“K” Line, GAIL (India) and J M Baxi Group ink agreement for joint ownership of LNG carrier

Kawasaki Kisen Kaisha, Ltd. (“K” Line) has agreed in principle with GAIL (India) Limited (GAIL) and J M Baxi Group (J M Baxi), its business partner in India, on the joint ownership of an LNG carrier, of 174,000 m3 tank capacity, currently under construction by Samsung Heavy Industries Co., Ltd. Upon delivery, marked for 2027, the vessel is scheduled to be put into service under a long-term time charter with GAIL. The three partners held a signing ceremony during India Energy Week in Goa on January 27, that was attended by Mr Hardeep Singh Puri, Union Minister of Petroleum and Natural Gas.

“K” Line said in a communique that this initiative is part of its strategy of “acquiring opportunities in future growth markets such as Asia”, identified in its Medium-Term Management Plan.

“K” Line is in a long-term time charter contract with GAIL, which was announced on December 2, 2024, and has an established long-standing track record of collaboration with J M Baxi in the Indian market through agency services and logistics operations. By jointly owning the vessel, it aims to further strengthen its relationships with both companies and continue to pursue the development of new business opportunities, particularly in the Asian region, the communique added.

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