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K Line, GAIL, JM Baxi agree LNG carrier joint venture
Partners agree in principle to co-own a 174,000-m³ LNG carrier due in 2027, placing it on long-term time charter to GAIL
Kawasaki Kisen Kaisha (K Line) reports it has agreed in principle with GAIL (India) and JM Baxi Group on the joint ownership of a 174,000-m³ LNG carrier under construction at Samsung Heavy Industries, with the vessel “scheduled to be put into service under a long-term time charter with GAIL”.
The signing ceremony took place during India Energy Week in Goa on 27 January 2026, attended by government of India minister of petroleum and natural gas, Shri Hardeep Singh Puri.
K Line noted that the project is part of its medium-term management plan and quoted its approach of “acquiring opportunities in future growth markets such as Asia”. It also pointed to its existing relationship with JM Baxi “through agency services and logistics operations”, without setting out how the joint ownership structure would be implemented in legal or financing terms.
The company said the LNG carrier will be delivered in 2027 from Samsung Heavy Industries. K Line described the vessel as having an overall length of about 290 m and a beam of 46 m, and said it was designed for a service speed of around 20 knots.
It had previously been reported in 2024 that K Line had agreed a long-term time charter contract “through a shipowning company established in Singapore with GAIL”, adding the shipowning company had also agreed a shipbuilding contract with Samsung Heavy Industries for a 174,000-m³ LNG carrier to service the charter.
K Line has a long-standing relationship with GAIL, which started with 1983-built Bishu Maru.
GAIL had signed a long-term charter with Japan’s NYK Line for the 174,000-m³ LNG carrier Grace Emilia, built at Hyundai Samho Heavy Industries and delivered in October 2021.
According to VesselsValue, GAIL operates three 174,000-m³ LNG carriers and a fourth through a joint venture arrangement with MOL.
The LNG carriers listed are Gail Urja (built 2023 at Hanwha Ocean, beneficial owner MOL), the aforementioned Grace Emilia (built 2021 at Hyundai Samho, beneficial owner NYK Line), and Maran Gas Pericles (built 2016 at Hyundai Samho, beneficial owner Maran Gas Maritime).
A further LNG carrier, Gail Bhuwan (built 2021 at Daewoo, beneficial owner Shunzan Kaiun) is operated by GAIL and MOL.
K Line has seven 174,000-m³ LNG carriers on order, with four at Hanwha Ocean and three at Samsung Heavy Industries, of which two deliveries are scheduled for 2026 and one in 2027.
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