CoolCo inks long-term charter deal with GAIL

LNG carrier pure-play Cool Company (CoolCo) has landed a 14-year charter deal with India’s top gas utility GAIL for one of its vessels under construction in South Korea.

The New York and Oslo-listed owner and operator said the charter, starting in early 2025, comes with the option to extend by two additional years.

The deal takes CoolCo’s contract backlog to more than $1.2bn and nearly $1.9bn with extensions.

The company has two vessels, the 174,000 cu m Kool Panther and Kool Tiger delivering from Hyundai Samho Heavy Industries in the fourth quarter of this year. One of these ships will enter service for GAIL in the Gulf of Mexico to bring the super-chilled fuel to India.