Business Update16 May 2024, 11:13 pm
GAIL (India) Limited Enteres 14-Year Time Charter Agreement with CoolCo for a New LNG Carrier
AI Summary
GAIL (India) Limited has entered into a 14-year Time Charter Party with Cool Company Ltd for a newbuild LNG carrier. The charter is expected to commence in early 2025, with GAIL having the option to extend it for two additional years. GAIL currently has four LNG carriers in its fleet. CoolCo, a pure play LNG shipping company, is delighted to announce the long-term charter agreement with GAIL, whose market share in gas transmission in India is around 70%.
Key Highlights
- GAIL enters a 14-year charter agreement with CoolCo for a new LNG carrier.
- GAIL will have the option to extend the charter for two additional years.
- GAIL presently has four LNG carriers in its fleet.
- CoolCo is a pure play LNG shipping company.
- GAIL commands around 70% market share in gas transmission in India.