GAIL (India) Limited entered into a 14-year Time Charter Party

New Delhi: Taking another step towards expanding its LNG carrier fleet, GAIL (India) Limited has entered into a 14-year Time Charter Party with Cool Company Ltd (NYSE: CLCO / CLCO.OL, “CoolCo”), a pure play LNG shipping company, for a newbuild LNG carrier.

The time charter for the LNG carrier will commence in early 2025 and GAIL will have the option to extend the charter by two additional years beyond the firm 14-year period.

 

Read Also : IndusInd Bank Q1 FY25 results, net profit at 2% YoY

GAIL presently has four LNG carriers in its fleet. Commenting on the time charter agreement with CoolCo, Mr S Bairagi, Executive Director (Marketing – Shipping & International LNG GAIL, said, "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 Also : RBI issues guidelines on higher liquidity coverage ratio for retail deposits

Mr Richard Tyrrell, CEO of CoolCo, commented, "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.”

Read Also : India assumes the Chair of Asian Disaster Preparedness Centre