Launch Of LNG Carrier Pool By Prominent Players

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Dynagas Ltd, GasLog Ltd. and Golar LNG Ltd have jointly pronounced about the LNG Carrier Pool, The Cool Pool, for marketing their vessels in the LNG shipping spot market.

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The Cool Pool is an LNG Carrier Pool initiated by three prominent vessel owners of the industry, Dynagas Ltd, GasLog Ltd. and Golar LNG Ltd.  The objective of this group is to optimize the operation of the pool vessels through,

  • Improved scheduling,
  • Cost efficiencies, and
  • Common marketing activities.

This group is aiming to offer their customers more reliable and flexible services and innovative solutions for complex shipping requirements.

This pool would initially consist of 14 contemporary, up-to-date, high quality and essentially equivalent vessels powered by fuel efficient Tri-Fuel Diesel Electric (“TFDE”) propulsion technology.  Each participant of the group would contribute vessels to The Cool Pool.

  • Dynagas would be contributing three vessels;
  • GasLog would be contributing three vessels and
  • Golar would be adding eight vessels to the kitty.

Each vessel owner would be fully responsible for the management and maintenance of their respective vessels.

Tony Lauritzen would be handling the overall responsibility of running of The Cool Pool and Morten Nielsen will be the Pool Manager.  They would handle in scheduling the employment for each pool vessel and would focus on charters of 12 months duration or less.  But, if the scheduling of employment opportunity exceeds 12 months, then the mandate of scheduling lies with the respective vessel owner.  At the same time, if a pool vessel is scheduled by an owner for a charter that exceeds 12 months, then such vessel will discontinue from being a part of the LNG Carrier Pool’s fleet.

All three owners are experienced LNG Carrier operators with substantial track records have expressed their zeal for the benefits the pool.  They are hoping that the LNG Carrier Pool would able to offer an opportunity to deliver benefits and safe and reliable ship management.  This cool pool is expected to commence its operation in September 2015.

Source: GasLog Ltd.

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