CoolCo pens time charter agreement with India's GAIL

CoolCo, a leading LNG carrier operator, has signed a 14-year time charter party with Indian gas company GAIL for one of its two newbuild LNG carriers currently under construction, it said on May 16.

The vessel will be delivered to GAIL in the Gulf of Mexico, with the time charter set to commence in early 2025. GAIL retains the option to extend the charter by an additional two years beyond the initial 14-year term.

GAIL’s LNG portfolio, currently at approximately 14mn tonnes/year from various contracts, includes long-term agreements with Qatar, Gazprom, ExxonMobil (Gorgon LNG), and US suppliers Cheniere and Dominion, both indexed to the Henry Hub.

Additionally, GAIL recently entered into a 10-year agreement with Adnoc Gas, a unit of the UAE's Adnoc, to purchase 0.5mn tonnes/year of LNG.