Cool Company (CoolCo) has secured a contract to develop one of two newbuild liquefied natural gas (LNG) carriers for India’s GAIL.
Confirmed today (16th May), the deal will see CoolCo deliver the newbuild to GAIL in the Gulf of Mexico, with a 14-year time charter commencing in early 2025.
The time charter is intended to secure the long-term supply of LNG into the growing Indian market, with GAIL having the option to extend the charter by two additional years.
According to S&P Global, India is expected to see a significant increase in its LNG imports in 2024, with projections indicating a growth of 7%-8% year-on-year.
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