K Line to jointly own LNG carrier with GAIL and J M Baxi
The arrangement aligns with its focus on expanding long-term contracts in the LNG carrier segment.
L to R: Sandeep Wadhwa, Group Director, J M Baxi Group; Satoshi Kanamori, Senior Managing Corporate Officer, K-Line; Hardeep Singh Puri, Minister of Petroleum and Natural Gas, Government of India; Neeraj Mittal, Secretary, Ministry of Petroleum and Natural Gas, Government of India; Rajeev Kumar Singhal, Director, Business Development, GAIL (India), and Sandeep Kumar Gupta, Chairman and Managing Director, GAIL (India)
Kawasaki Kisen Kaisha( K Line) has agreed in principle with GAIL India and J M Baxi Group on the joint ownership of an LNG carrier that is currently under construction at Samsung Heavy Industries Co Ltd. The vessel will be deployed under a long-term time charter agreement with GAIL after delivery.
On January 27, India Energy Week in Goa hosted the signing ceremony for the agreement. The event was attended by Shri Hardeep Singh Puri, Minister of Petroleum and Natural Gas of the Government of India.
The company said the initiative forms part of its strategy titled “Acquiring opportunities in future growth markets such as Asia” under its Medium Term Management Plan. K Line had earlier announced the long-term time charter contract with GAIL on December 2, 2024, and has an existing working relationship with J M Baxi through agency services and logistics operations in India.
Through the joint ownership structure, K Line said it aims to strengthen its relationships with both partners and support the development of new business opportunities in the region. The company also noted that the arrangement aligns with its focus on expanding long-term contracts in the LNG carrier segment.
K Line stated that it will continue to respond to growing energy transport demand by expanding its LNG carrier operations and supporting customer requirements through long-term charter arrangements.
