GTT, the technological expert in membrane containment systems used to transport and store liquefied gases, today announces its revenue for the first nine months of 2025.

Commenting on the results, Philippe Berterottière, Chairman and Chief Executive Officer of GTT, said: “The commercial performance of our core business remained robust during the first nine months of 2025, despite persistent geopolitical uncertainty. In the United States, the lifting of the moratorium on new LNG projects has spectacularly reignited investment decisions. Ten new liquefaction projects have been approved, including six in the United States, for a record capacity of 84 Mtpa. This momentum is driving a very significant increase in the need for new LNG carriers.

In the digital field, the acquisition of the Danish company Danelec, completed on 31 July 2025, positions GTT as a global leader in vessel performance management and Voyage Data Recorders. This transaction creates a new growth pillar for the Group, with strong complementarity with Ascenz Marorka and synergies, mainly through significant cross-sales expected in the medium term.

GTT’s innovation efforts continue. In September 2025, we launched GTT CubiqTM, a new LNG tank technology providing a concrete response to container-ship owner’s needs.

On the financial front, our revenue rose 29% over nine months, driven by the increase in the number of LNG carriers under construction. Given the strong performance of GTT’s core business and the contribution from Danelec, we are raising our 2025 objectives.”

Business activity over the first nine months of 2025

– LNG and ethane carriers: Commercial performance remains solid

Following a 2024 that marked the second record year in terms of order intake, and in an uncertain geopolitical environment, GTT achieved a solid commercial performance in its core business over the first nine months of 2025, with 19 LNG carrier orders and seven Very Large Ethane Carriers (VLEC) orders. This momentum confirms the resilience of global demand for LNG transport, supported by massive investment decisions in new liquefaction projects.

Notably, among these 19 LNG carrier orders, six are for ultra-large vessels (271,000 m³ compared with the standard 174,000 m³), placed with the Chinese shipyard Hudong-Zhonghua. These vessels will be fitted with GTT’s NO96 Super+ membrane containment system. Deliveries are scheduled between 2027 and 2031.

The seven VLECs ordered will each offer a total capacity of 100,000 m³, the largest to date for this type of vessel, and will feature GTT’s Mark III membrane containment system. Delivery of these ethane carriers will take place in 2027 and 2028, confirming the growing strength of the ethane market, driven by the expansion of global petrochemicals.

Over the period, GTT also received an order for one FLNG1 with a total capacity of 238,700 m³. Ordered by Samsung Heavy Industries, this FLNG will be deployed in Africa.

– LNG as fuel: Growth in the LNG-powered container ship market

The LNG as fuel market continues to develop in a context of intensifying competition from Chinese shipyards. In the first nine months of 2025, GTT recorded an order from HD Hyundai Heavy Industries for the design of cryogenic tanks (12,750 m³) for 12 new container ships, as well as an order from HD Korea Shipbuilding & Offshore Engineering for the design of cryogenic tanks (8,000 m³) for six new container ships. All of these LNG tanks will be fitted with GTT’s Mark III Flex membrane containment system, together with the “1 barg”2 design, which enables an operating pressure of 1 barg, compared to 0.7 barg previously. This technical innovation addresses forthcoming regulations requiring cold ironing at the quayside, confirming its added value for the maritime industry.

In the third quarter of 2025, GTT also received an order from Hudong-Zhonghua Shipbuilding Co. Ltd. for the design of tanks for an LNG bunker vessel with a total capacity of 18,600 m³, scheduled for delivery in the first quarter of 2028.

– Digital: Strong commercial momentum and a change of scale with Danelec

GTT’s digital business experienced a marked acceleration over the first nine months of 2025. Several commercial successes confirmed the added value of the Group’s solutions. The TMS group selected Ascenz Marorka to equip its entire fleet of more than 130 vessels (oil tankers, bulk carriers, liquefied gas carriers and container ships) with its Smart Shipping solutions.

China Merchants Energy Shipping (CMES) also chose Ascenz Marorka to equip eight LNG carriers with a complete suite of onboard systems.

In addition, Ascenz Marorka extended its geographic reach with the opening of a new real-time fleet performance monitoring centre.

Finally, a decisive milestone was reached with the completion, on 31 July 2025, of the acquisition of Danelec, a major player in the collection and analysis of maritime data. Thanks to this transaction, GTT has become the global leader in vessel performance management and has joined the top tier of players in the critical Voyage Data Recorders (VDR) segment, now covering 15%3 of the global fleet. The integration of Danelec began rapidly and paves the way for accelerated growth driven by cross-sales, expected to reach between 25 and 30 million euros in 2030, thanks to the strong complementarity of the offerings of Danelec, Ascenz Marorka and VPS.

– Elogen: Completion of the restructuring

Following the strategic review of Elogen’s activities carried out at the beginning of the year, the information and consultation procedures with employee representative bodies were completed in July 2025. A workforce reduction plan, involving the elimination of 110 positions out of 160, has been implemented and will be finalised before the end of the year, mainly through voluntary departures. In parallel, the construction of the Gigafactory in Vendôme has been definitively halted. All provisions related to the restructuring were recorded in the first half of 2025.

The signing of a contract for the supply of a 1 MW stack and the partnership agreement with Rockfin to ramp up the rollout of hydrogen production systems in Europe are encouraging signals for Elogen’s future activity.

– Innovation: continuous development of new technologies

Innovation remains at the heart of GTT’s strategy, with several major advances recorded over the first nine months of 2025. The approvals recently granted by classification society reflect the international recognition of our solutions. At the Gastech exhibition in Milan in September 2025, GTT obtained an AiP4 from Bureau Veritas for its new GTT Cubiq™ tank technology for container ships. At the same occasion, GTT also received from Lloyd’s Register a second AiP for its optimized containment systems for ethane transportation as well as a General Approval5 for an improved version of the NO96 Super+ technology, confirming the Group’s ability to continuously evolve its containment systems.

Finally, GTT announced a strategic partnership with BLOOM ENERGY and PONANT EXPLORATIONS GROUP to develop an innovative integrated energy system designed for sustainable vessel propulsion.

– GTT Strategic Ventures: New investments to accelerate the maritime energy transition

Since the beginning of the year, the GTT Strategic Ventures investment fund has strengthened its portfolio with two new minority stakes:

In April 2025, GTT Strategic Ventures invested in novoMOF, a company specialising in Metal-Organic Frameworks (MOFs), compact and high-performance materials for CO₂ capture, particularly well-suited to maritime transportation.

In July 2025, it invested in CorPower Ocean, whose wave energy technology harnesses the power of the sea with resilience and efficiency, offering stable and competitive electricity generation among renewable marine energies

Order book as of 30 September 2025

As of 1 January 2025, GTT’s order book, excluding LNG as fuel, comprised 332 units. The following developments have occurred since January 1:

Deliveries completed: 58 LNG carriers, 1 ethane carrier and 5 onshore storage tanks;
Orders received: 19 LNG carriers, 7 ethane carriers and 1 FLNG.
As of 30 September 2025, the order book, excluding LNG as fuel, stood at 295 units, broken down as follows:

267 LNG carriers;
22 ethane carriers;
3 FSRUs (Floating Storage and Regasification Units);
3 FLNGs (Floating Liquefied Natural Gas units).
Regarding LNG as fuel, with the delivery of 18 vessels and orders for 18 container ships and one LNG bunker vessel, the order book stood at 51 vessels as of 30 September 2025.
Source: GTT