Steel cut for CoolCo’s 2-stroke LNG carrier

South Korean shipbuilder Hyundai Samho Heavy Industries has started the construction of a 2-stroke LNG carrier for Cool Company (CoolCo).

According to CoolCo’s brief social media update, the steel cutting ceremony for the LNG carrier was held on October 10, 2023.

The vessel named Kool Panther is one of two newbuild 2-stroke LNG carriers that CoolCo acquired from affiliates of Eastern Pacific Shipping (EPS) earlier this year. Kool Panther and Kool Tiger were acquired under the pre-existing purchase option price of approximately $234 million.

At the time of purchase, CoolCo said it was in discussions to forward fix the vessels on long-term time charters, expecting to do so well in advance of delivery at levels that reflect current market strength.

Scheduled for delivery in September and December of 2024, the newbuilds will have a cargo capacity of 174,000 cubic meters, a GTT Mark III Flex Membrane cargo tank system, reliquefaction, air lubrication, and shaft generators.

CoolCo was formed in 2022 with Eastern Pacific Shipping and Golar LNG as shareholders. The company owns eight TFDE LNG carriers it acquired from Golar LNG as well as four LNG carriers bought from Quantum Crude Tankers Inc, an affiliate of Eastern Pacific Shipping (EPS).