MOL Signs Charter Contract for Newbuild LNG Carrier with India’s GAIL

Japanese shipping company and Mitsui O.S.K. Lines and India’s largest gas supplier GAIL have signed a time charter contract for a second newbuild LNG carrier.

The 174,000 CBM vessel is under construction at Daewoo Shipbuilding & Marine Engineering in South Korea and is planned for delivery in 2023.

GAIL has a LNG portfolio of about 14 MMTPA under long and short-term contracts and is active in LNG trading.

The new vessel will be MOL’s second serving GAIL after the GAIL BHUWAN, which entered service in 2021, under a charter contact signed in 2019 for the transportation of LNG from the U.S. Gulf Coast to India. The two parties are also now announcing an agreement for joint ownership of the vessel.

GAIL contracts include two long term Sales and Purchase Agreements with U.S. energy majors for the procurement of LNG from the United States.

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