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Overview of Cool Co Ltd (CLCO)
Cool Co Ltd (CLCO) is a prominent player in the liquefied natural gas (LNG) shipping industry, focusing on the acquisition, ownership, operation, and chartering of LNG carriers (LNGCs). The company also provides fleet management services for third-party vessels, showcasing its expertise in maritime operations. By facilitating the global transportation of LNG, Cool Co Ltd plays a critical role in the energy supply chain, connecting producers with markets worldwide.
Core Business Operations
At the heart of Cool Co Ltd's operations is its fleet of LNG carriers, which are purpose-built vessels designed to transport liquefied natural gas at cryogenic temperatures. The company generates revenue primarily through long-term charter agreements with energy producers, traders, and utilities, ensuring stable cash flows. Additionally, Cool Co Ltd operates in the spot market, offering flexible shipping solutions to meet short-term demand. Its fleet management services further diversify its revenue streams, as the company leverages its operational expertise to manage third-party vessels under contractual agreements.
Market Position and Industry Context
Cool Co Ltd operates within a dynamic and growing industry, driven by the global transition toward cleaner energy sources. LNG is increasingly recognized as a key transitional fuel, offering a lower-carbon alternative to coal and oil. This trend has led to rising demand for LNG shipping capacity, particularly in regions such as Asia and Europe, where natural gas plays a central role in energy strategies. Cool Co Ltd's strategic positioning within this market enables it to capitalize on these growth opportunities while navigating challenges such as fluctuating energy prices and geopolitical risks.
Competitive Landscape
In the competitive LNG shipping sector, Cool Co Ltd distinguishes itself through its commitment to operational excellence, modern fleet capabilities, and flexible service offerings. Key competitors include other specialized LNG shipping companies and broader maritime transport firms that also operate LNG carriers. Cool Co Ltd's ability to secure long-term charters and its expertise in fleet management provide it with a competitive edge, ensuring resilience in a volatile market environment.
Strategic Importance
The company's role extends beyond transportation, as it supports the broader energy ecosystem by enabling the efficient and reliable delivery of LNG. This strategic importance is amplified by the increasing integration of LNG into global energy portfolios, driven by environmental considerations and energy security concerns. Cool Co Ltd's operations contribute to the stability and growth of the LNG supply chain, reinforcing its significance within the industry.
Commitment to Excellence
Cool Co Ltd demonstrates a strong commitment to safety, sustainability, and innovation. By adhering to stringent environmental and operational standards, the company ensures the safe and efficient transportation of LNG while minimizing its environmental footprint. Its focus on continuous improvement and technological advancement positions it as a trusted partner in the LNG shipping industry.
Conclusion
In summary, Cool Co Ltd (CLCO) is a key enabler of the global LNG trade, offering a comprehensive suite of services that span ownership, operation, and management of LNG carriers. Its strategic positioning, operational expertise, and commitment to excellence make it a significant player in the LNG shipping industry, contributing to the evolving energy landscape.
Cool Company (CLCO) reported Q4 2024 financial results with total operating revenues of $84.6 million, up from $82.4 million in Q3 2024. Net income increased to $29.41 million from $8.11 million in Q3, primarily due to mark-to-market gains in interest rate swaps.
Key Q4 metrics include average Time Charter Equivalent Earnings of $73,900 per day and Adjusted EBITDA of $55.3 million. The company took delivery of newbuild vessel Kool Tiger and refinanced its syndicated bank facility into a $570 million reducing revolving credit facility, extending maturity to 2029.
No dividend was declared due to insufficient market rates. The company maintains strong liquidity with $288 million available and a firm backlog exceeding $1 billion. Current market challenges include low spot rates, reaching historic lows of $2,750 per day by quarter-end, due to newbuild deliveries and delays in new LNG supply.
Cool Company (NYSE: CLCO) has scheduled its Fourth Quarter and Full Year 2024 Earnings call and webcast presentation for Thursday, February 27, 2025, at 8:00 A.M. New York / 2:00 P.M. Oslo / 1:00 P.M. London.
The presentation materials will be available for download from the company's website. Participants are encouraged to join via the listen-only live webcast link. Sell-side analysts can participate in the Q&A session through teleconference dial-in options, with a limit of two questions per participant.
The company recommends connecting 10 minutes before the scheduled start time. A replay of the event audio will be available on-demand for one year on the company's website.
Cool Company (NYSE: CLCO / CLCO.OL) has announced an increase in its total issued shares following the vesting of previously granted RSUs under the company's Long-Term Incentive Plan (LTIP). The share count increased by 23,872 shares, bringing the total number of issued shares to 53,726,718. Each share maintains a nominal value of USD 1.00. The complete details of the LTIP can be found in the company's November 25, 2022 Press Release or in their 2023 Annual Report on Form 20-F filed with the SEC.
Cool Company (CoolCo) announced the vesting of restricted stock units (RSUs) under its Long-Term Incentive Program (LTIP). Primary insiders Richard Tyrrell received 2,232 shares and Johannes Boots received 1,175 shares on November 29, 2024. Following the vesting, Tyrrell holds 8,545 shares, 8,341 RSUs, and 371,227 Options, while Boots holds 1,764 shares, 4,416 RSUs, and 123,742 Options. The company will issue shares underlying the vested RSUs around December 9, 2024, increasing total issued shares to 53,726,718.
Cool Company (NYSE: CLCO) has announced its third quarter 2024 dividend of $0.15 per share. The shares will trade ex-dividend on two different dates: November 29, 2024 on the Oslo Stock Exchange (OSE) and December 2, 2024 on the New York Stock Exchange (NYSE).
Cool Company (NYSE: CLCO / CLCO.OL) held its 2024 Annual General Meeting on November 21, 2024, in London. The meeting approved several key resolutions, including: setting a maximum of nine Directors, allowing the Board to fill casual vacancies, re-electing seven Directors including Cyril Ducau and Richard Tyrrell, re-appointing Ernst & Young Global as auditors, and approving Board remuneration not exceeding US$625,000 for 2024, excluding equity-based compensation. The meeting also presented the audited consolidated financial statements for 2023.
Cool Company (NYSE: CLCO) has announced a cash dividend of $0.15 per share, approved on November 20, 2024. Due to the implementation of CSDR in Norway and different settlement cycles between NYSE (T+1) and Oslo Stock Exchange (T+2), there will be varying payment dates. For NYSE-listed shares, the payment date is around December 9, 2024, while shares registered in VPS will receive payments around December 13, 2024. The ex-date is December 2, 2024 for NYSE and November 29, 2024 for OSE. During interim days, share transfers between NYSE and OSE may be restricted.
Cool Company (NYSE:CLCO) reported Q3 2024 financial results with total operating revenues of $82.4 million, slightly down from $83.4 million in Q2. Net income decreased to $8.11 million from $26.51 million, primarily due to losses in mark-to-market interest rate swaps. The company achieved average Time Charter Equivalent Earnings of $81,600 per day, up from $78,400 in Q2. Notable events include the delivery of newbuild vessel Kool Tiger, completion of scheduled drydocks, and approval for refinancing of $570 million bank facility. The company declared a $0.15 per share quarterly dividend and approved a $40 million share repurchase program.
Cool Company (NYSE: CLCO) has announced its Third Quarter 2024 Earnings call and webcast presentation scheduled for Wednesday, November 20, 2024, at 8:00 A.M. New York / 2:00 P.M. Oslo / 1:00 P.M. London. The presentation materials will be available on the company's website. Participants can join via a listen-only webcast, while sell-side analysts can participate in the Q&A session through teleconference dial-in options. The company recommends connecting 10 minutes before the scheduled start time, with a limit of two questions per participant.
Cool Company (NYSE: CLCO) has announced its Third Quarter 2024 Earnings call and webcast presentation, scheduled for Thursday, November 21, 2024, at 8:30 A.M. New York / 2:30 P.M. Oslo / 1:30 P.M. London. The presentation materials will be available on the company's website at www.coolcoltd.com.
Participants are encouraged to join via the listen-only live webcast link. Sell-side analysts can participate in the Q&A session through teleconference dial-in options, with a limit of two questions per participant. Conference call numbers include +1 800-225-9448 for North America and +1 203-518-9708 for International calls, using conference ID CCL3Q24.
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