Dynagas Ltd., GasLog Ltd. and Golar LNG Ltd. jointly announced that they have entered into an LNG carrier pooling agreement (LNG Carrier Pool) to market their vessels, which are currently operating in the LNG shipping spot market. It is anticipated that project will commence operation in September 2015.
The LNG Carrier Pool or “The Cool Pool” allows the participating owners to optimize the operation of the pool vessels through improved scheduling ability, cost efficiencies and common marketing. The objective of the project is to serve the transportation requirements of a rapidly growing LNG shipping market by providing customers with reliable, more flexible, and innovative solutions to meet their increasingly complex shipping requirements.
The initiative will initially consist of 14 modern, high quality and essentially equivalent vessels. The three owners’ initial vessels eligible for contribution to The Cool Pool will be as follows: Dynagas: 3 vessels; GasLog: 3 vessels; and Golar: 8 vessels. Each vessel owner will continue to be fully responsible for the manning and technical management of their respective vessels.
The Cool Pool will focus exclusively on charters of 12 months duration or less. The scheduling of employment opportunities in excess of 12 months will remain the mandate of the respective vessel owner. If a pool vessel is scheduled by an owner for a charter that exceeds 12 months in duration such vessel will cease to form part of the LNG Carrier Pool’s fleet.