GTT (Gaztransport & Technigaz), an engineering firm specialising in containment systems with cryogenic membranes used to transport and store liquefied natural gas (LNG), posted its results for the first nine months of (9M) 2020.
Its LNG as fuel segment posted an orderbook at 17 units with its royalty income up 12.1% on year to €6.5 million (USD 7.56 million) in 9M 2020. The segment noted two deliveries of a bunker vessel and the first ultra large containership for CMA CGM at September 30, 2020.
In 9M 2020, GTT recorded total revenue of €305.6 million, up 53.1% year on year; its order book at 30 September 2020 stood at 135 units for the core business (not including the LNG as fuel segment).
Revenue from new builds were €295.4 million, up 56.4%. Royalties from LNG carriers increased by 67.2% to €263.5 million, while royalties from FSRUs increased by 2.3% to €19.7 million. Other royalty income stemmed from FLNGs were €3.3 million, Gravity Base Structures at €1.9 million, and onshore storage tanks at €0.6 million.
“With a total of 38 orders booked since the start of the year for all segments taken together, GTT’s commercial activity continue to progress at a firm pace, and LNG demand is maintaining its upward trend, driven by Asia,” said Philippe Berterottière, Chairman and CEO of GTT.
“Revenues for the first 9 months of 2020 fully benefited from the flow of orders over the last two years and are sharply up. As a result, considering the strong level of our backlog and shipbuilding schedules, we confirm our revenue and EBITDA targets for the full year 2020.”
Given the size of the backlog, and assuming there are no major delays or cancellations of orders, GTT confirms its 2020 full year consolidated revenue will be between €375 and €405 million, while its 2020 consolidated EBITDA will be between €235 million and €255 million.
Photo credit: GTT
Published: 2 November, 2020
Program introduces periodic assessments, mass flow metering data analysis, and regular training for relevant key personnel to better handle the MFMS to ensure a high level of continuous operational competency.
U.S. Claims Register Summary recorded a total USD 833 million claim from a total 180 creditors against O.W. Bunker USA, according to the creditor list seen by Singapore bunkering publication Manifold Times.
Glencore purchased fuel through Straits Pinnacle which contracted supply from Unicious Energy. Contaminated HSFO was loaded at Khor Fakkan port and shipped to a FSU in Tanjong Pelepas, Malaysia to be further blended.
Individuals were employees of surveying companies engaged by Shell to inspect the volume of oil loaded onto the vessels which Shell supplied oil to; they allegedly accepted bribes totalling at least USD 213,000.
MPA preliminary investigations revealed that the affected marine fuel was supplied by Glencore Singapore Pte Ltd who later sold part of the same cargo to PetroChina International (Singapore) Pte Ltd.
‘MPA had immediately contacted the relevant bunker suppliers to take necessary steps to ensure that the relevant batch of fuel was no longer supplied. Further investigations are currently on-going,’ it informs.