GAIL signs first long-term time charter contract with “K” LINE for LNG ship

State-run GAIL (India) Limited has signed a long-term charter contract with Singapore-based Kawasaki Kisen Kaisha Ltd (“K” LINE), said the company on Friday. “Looking to expand its fleet of LNG carriers, GAIL (India) Limited signed a long-term charter contract with Kawasaki Kisen Kaisha, Ltd (“K” LINE) through the ship-owning company established in Singapore for a new-built LNG ship. “K” LINE has expertise of 40 years in LNG transportation,” said a statement.

LNG ship will have tank capacity of 1,74,000 cubic metres: GAIL

The LNG ship will be a modern two-stroke vessel having a tank capacity of 1,74,000 cubic metres and will be built by Samsung Heavy Industries Co Ltd, Korea, with which Ship Owning Company has concluded a shipbuilding contract.

The contract was signed in the presence of RK Jain, GAIL’s Director (Finance), Sanjay Kumar, GAIL’s Director (Marketing) and RK Singhal, GAIL Director (Business Development) by S Bairagi, GAIL Executive Director (Marketing-Shipping & International LNG) and Satoshi Kanamori, Managing Executive Officer (LNG, Carbon Solution Business), “K” LINE.

GAIL has 4 LNG vessels

GAIL currently has four LNG vessels, GAIL Bhuwan, GAIL Urja, Grace Emilia and Maran Gas Pericles, to transport natural gas in a super cooled form. Two more ships are expected to join the fleet next year, including one new-built vessel on long-term charter.

GAIL has a diversified sourcing portfolio for over 15 MMTPA which includes supply sources from various geographies both on FOB and DES basis. The company’s LNG fleet is deployed to lift volumes contracted on FOB basis primarily from the North American region and is transported to meet the domestic demand as well as international customers.