Gas shipping – Shaping the future today /David Colson

It's a pleasure to be back in Greece, where we have the highest number of LNG vessels. I'll talk about transporting gases other than LNG, specifically ethylene and LPG. GTT is a French engineering company with almost 400 people, 50 years in energy, and we joined Gaztransport and Technigaz in 1994. Our main shareholder is Engie. We're working on about 120 projects, mainly LNG, but also ethane carriers, FSRUs, and FPSOs. Our two main technologies are NO96 and Mark III. For LNG, the IGC Code requires two barriers. Recently we moved into other liquid gases, securing an order for six ethane carriers at Samsung using membrane technology with no changes required. GTT technologies adapt to various densities and temperatures. In the LPG market, we see growth potential for large-scale vessels, especially from U.S. exports. Membrane systems offer volume efficiency and faster cargo changeover. Our target is to carry all LPG types at -55°C, with densities up to 700 kg/m³. We're optimizing tank geometry for maximum volume. For an 85,000 m³ LPG carrier, current market price is about $80 million, but a standard membrane system would cost $90 million, so we must adapt. We're developing a design with only the Mark III primary membrane, redesigned insulation boxes, and the hull as secondary barrier using special steel. This reduces construction costs and fire risk. With Lloyd's Register, we studied an 84,000 m³ type A carrier and found we could gain about 1,000 tons in lightship weight and increase capacity from 84,000 to 86,000 m³. This means lower fuel and toll costs, and more revenue. We expect CAPEX and OPEX savings, with vessel cost at least equivalent to type A. We're working with shipyards, suppliers, and owners to refine the design. We have approval in principle from Lloyd's and aim for final design approval by early next year, with potential orders for delivery in 2019. Thank you. I'm happy to take questions.

Yes, it's designed respecting the IGC requirements. Construction time is hard to quantify exactly as we're still developing with the yard. It will be a challenge to match the 22 months for an independent tank, likely longer for the first ship, so you can expect a slightly longer delivery time than standard ships today.

The membrane system is limited to atmospheric pressure, around 700 millibars. That's the new code. We haven't changed that for this design. Is that a problem? If you go to... well, we'll deal with that later. For cargo like Houston, you need to drop below the cyclonic level quickly. So you need a configuration that allows fast cooling. Looks like we need to talk more. Thank you for the question. Is there any other person?

You know, it was mentioned earlier. Our insulation systems are very high performance for LNG, but we've reduced the thickness for LPG to be cost-effective. In theory, if we have better boil-off, there might be savings in reliquefaction. This needs further study. If that was my next point... Okay, thank you very much, David, but we haven't done it yet.