GTT receives four approvals from ClassNK for its alternative fuels projects – 03/07/2023 at 18:46

(AOF) – GTT has received four approvals in principle from ClassNK, Japan’s leading classification society, for its latest development projects in the field of alternative fuels. The first is a 12,500 m3 Dual-Fuel Large Tanker Concept (VLCC), equipped with the GTT Mark III Flex system. The second is an LNG tank concept that is assigned the “NH3 ready” rating, which includes material compatibility with NH3, risk assessment and gas boil-off rate management.

The second is an LNG tank concept that is assigned the “NH3 ready” rating, which includes material compatibility with NH3, risk assessment and gas boil-off rate management.

The third is an 8,000 CEU Dual-Fuel Ro-Ro Vessel Concept (PCTC) with an “NH3 ready” rating.

And the last, for the Recycool system, applied to ships propelled by LNG, which makes it possible to reliquefy the excess of evaporation gas, in order to reduce greenhouse gas emissions and improve economic performance.


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 €307 million, 91% generated in the construction of tanks or stationary vessels and 17% in the electrolyzers of the Elogen division;

Revenues derived at 9/10ths from royalties, hence margins above 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 €213m.


Response strategy, in particular through digital innovation, to a maritime sector that emits less carbon emissions


– 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 to participate in the growth of the hydrogen market;

– 1st French ETI by the number of patents filed, 8/10ths of the order book from technologies offered for less than 3 years,

– certification of technologies intended for GL fuel;

– partnership with the Marseilles incubator Zebox, specialized in maritime transport and a new structure for financing start-ups, endowed with €25 million;

– 2025 net zero ambition environmental strategy for the company’s carbon emissions, the approach of which will be formalized and validated by the SBTi in 2023;

– Rapid development of the Elogen subsidiary: order intake up 150%, driven by partnerships in the design of hydrogen generators and electrolysers and public support for the construction of the Vendôme gigafactory;

– Record order book: 274 units including 70 units for LNG fuel ensuring visibility of €1.5 billion by 2027 to 2029.


– Russian-Ukrainian conflict: suspension of the Zvezda shipyard (15 ice-breaking LNG carriers and 3 GBS), maintenance of current orders in Asian shipyards (6 ice-breaking LNG carriers and 2 FS) for Russian Arctic projects, i.e. €24 million revenue by 2024, and for the Arctic LNG2 project (8 conventional LNG carriers:

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

– Waiting for orders in the transport of liquid hydrogen and 3-tank LNG carriers;

– After a drop in sales, 2023 objectives of a significant increase in turnover, between €385 and €430 million, and in operating profit, from €190 to €235 million, and a dividend of 80% of net profit ;

– 2022 dividend stable at €3.1, including interim payment of €1.55 paid in December.

Learn more about the Utilities sector

Greater disparities between utilities

The World Energy Markets Observatory highlights a wide disparity in retail energy prices in Europe. Suffering from both the effect of the rise in wholesale prices and high volatility in selling prices to end consumers, the profitability of players is under pressure. While the sixteen largest European energy suppliers benefited last year from a significant increase in their turnover (+47% compared to 2020), their gross operating margin (Ebitda margin) , deteriorated from 20.2% to 19.6%. Those who had to resort to purchasing electricity on the market had to pay these additional volumes much more expensive than the level of sale prices already fixed and therefore saw their margins deteriorate.

Faced with the lower availability of its nuclear fleet, EDF, renationalised, should post an annual loss of 29 billion euros in 2022. Engie is doing better because it succeeded in reducing its imports of Russian gas in the first half while benefiting from high electricity prices and its increased exposure to renewable sources.

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