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
Universal Alliance, BMS United, Digiland International, Goodwood Associates, Southernpec (Singapore), and Taigu Energy were involved in alleged circular fictitious trades of fuel oil during July 2015.
Bunker orders of ISO 8217:2010 spec LS 380 cSt 0.5% for Nord Gemini, Nord Titan, Ocean Rosemary, and Luzern were placed through global commodities trading and logistics house Trafigura Pte Ltd.
While Covid-19 concerns are important, Captain Rahul Choudhuri was quick to note this does not mean bunker fuel related issues have indeed disappeared from the shipping sector.
‘Therefore, representing the players of the Malaysian bunker industry, we sincerely hope that this matter can be refined and reconsidered immediately so that all parties benefit together,’ says communication.
Maureen Poh, a Director of Helmsman LLC, offers plain practical tips on the differences between US and EU Sanctions and shares some thoughts on what companies could do if they are potentially exposed to sanctioned entities.
‘We [Consort Bunkers] have the opinion that the bunker business in Singapore is not related to the widely reported earlier cargo commodity trading mishaps,’ company source tells Manifold Times.