According to K Line, the three partners held a signing ceremony at an energy event in India on January 27.
Upon delivery, the vessel is scheduled to be put into service under a long-term time charter with GAIL.
K Line noted that it has concluded a long-term time charter contract with GAIL in December 2024, and has it has an established long-standing track record of collaboration with JM 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.”
K Line will 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,” it said.
K Line did not provide further details regarding the new ownership.
The deal signed in 2024 is the first long-term time charter contract between GAIL and K Line involving a newly built vessel.
Samsung Heavy is scheduled to deliver the 174,000-cbm LNG carrier by June 2027.
The two-stroke vessel is worth $259 million.
It will be 290 meters long and 45.8 meters wide.
K Line has a large fleet of LNG carriers.
The shipping firm previously said it is on track to have 65 LNG carriers in its fleet by fiscal 2026.
