Skip to main content

CoolCo enters long-term charter with GAIL for newbuild LNG carrier

Published by , Editor
LNG Industry,

Cool Company Ltd has entered into a 14-year time charter party with GAIL (India) Ltd for one of the company’s two newbuild LNG carriers currently under construction. CoolCo will deliver the newbuild to GAIL in the Gulf of Mexico, with the 14-year time charter commencing in early 2025.

The newbuild’s time charter is intended to secure the long-term supply of LNG into the fast-growing Indian market, with GAIL having the option to extend the charter by two additional years beyond the firm 14-year period. CoolCo’s two newbuilds delivering during 4Q24 are highly efficient, state-of-the-art LNG carriers that are some of the most efficient, highest performing, and lowest-emission vessels in the global fleet. Vessel flexibility enables CoolCo to minimise delivery costs.

The time charter increases CoolCo’s firm revenue backlog to more than US$1.2 billion and total revenue backlog including extensions to almost US$1.9 billion as of 31 March 2024.

Richard Tyrrell, CEO of CoolCo, commented: “We are delighted to announce a long-term charter with GAIL, the leading natural gas company in one of the highest growth markets for LNG. The leading-edge technology and best-in-class economic and environmental performance of this newbuild LNG carrier secure GAIL’s ability to transport clean-burning LNG in a highly efficient and cost-effective manner for many years to come.”

S Bairagi, Executive Director (Marketing – Shipping & International LNG) of GAIL, commented: “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.”

Read the article online at:

You might also like


Embed article link: (copy the HTML code below):


This article has been tagged under the following:

India LNG news LNG carrier news