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GAIL signs 14-year CoolCo charter for new LNG vessel
May 17, 2024 04:27 pm

Divya Delhi: Adding to its LNG carrier fleet, GAIL (India) Limited has signed a 14-year Time Charter Party with pure play LNG shipping business Cool business Ltd. for a newbuild LNG carrier. The LNG carrier's time charter begins in early 2025, and GAIL can extend it by two years beyond the stipulated 14-year tenure. GAIL operates four LNG vessels. On the time charter agreement with CoolCo, GAIL Executive Director (Marketing – Shipping & International LNG) Mr. S Bairagi said, "GAIL is looking forward to taking delivery of the LNG carrier as part of its ambitious plans for meeting the large and growing demand for natural gas in India." CoolCo CEO Richard Tyrrell said, "We are thrilled to announce a long-term charter with GAIL, the premier gas firm in a high-growth LNG market. This new LNG carrier's cutting-edge technology and top economic and environmental performance ensure GAIL's long-term ability to transport clean-burning LNG efficiently and cost-effectively. GAIL (India) Ltd.: Maharatna PSU GAIL (India) Limited is India's leading natural gas firm, with interests in trading, transmission, LPG production & transmission, LNG shipping, LNG re-gasification, petrochemicals, city gas, E&P, and more. It runs about 16,200 kilometers of natural gas pipes nationwide. To increase spread, it is executing various pipeline projects simultaneously. GAIL has around 50% gas trading and 70% gas transmission market share in India. In city gas distribution, GAIL and its subsidiaries/JVs dominate. GAIL has a substantial LNG portfolio. GAIL is expanding into solar, wind, and biofuel. GAIL information is at CoolCo:CoolCo is an LNG carrier pure play with a diversified portfolio of short and long-term charters that generate its quarterly dividend for common shareholders. In addition to built-in and funded expansion from two newbuilds slated to deliver in the second half of 2024, CoolCo is assessing vessel acquisitions and market consolidation prospects. CoolCo manages and runs LNG transportation and infrastructure assets for several global enterprises and third parties using its in-house vessel management platform. Eastern Pacific Shipping and its affiliates, including CoolCo's largest shareholder and the owner of one of the world's largest independent shipping fleets, strengthen CoolCo's strategic position with shipyards, financial institutions, and dealflow. CoolCo supports decarbonization and energy security and plans to lower emissions by 10-15% with its LNGe upgrading program as part of a fleet-wide improvement objective of 35% between 2019 and 2030.