GTT and Dongsung Finetec sign MoU to market LNG Brick bunker tank

Tie-up to commercialise fuel tank with a holding capacity of under 3,000 cbm.

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Updated on 17 Oct 2018 07:52 GMT

GTT and Dongsung Finetec, a Korean company specialised in thermal insulation, have signed a memorandum of understanding (MoU) agreement to commercialise GTT's new LNG Brick bunker tank technology. Developed for the LNG-as-marine-fuel market, LNG Brick is a fuel tank developed by GTT with a holding capacity of under 3,000 cubic metres. Based on GTT's integrated tank techniques - and notably its Mark III technology - the new solution is designed to offer a cost-effective and competitive solution to this market. Under the MoU, Dongsung Finetec is to eventually build LNG Brick technology, which is to be outfitted on a range of commercial vessels, including container ships, bulk carriers and PCTCs. The Korean firm is said to have played a part in the development of LNG Brick during the construction of a prototype. GTT said: "GTT and Dongsung Finetec share the same understanding and analysis regarding the perspectives for the liquefied natural gas as marine fuel market. With the entry into force of the global sulphur cap in January 2020, limiting sulphur emissions to 0.5% throughout the whole world seas and considering the solid economics of LNG, the two companies consider this new market of LNG-fuelled vessels as very promising." Philippe Berterottiere, chairman and CEO of GTT, declared: "It is a great occasion for GTT to contribute to the development of LNG as marine fuel and we are delighted to do it in partnership with Dongsung Finetec with whom we have been collaborating since numerous years on the LNGC market." Mr Ryu, president and CEO of Dongsung Finetec, remarked: "It is a great leap to materialise LNG Brick for the market of LNG as marine fuel and we are pleased to cooperate with GTT, a French engineering company, on this new opportunity."