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India’s GAIL Seeks Additional LNG Tanker For US Tonnes

LNG

India’s GAIL plans to add an LNG tanker to ship US cargoes, according to Argus.

  • The additional tanker would help GAIL to cut reduce its use of swap tenders.
  • It often sells US cargoes on a FOB basis, using the proceeds to buy spot Middle Eastern cargoes.
  • The tanker would have a capacity of 181 mcm and the delivery target date is Oct. 2024-Sep. 2025. GAIL currently has four LNG tankers.
  • GAIL has an offtake deals for 3.5m mtpa from Sabine Pass and 2.3m mtpa from Cove Point. The tanker would help bring cargoes from these terminals to India.
  • However, disruption in the Red Sea and earlier problems at the Suez Canal has maintained the attractiveness of swap tenders, sourcing supply from sources closer to India.
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