Trio shakes hands on LNG vessel South Korea’s shipbuilding giant is bringing to life

January 28, 2026, by Melisa Cavcic

Japan’s shipping player Kawasaki Kisen Kaisha (K Line) has made arrangements with Gail, India’s largest state-owned natural gas company, and J M Baxi Group (J M Baxi), its business partner in India, regarding ownership of a liquefied natural gas (LNG) carrier (LNGC), currently under construction.

K LINE, Gail, and J M Baxi have agreed in principle on the joint ownership of an LNG carrier, which is being built by South Korea’s Samsung Heavy Industries. Upon delivery, the vessel is scheduled to be put into service under a long-term time charter with India’s state-owned gas player.

The three partners held a signing ceremony on January 27, 2026, that was attended by Shri Hardeep Singh Puri, the Minister of Petroleum and Natural Gas of the Government of India. This initiative is part of K Line’s strategy, ‘Acquiring opportunities in future growth markets such as Asia,’ identified in its medium-term management plan.

The Japanese player, which concluded a long-term time charter contract with Gail that was announced on December 2, 2024, 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, K Line 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 company intends to continue to expand its long-term contracts and accommodate the growing demand for energy by responding to the diverse needs of its customers in the LNG carrier business.

This LNG vessel arrangement comes shortly after K Line, which entered into bareboat charter contracts and time charter contracts for three of the four liquefied CO2 carriers ordered by Northern Lights, revealed the delivery of the third liquefied CO2 carrier to be engaged by the JV.