CoolCo, GAIL enter into long-term charter for newbuild LNG carrier
Cool Company Ltd. (CoolCo) has entered into a 14-yr time charter party with GAIL (India) Ltd. for one of the CoolCo’s two newbuild LNG carriers currently under construction. CoolCo will deliver the newbuild to GAIL in the Gulf of Mexico, with the 14-yr time charter commencing in early 2025. Investment grade and listed, GAIL is India's leading natural gas company.
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-yr period. CoolCo’s two newbuilds delivering during 4Q 2024 are highly efficient, state-of-the-art LNG carriers that are some of the most efficient, highest performing and lowest-emissions vessels in the global fleet. Vessel flexibility enables CoolCo to minimize delivery costs.
The time charter increases CoolCo’s firm revenue backlog to more than $1.2 B and total revenue backlog including extensions to almost $1.9 B as of March 31, 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.”
Mr. 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."
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