The Cool Pool Is Born

Owners and operators of LNG carriers Dynagas Ltd., GasLog Ltd. and Golar LNG Ltd announced today that they have entered into an LNG carrier pooling agreement to market their vessels, which are currently operating in the LNG shipping spot market.

As informed, the LNG Carrier Pool will allow the participating owners to optimise the operation of the pool vessels through improved scheduling ability, cost efficiencies and common marketing.

“The objective of the LNG Carrier Pool 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 joint statement read.

The LNG Carrier Pool – to be named “The Cool Pool” – will initially consist of 14 modern, high quality and essentially equivalent vessels powered by fuel efficient Tri Fuel Diesel Electric (“TFDE”) propulsion technology.  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.

Tony Lauritzen has agreed to take overall responsibility for the running of The Cool Pool and Morten Nielsen has been appointed as Pool Manager, with the mandate to schedule employment for each pool vessel.

The three companies said in their joint statement that the Cool Pool would 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.

It is anticipated that The Cool Pool will commence operation in September 2015.

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