GTT stock climbed 2.4% on Friday after the company announced an order from Samsung Heavy Industries for the tank design of two new liquefied natural gas carriers (LNGCs).
The vessels, each with a capacity of 174,000m³ and equipped with Mark III Flex technology, will be delivered to Purus in 2028 and 2029. GTT confirmed these orders were secured in the fourth quarter of 2023.
This latest deal brings GTT’s total orders for 2023 to 32 units, with 14 secured in the fourth quarter alone – representing nearly 50% of the year’s volumes and signaling an acceleration in commercial momentum.
Industry analysts note that for the approximately 84 MTPA (million tonnes per annum) of projects sanctioned in 2023, almost 170 vessels will be needed for deliveries extending through 2031, suggesting strong future demand for GTT’s containment systems.
The company’s current backlog provides business visibility until the second half of 2028, with analysts highlighting GTT’s defensive profile in the current market environment.
The order flow demonstrates continued strength in the LNG carrier market despite expectations of slower growth in new Final Investment Decisions (FIDs) in the broader LNG sector.
GTT specializes in designing containment systems for the maritime transportation and storage of liquefied natural gas, providing critical technology for the global LNG supply chain.
