All set for LNG carrier orders
Probably the most important breakthrough that paves the way for entry into LNG carrier market.The company has obtained the GTT license for the construction of vessels using industry benchmark GTT Mark III membrane technology. This showcases Yangzijiang’s technical capability to build large LNG carriers. The space is currently dominated by Korean shipbuilders, who have 80-90% of market share.
GTT is the global market leader in containment system technology for LNG carriers, controlling over 70% of the market based on the current global LNG fleet – including Liquefied Natural Gas Carriers (LNGC); floating LNG production, storage, and offloading (FLNG); and floating storage and regasification units (FSRU).
There are three main alternative technologies: i) Moss Maritime technology, developed by a subsidiary of Eni-Saipem; ii) SPB technology, developed by a Japanese engineering and shipbuilding group, and iii) KC-1 technology, developed by Kogas in South Korea
First non-SOE Chinese shipyard to obtain GTT license. Including Yangzijiang, there are 29 GTT licensed shipyards globally, for both commercial vessels and offshore platforms. In China, there are eight GTT licensed yards.
Of this, Hudong Zhonghua is the most prominent Chinese LNG carrier builder with 30 units or ~11% market share, while the Jiangnan Shipyard and Dalian shipyards have five and two units of large LNG carriers in its orderbooks, respectively.