LNG carrier secure GAIL’s ability to transport clean-burning energy
Cool Company Ltd (NYSE: CLCO / CLCO.OL) says one of its newbuild LNG carriers currently under construction has been Time Chartered to GAIL (India) Limited for a 14-year period starting early 2025.
CoolCo will deliver the Newbuild to GAIL http://gailonline.com in the Gulf of Mexico for transporting LNG,
Richard Tyrrell, CEO of CoolCo https://www.coolcoltd.com/ , commented on 16 May, “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, added, “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 https://www.opec.org/opec_web/en/ .”
The Newbuild’s time charter is intended to secure the long-term supply of LNG https://www.iea.org/ 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 the fourth quarter of 2024 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 minimize delivery costs. Fiinews.com
