Dynagas, GasLog, and Golar create LNG pool

Dynagas, GasLog, and Golar LNG said that they have entered into an LNG carrier pooling agreement to market their vessels, which are currently operating in the spot market.

The LNG carrier pool allows the participating owners to optimise the operation of the pool vessels through improved scheduling ability, cost efficiencies and common marketing, the companies said in a joint statement.

According to the statement, 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 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, the statement said.

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

The 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 pool’s fleet.

It is expected that “The Cool Pool” will commence operation in September 2015.