The LNG ship will be a modern two-stroke vessel with a tank capacity of 174,000 cubic meters and will be built by Samsung Heavy Industries Co., Korea, with which the ship owning company has signed a shipbuilding contract.
This is the first long-term time charter contract between GAIL and “K” LINE involving a newly built vessel, which is expected to be engaged in transportation of liquefied natural gas (LNG) for GAIL in 2027.
Currently, the company 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 newbuilt vessel on long term charter.
GAIL (India) is the largest state-owned natural gas processing and distribution company in India. The company has a diversified business portfolio and has interests in the sourcing and trading of natural gas, production of LPG, liquid hydrocarbons, and petrochemicals, transmission of natural gas and LPG through pipelines, etc. GAIL has also participated in interest in India and overseas in oil and gas blocks. The Government of India holds 51.92% in the paid-up equity capital of the company as of 30 September 2024.
The company’s consolidated net profit increased 10.13% to Rs 2,689.67 crore on a 2.7% rise in revenue from operations (excluding excise duty) to Rs 33,888.90 in Q2 FY25 over Q2 FY24.