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.”
