A record year for Shaft Torque Meter sales

2024 has been a landmark year for GME, with unprecedented milestones achieved in contracts and collaborations. As part of Light Structures, we have cemented our position as a leader in Shaft Torque Meters for the maritime industry, securing deals that reflect confidence in our technology, and the need to optimise vessel performance for operational cost and environmental goals.

In November, GME signed a two-year Frame Agreement with Hyundai Heavy Industries (HHI), covering Shaft Torque Meters for 71 vessels, including 46 general ships and 25 LNG carriers. This deal alone is valued at more than USD 670,000 annually, beginning in December 2024.

Adding to this success, GME has played a pivotal role in the historic Qatar Energy shipbuilding project. This groundbreaking newbuild initiative for Qatar’s North Field and Golden Pass LNG projects saw the three major Korean shipyards win contracts for 44 LNG carriers. We secured Shaft Torque Meter installations for 17 vessels at HHI and 15 performance monitoring systems with our parent company Light Structures’ software at Samsung Heavy Industries (SHI) in the second project phase.

Our 2024 results speak volumes: over 100 contracts valued at USD 1.35 million – an achievement unparalleled in GME’s history. With further LNG carrier projects under negotiation, this momentum shows no signs of slowing down.

“These accomplishments reflect the trust shipbuilders place in GME’s technology and our ability to deliver on ambitious projects, making 2024 a record-breaking year worth celebrating,” said Jostein Kim, Director of GME.