GTT Trials 'LNG Brick' Storage System
Leading LNG membrane containment specialist firm GTT reported April 12 higher revenues for Q1 and a new LNG storage method.
GTT reported a 12% rise year on year in its 1Q 2018 revenues to €64.2mn. Of that €61.5mn (up 15%) was from royalties on the use of its patented membranes (€45.7mn from LNG carriers, €6.2mn from floating import terminals or FSRUs, and the rest from a mix of barges and floating liquefaction units). It also announced 12 membrane orders received in 1Q 2018: 10 LNG carriers, 1 FSRU and 1 bunker vessel.
The Paris-based firm also said it completed the test phase just over a month ago of a new storage unit to meet the needs of merchant ships that use LNG as a fuel.
"The shipping industry needs compact cryogenic storage solutions that are easy to install," it said. To meet this requirement, it has developed 'LNG Brick' technology, a trade mark that it has registered. It comes in the form of a unit that is ready to be installed into the ship structure, said Paris-based GTT, which is intended for medium-sized merchant vessels with cryogenic tanks whose capacities range between 1,000 and 3,000 m3, and allows easier management of evaporation for small volumes, thanks to its capacity to maintain higher pressure than conventional membrane containment systems.
GTT announced March 7, when it completed the test phase, that it has entrusted South Korean firm Dongsung FineTec which specialises in the production of insulation panels used for GTT’s technologies, with the creation of a prototype.
LNG Brick® (Photo credit and copyright: GTT)