CoolCo secures LNG carrier charter deal

LNG carrier operator CoolCo has entered into a new time charter agreement for one of its TFDE vessels.

According to a statement by CoolCo, the multiyear charter is with an “energy major” and starts early next year upon redelivery from the vessel’s current charter.

CoolCo said this charter will add backlog through to 2027.

“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, ” CoolCo’s CEO Richard Tyrrell said in the statement.

He said that 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.”

“With vessel availability coinciding with seasonal peaks for chartering, CoolCo stands to benefit from the ongoing LNG carrier re-pricing cycle,” Tyrrell said.

Golar LNG and Eastern Pacific Shipping completed the formation of CoolCo last year.

In February, EPS bought all of the shares from Golar LNG and now owns 58.2 percent in CoolCo, while public investors hold the rest.

CoolCo’s shares recently started trading on the New York Stock Exchange in March and they now trade on both the NYSE and Euronext Growth Oslo under the ticker code “CLCO”.

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