CoolCo signs LNGC charter deal

New York-listed Cool Company (CoolCo), owner, operator, and manager of LNG carriers (LNGCs), on May 17 announced a new time charter agreement for one of its TFDE vessels. The multiyear charter, set to begin early next year, is with an undisclosed energy major and will add backlog through to 2027, starting upon the vessel's redelivery from its current charter.

Richard Tyrrell, CEO of CoolCo, said that the rate reflects the continued strength of the LNG carrier market. He noted that the forward nature of the contract demonstrates the increasing demand from LNG producers, offtakers, and portfolio players to secure modern tonnage to transport the growing volumes of LNG expected in the middle and latter parts of the decade.

CoolCo expects to benefit from the ongoing LNG carrier re-pricing cycle, with vessel availability aligning with seasonal peaks for chartering, he said.

CoolCo positions itself as a company focused on providing charterers and third-party LNG vessel owners with management and transportation solutions.