GTT, Dongsung Finetec ink LNG tech deal

GTT and Dongsung Finetec, the South Korean thermal insulation company, have signed a memorandum understanding in order to commercialize GTT’s LNG Brick technology.

GTT and Dongsung Finetec plan on promoting the technology for LNG as fuel application, GTT said in a statement.

LNG Brick will eventually be built by Dongsung Finetec and will be outfitted on commercial vessels such as container vessels, bulk carriers and pure car and truck carriers (PCTC).

The two companies share the same understanding and analysis regarding the perspectives for the liquefied natural gas (LNG) as marine fuel market.

With the entry into force of the global sulphur cap in January 2020, limiting Sulphur emissions to 0.5 percent 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.

GTT has developed the LNG Brick technology based on its integrated tank techniques and notably its Mark III technology to cater to this new market with an LNG fuel tank capacity below 3,000 cubic meters.

Dongsung Finetec has been closely associated in its industrialisation through the construction of a prototype.