Eastern Pacific Shipping-led Cool Company (CoolCo) has fixed one of its tri-fuel diesel-electric LNG carriers on a new multi-year deal.
The company announced the fixture on Wednesday but with few details except to say the time-charter agreement had been signed with an energy major and starts early in 2024.
CoolCo said the charter will kick off on the redelivery of the vessel from its existing business.
“It will add backlog through to 2027,” the company said.
The LNG shipping company did not name the vessel or charterer and gave no details of the charter terms.
Brokers speculate the vessel is likely to have been fixed for a three-year period at a rate in the region of $115,000 per day.
In September 2022 CoolCo fixed out its 160,000-cbm TFDE LNG carrier Golar Bear (built 2014) for 12 months at $140,000 per day.
According to the company’s annual report, this is the only vessel due for redelivery in 2023. CoolCo has three other LNG carriers marked as ending their charters in 2024.
Spot charter rates for LNG carriers have been wallowing at seasonal lows but in contrast, brokers have reported that the term market is continuing to prove active.
CoolCo chief executive Richard Tyrrell said: “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.
Tyrrell — who wished company investors a Happy Norwegian Constitution Day —added: “With vessel availability coinciding with seasonal peaks for chartering, CoolCo stands to benefit from the ongoing LNG carrier re-pricing cycle.”
CoolCo currently operates an 11-ship LNG carrier fleet.
EPS controls a stake of around 58% in the company.