GTT announces 1Q revenue

Philippe Berterottière, Chairman and Chief Executive Officer of GTT, commented: “The level of new orders held firm in the first quarter of 2019, in line with the good steady performance of the LNG market. We have already booked 14 orders for LNG carriers. With regard to LNG as fuel, we are registering increasing interest from ship-owners, which in the 1st quarter led to an order for a bunker vessel and more recently an order for the conversion of a container vessel to LNG. In financial terms, revenue has not yet fully benefited from the flow of orders in 2018 and decreased in the first quarter of 2019 compared with the same period last year, which was based on older orders. Given the good level of our order book and schedule for vessel construction, we confirm our targets for the whole of the year.”

Highlights

• Progression in orders for LNG carriers
  • With 14 orders for LNG carriers booked in the first quarter of 2019, GTT's main business activity is at an all-time high. The LNG carriers will all be equipped with recent GTT technologies (Mark III Flex+, Mark III Flex and NO96 GW). They will be delivered between the end of 2020 and the end of 2021.
• LNG as fuel: new business successes
  • In March 2019, GTT received an order from the Sembcorp Marine shipyard for the design of the tanks of an LNG bunker vessel for ship-owner Indah Singa Maritime Pte Ltd, a subsidiary of Mitsui OSK Lines (MOL). GTT will design the tanks for these vessels, which will include the Mark III Flex membrane containment solution developed by GTT. The vessel will have a capacity of 12 000 m³. Delivery is scheduled for 1H21.
  • In April 2019, GTT received an order from Chinese shipyard Hudong-Zhonghua for the design of an LNG tank as part of the conversion of a very large capacity container vessel for German ship-owner Hapag Lloyd. The 6500 m³ LNG tank will provide optimal space usage for the storage of fuel.

Outlook for 2019

In the absence of significant cancellations or delays to orders, the Company has confirmed its targets for FY2019, namely:

• 2019 consolidated revenues between €255 million and €270 million.
• 2019 consolidated EBITDA within a range of €150 million to €160 million.
• A dividend target, in respect of FY2019 and FY2020, corresponding to a payout rate of at least 80% of consolidated net income.

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/17042019/gtt-announces-1q-revenue/