Top > News Releases > "K" Line, NYK, MOL, and SCI Reaches LNG Long-term Time Charter for one LNG Carrier with Petronet LNG -Contract for Construction of a Carrier for Gorgon LNG Project-

December 3, 2013
Kawasaki Kisen Kaisha, Ltd.
Nippon Yusen Kabushiki Kaisha
Mitsui O.S.K. Lines Ltd.
The Shipping Corporation Of India

"K" Line, NYK, MOL, and SCI Reaches LNG Long-term
Time Charter for one LNG Carrier with Petronet LNG
-Contract for Construction of a Carrier for Gorgon LNG Project-

A consortium comprising Kawasaki Kisen Kaisha, Ltd.(“K” Line), Nippon Yusen Kabushiki Kaisha (NYK), Mitsui O.S.K. Lines, Ltd. (MOL), and the Shipping Corporation of India (SCI) has announced an agreement with Delhi–based Petronet LNG Limited (PLL) for a long-term time charter of a new liquefied natural gas (LNG) carrier having a capacity of 173,000 m3. At the same time, the consortium concluded an agreement with Hyundai Heavy Industries Co. Ltd. (Headquarters: Ulsan, South Korea) to build the vessel.

PLL is India’s first importer of LNG, and since 2004 has imported 5 million tons of LNG a year from Qatar, and an additional 2.5 million tons per year since 2009, using three LNG carriers. The new LNG carrier will be employed in the Gorgon LNG Project.

The four-company consortium that won the contract for the new carrier also operates the three vessels already in service, and will continue to ensure a steady supply of LNG to India, where energy demand continues to grow.

Outline of Charter Contract

Date and place of contract signing December 2, 2013; Delhi, India
Owner India LNG Transport Company (No. 4) Private Limited (Headquarters: Singapore), new JV by "K" Line, NYK, MOL, and SCI
Charterer Petronet LNG Limited
Charter period 19 years after launch of the new LNG carrier (September 2016)
Vessel One new membrane-type LNG carrier (173,000 m3)
Shipbuilder Hyundai Heavy Industries Co. Ltd.
Ship management SCI

(Reference) Outline of Petronet LNG Project

Buyers: Petronet LNG Limited (PLL)
(Main shareholders)
GAIL (India) Limited (GAIL) 12.5%
Bharat Petroleum Corporation Ltd. (BPCL) 12.5%
Indian Oil Corporation (IOC) 12.5%
Oil & Natural Gas Co. Ltd. (ONGC) 12.5%
GDF International (part of GDF Suez) 10.0%
Asia Development Bank (ADB) 5.20%
*The remaining percentage (about 35%) is publicly held
GAIL: India's largest national gas company, holding a 95% share of the Indian gas market
BPCL: India's third largest national petroleum refinery and sales company
IOC: India's largest national petroleum refinery and sales company
ONGC: National crude oil and natural gas extraction and refining company
Seller: Ras Laffan Liquefied Gas Company Ltd. II (RasGas II)
Gorgon LNG Project (sales contract with ExxonMobil holding 25% of stock)
LNG purchasing volume/period: (RasGas II)
5 million tons per year, 2004–2027
2.5 million tons per year, 2009–2034
(Gorgon LNG Project)
1.44 million tons per year, for 20 years after the beginning of supplying
LNG discharging port: Dahej Port, Gujarat State of India
Kochi Port, Kerala State of India

PDF

To read the PDF files, you need Adobe Reader installed on your computer.
If you do not have it, you can get it here.

pagetop