GAIL (India) Limited has taken a significant step towards expanding its LNG carrier fleet by entering into a 14-year Time Charter Party with Cool Company Ltd (NYSE: CLCO / CLCO.OL, “CoolCo”), a specialized LNG shipping company. The charter for the newbuild LNG carrier will commence in early 2025, with an option for GAIL to extend the charter by two additional years beyond the initial 14-year period.
Currently, GAIL has four LNG carriers in its fleet. Mr. S Bairagi, Executive Director (Marketing – Shipping & International LNG) GAIL, commented on the agreement, stating, “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.”
Mr. Richard Tyrrell, CEO of CoolCo, added, “We are delighted to announce a long-term charter with GAIL, the leading 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.”
About GAIL (India) Limited
GAIL (India) Limited, a Maharatna PSU, is India’s leading natural gas company with diversified interests across the natural gas value chain, including trading, transmission, LPG production & transmission, LNG shipping, LNG re-gasification, petrochemicals, city gas, and E&P. GAIL owns and operates a network of over 16,200 km of natural gas pipelines across India and is concurrently working on multiple pipeline projects to further enhance this network. GAIL commands around 70% market share in gas transmission and over 50% in gas trading in India. GAIL and its subsidiaries/JVs also have a formidable market share in City Gas Distribution. Additionally, GAIL is expanding its presence in renewable energy sectors such as Solar, Wind, and Biofuel.
For more information about GAIL, visit gailonline.com.
About Cool Company Ltd (CoolCo)
CoolCo is a pure-play LNG Carrier company with a balanced portfolio of short and longer-term charters, which form the basis of the Company’s quarterly dividend for common shareholders. CoolCo’s strategy includes ongoing assessment of opportunities for vessel acquisitions and potential consolidation in a fragmented market segment. CoolCo manages and operates its LNG transportation and infrastructure assets through its in-house vessel management platform, providing services to world-leading companies and third parties. Benefiting from the scale and stature of Eastern Pacific Shipping and its affiliates, CoolCo’s largest shareholder, CoolCo is strategically positioned with shipyards, financial institutions, and access to deal flow. CoolCo supports global decarbonization and energy security needs and aims to reduce its emissions by 10-15% through its LNGe upgrade program, targeting a fleet-wide improvement of 35% between 2019 and 2030.
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