Mitsui O.S.K. Lines, Ltd., and GAIL (India) Ltd, India’s biggest natural gas utility, have signed a ten-year charter agreement for a liquefied natural gas (LNG) carrier named ‘GAIL Bhuwan’.
The agreement was signed between GAIL and LNG Japonica Shipping Corporation Ltd, a joint venture between MOL (74 per cent stake) and GAIL (26 per cent stake), on Tuesday during the India Energy Week 2026 in Goa.
Hisashi Umemura, Senior Managing Executive Officer, Director General, Headquarters of Energy Business, MOL, and S Bairagi, Executive Director (International Shipping & LNG), GAIL, signed the agreement.
MOL is the world’s second-largest ship owner by fleet size.
GAIL has a significantly large and diversified LNG portfolio to ensure long-term supply security. With a global LNG portfolio of around 14 MMTPA, GAIL has emerged as one of the leading global LNG players. It is actively involved in the LNG trading business in the international market.
As part of its logistics integration strategy, GAIL has built the largest LNG fleet in the country, strengthening India’s maritime capabilities and ensuring uninterrupted LNG availability to meet the country’s growing domestic demand.
GAIL has chartered six LNG carriers from global fleet owners on a long-term basis to transport the super chilled fuel, including two-time charter agreements with Mitsui O.S.K Lines Ltd and two with NYK Line Ltd, both from Japan.
Of the six LNG carriers it has hired, GAIL has a stake only in ‘GAIL Bhuwan’, which was initially chartered by GAIL for five years in 2021 through a wholly owned subsidiary of MOL. With the five-year time charter for ‘GAIL Bhuwan’ ending this year, GAIL and MOL have signed a fresh ten-year time charter agreement for the LNG carrier.
MOL said it shares a long-standing business partnership with GAIL, and this collaboration further strengthens cooperation in LNG shipping and energy logistics.
The time charter agreement marks an important milestone under the ‘Maritime Amrit Kaal Vision 2047’, reinforcing India’s maritime and energy supply chain capabilities, MOL said. Both MOL and GAIL have set ambitious net-zero emission targets, and this agreement contributes to the realisation of a low-carbon, decarbonised world.
MOL has positioned regional strategy as one of the key pillars of its group management plan ‘BLUE ACTION 2035’, identifying Asia as a region expected to deliver strong economic growth.
MOL has been actively expanding its business presence in India through the scale-up of its energy business, including this project, and further strengthening its partnership with GAIL.
MOL group will continue to play a part in India’s transport and logistics infrastructure, which supports the rapidly growing demand for energy, including natural gas, and contributes to a stable energy supply, MOL said.
