LNG shipping company CoolCo says charter market showing strength as another vessel signed to major
Cool Company (CoolCo), the LNG shipping joint venture led by Eastern Pacific Shipping and which is growing its owned and managed fleets, said the market was showing continued strength as it entered into a new time-charter agreement for one of its tri-fuel, diesel-electric vessels.
The company, headquartered in Bermuda, said the multi-year charter with an energy major starts in early 2024 upon redelivery from the vessel’s current charter, adding backlog.
“We are delighted to have secured this attractive time charter, locking in cover at a rate that reflects the continued strength of the LNG carrier market ” said Richard Tyrrell, Chief Executive of CoolCo.
“The forward nature of this contract demonstrates the desire of LNG producers, offtakers, and portfolio players to secure modern tonnage to transport the dramatically increasing volumes of LNG coming online through the middle and latter parts of the decade,” stated Tyrrell.
“With vessel availability coinciding with seasonal peaks for chartering, CoolCo stands to benefit from the ongoing LNG carrier re-pricing cycle. Happy Norwegian Constitution Day to our investors,” added the CEO.
Shares
CoolCo’s shares are registered with the US Security and Exchange Commission and listed for trading on the New York Stock Exchange in addition to the Euronext Growth list in Oslo, both under the ticker “CLCO”.
CoolCo also has an owned fleet of 11 LNG vessels and a managed fleet of 18 ships.
The owners of the managed ships include sector leaders Golar LNG, Avenir LNG and New Fortress Energy.
The CoolCo-owned fleet comprises the following vessels: the “Golar Bear” the “Golar Crystal”, the “Golar Frost”, the “Golar Glacier”, the “Golar Ice”, the “Golar Kelvin”, the “Golar Snow”, the “Kool Baltic”, the “Kool Boreas” and the “Kool Firn” and the “Kool Orca”
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K-Line LNG fuel deal
Nov 28 (LNGJ) - Kawasaki Kisen Kaisha, the Japanese shipping company known as K-Line, said it signed a ship management agreement for the newbuild LNG bunkering vessel owned by FueLNG and set to operate in the Port of Singapore. FueLNG is a bunkering joint venture between Singapore’s Keppel Offshore and Marine Ltd and Shell Eastern Petroleum.
“We signed a ship management contract for the 7,500 cubic metres capacity LNG fuel supply ship owned by FueLNG,” said K-Line. “After the ship is delivered to FueLNG in the second half of 2020, it is scheduled to begin service as the first LNG fuel supply ship in Singapore, the world's largest fuel supply base,” added K-Line, whose own fleet contains LNG carriers, Ro-Ro ships, tankers and container vessels.
Schulte-Pronav deal
Jan 9 (LNGJ) - The Schulte Group has signed a contract to acquire all the shares in the LNG ship manager Pronav, subject to merger approval of the German Federal Cartel Office. “The transaction puts the Schulte Group in a strong position to further exploit ship owning and ship management potential in the growing LNG market,” said a statement. Schulte owns about 100 vessels, mainly containers, tankers and bulkers and manages 600 vessels in all segments. Pronav, based in Hamburg, is a ship manager specializing in large LNG tonnage. Schulte is currently providing management services for 23 LNG carriers and has one LNG bunkering vessel and one 174,000 cubic metres capacity LNG carrier on order which will join the Schulte fleet in 2018.
