American Bureau of Shipping (ABS) News Press Room ABS Announces LNG Cargo Ready Notation for Ethane Carriers at Gastech 2019

Press Release

For Immediate Release
Sep 18, 2019

For more information, contact:
ABS Media Relations

glewis@eagle.org

ABS Announces LNG Cargo Ready Notation for Ethane Carriers at Gastech 2019

Pioneering Work to Increase the Flexibility of the Next Generation of Ethane Carriers Showcased at Event with GTT

From left to right: Adnan Ezzarhouni, General Manager, GTT China; Aditya Aggarwal, ABS Director, Global Gas Development; Philippe Berterottière, CEO and Chairman of GTT; and Christopher J. Wiernicki, Chairman, President and CEO, ABS

(HOUSTON) ABS launched the industry’s first LNG Cargo Ready notation, at Gastech 2019.

The development was announced at a joint event with GTT, highlighting progress towards delivering “LNG Cargo Ready” ethane carriers.

The ABS LNG Cargo Ready notation confirms that an ethane carrier is capable of future modification to trade LNG cargoes. ABS is the first classification society to develop requirements and notations for ethane carriers that assist in assessing the level of LNG cargo readiness. The notation identifies potential barriers and assesses LNG capability of equipment and systems installed on the Very Large Ethane Carriers (VLEC).

“As a global leader in gas, ABS is working with innovative companies all over the world to advance the industry and deliver efficiencies for our clients,” said ABS Vice President for Global Gas Solutions, Patrick Janssens. “Our work to make the next generation of ethane carriers more flexible and better able to adapt to developments in the international markets,  underscores our focus on developing solutions that respond to the challenges faced by owners, charterers and operators while ushering in new concepts and fostering the latest technologies.”

“We are continuously developing solutions for the industry in order to provide more flexibility to ship-owners and charterers, while remaining competitive without making any compromise on safety. We are glad to take this initiative with ABS by offering LNG cargo as an option for Ethane shippers and notably for one of our clients that recently ordered six second generation VLECs,” said Philippe Berterottière, Chairman and CEO of GTT.

“With the expected flurry of new orders for VLECs, the industry is looking for ways to de-risk project investments. One of the most viable options is to ensure newer VLECs can be used for transportation of LNG in the future. The ship owners and investors require the necessary information in evaluating the capital risk to assess the need for additional future investments needed to “upgrade” the asset to carry LNG instead of ethane,” said Aditya Aggarwal, ABS Director, Global Gas Development

ABS provides industry leadership, offering guidance in LNG floating structures and systems, gas fuel systems and equipment, gas carriers, and regulatory and statutory requirements.  ABS has extensive experience with the full scope of gas-related assets and has been the classification society of choice for some of the most advanced gas carriers in service.

“The LNG readiness for VLEC is a promising way to overcome financial hurdles that stakeholders are facing on the nascent Ethane shipping, and it is achievable at marginal cost,” said Adnan Ezzarhouni, General Manager of GTT China.

 

About ABS

ABS, a leading global provider of classification and technical advisory services to the marine and offshore industries, is committed to setting standards for safety and excellence in design and construction. Focused on safe and practical application of advanced technologies and digital solutions, ABS works with industry and clients to develop accurate and cost-effective compliance, optimized performance and operational efficiency for marine and offshore assets.

 

About GTT
GTT (Gaztransport & Technigaz) is an engineering company expert in containment systems with cryogenic membranes used to transport and store liquefied gas, in particular LNG (Liquefied Natural Gas). For over 50 years, GTT has been maintaining reliable relationships with all stakeholders of the gas industry (shipyards, shipowners, gas companies, terminal operators, classification societies). The company designs and provides technologies which combine operational efficiency and safety, to equip LNG carriers, floating terminals, and multi-gas carriers. GTT also develops solutions dedicated to land storage and to the use of LNG as fuel for the vessel propulsion, as well as a full range of services.

GTT is listed on Euronext Paris, Compartment A (ISIN FR0011726835 Euronext Paris: GTT) and is notably included in SBF 120 and MSCI Small Cap indices.

For more information, visit www.gtt.fr 

Media contact:

press@gtt.fr / +33 (0)1 30 23 42 26 - +33 (0)1 30 23 48 04

Investor Relations contact:

information-financiere@gtt.fr / + 33 (0)1 30 23 20 87