US LNG moratorium lifted: GTT expects rise in tanker orders

French group GTT anticipates growing demand for LNG tankers following the revival of liquefied natural gas terminal projects in the United States under President Donald Trump’s leadership.

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French company Gaztransport & Technigaz (GTT), which specialises in membrane containment systems for the transport and storage of liquefied natural gas (LNG), foresees renewed momentum in the US market. This outlook follows President Donald Trump’s decision in January to lift the moratorium on new LNG export terminal projects, which had been imposed a year earlier by his predecessor. GTT Chairman and Chief Executive Officer Philippe Berterottière stated that the move could trigger “new LNG tanker requirements” as early as 2025, despite what he described as a “very uncertain” global economic environment.

A geopolitical context favourable to US exports

The presidential decree signed on 20 January officially resumed authorisations for the construction of LNG export terminals. This reversal occurs against a backdrop of heightened geopolitical tension, with European energy supply still disrupted by the reduction in Russian gas deliveries since the invasion of Ukraine in February 2022. In its liquefied form, natural gas occupies 600 times less volume than in its gaseous state, enabling more efficient and flexible maritime transport. It remains in high demand across Asia and Europe to secure energy supplies.

Strong financial performance in Q1

In the first quarter of 2025, GTT recorded revenue of EUR190.5mn, up 32% year-on-year, exceeding the expectations of analysts surveyed by Bloomberg. During this period, the company received nine orders for LNG carriers and seven for large-capacity ethane carriers. The group reaffirmed its full-year guidance with expected revenue between EUR750mn and EUR800mn and an earnings before interest, taxes, depreciation and amortisation (Ebitda) range of EUR490mn to EUR540mn.

Targets maintained despite internal restructuring

The year 2024 had already been among the best in GTT’s history, with revenue reaching EUR641mn, representing a 50% increase over 2023 and positioning it as the company’s second-strongest year on record. However, in early February, the company announced the reduction of 110 positions within its subsidiary Elogen, which designs and manufactures electrolysers for green hydrogen production, as part of an employment protection plan.

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