On 6th January, 2021, the Seoul High Court granted GTT’s motion to suspend the effect of the Korea Fair Trade Commission (KFTC) accusations of flying in the face of its competition laws.
GTT appealed on 31st December last year, requesting a suspension of the decision not to allow the banning of its services to certain South Korean shipyards, to the Seoul High Court.
KFTC alleged that some of the company’s commercial practices had not complied with South Korean competition regulations since 2016, and requested that GTT allow those domestic shipyards, which had requested, to perform all or part of the technical assistance services currently included in the technology license.
This decision included an administrative fine of around €9.5 mill.
GTT said that the decision is currently being reviewed by the Supreme Court of Korea, as in turn, KFTC appealed against the ruling on 14th January, 2020.
Meanwhile, GTT has received an order from Samsung Heavy Industries (SHI) for the tank design of a new 174,000 cu m LNGC ordered by Pan Ocean.
GTT will design the tank, which will be fitted with the Mark III Flex membrane containment system.
Her delivery is scheduled for the second quarter of 2023.
This order is the first of the year for GTT and follows 29 LNGC orders received in the second half of 2020.
GTT said that all of these orders, except for one, will be delivered over a longer period than usual, spreading between 2023 to 2025.