from the German state, which raises concerns for all European energy companies. Nevertheless the German RWE and the French Engie reacted by arguing that their situation was very different. RWE stressed that it was less dependent on Russian gas. As for Engie, it benefits from the diversification of its sources of supply, with an increase in the volumes of LNG delivered in France and contracts with Norway and Algeria. The group has also adapted its hedging strategy to strengthen its resilience.

We wish to say thanks to the writer of this write-up for this remarkable content

GTT receives approval in principle from Bureau Veritas for an LNG tanker concept


Find here our social media profiles as well as the other related pageshttps://www.ai-magazine.com/related-pages/