New Delhi, May 16, 2024: GAIL (India) Limited has secured a 14-year time charter with Cool Company Ltd (CoolCo) for a brand-new LNG carrier, bolstering its fleet and cementing its position in the growing LNG market.
The deal, which commences in early 2025, includes a two-year extension option, demonstrating GAIL’s commitment to meeting India’s surging natural gas demand.
“GAIL is eager to welcome this state-of-the-art LNG carrier to our fleet, supporting our ambitious plans to drive India’s energy growth,” said Mr S. Bairagi, Executive Director (Marketing – Shipping & International LNG), GAIL.
CoolCo CEO, Mr. Richard Tyrrell, praised the partnership, “We’re thrilled to partner with GAIL, a leader in the high-growth LNG market. This cutting-edge vessel will transport clean-burning LNG efficiently and cost-effectively for years.”
This strategic move reinforces GAIL’s dominance in India’s gas market, with a 70% share in gas transmission and over 50% in gas trading.
