Cool Company Ltd. Q1 2024 Business Update
Cool Company (NYSE: CLCO) reported its Q1 2024 financial results with key highlights. The company generated total operating revenues of $88.1 million, a decrease from $97.1 million in Q4 2023, mainly due to vessel off-hire and lower floating rates. Net income increased to $36.81 million from $22.41 million, thanks to unrealized gains on interest rate swaps. EBITDA decreased to $58.5 million from $69.4 million. The company secured a 14-year charter with GAIL (India) , upsized its term loan facility by $200 million, and declared a $0.41 per share dividend. Fleet utilization was 95%, with planned drydocks and upgrades anticipated in Q3 2024. The LNG market remains volatile but supportive with LNG prices above $9/MMBtu due to energy security concerns.
- Net income increased to $36.81 million from $22.41 million, primarily due to unrealized gains on interest rate swaps.
- Secured a 14-year charter with GAIL (India) , increasing revenue backlog to over $1.2 billion.
- Declared a quarterly dividend of $0.41 per share, reflecting confidence in cash flow.
- Upsized the $520 million term loan facility by $200 million, extending the first debt maturity to February 2027.
- Total operating revenues decreased to $88.1 million from $97.1 million in Q4 2023.
- EBITDA decreased to $58.5 million from $69.4 million, indicating reduced profitability.
- Average Time Charter Equivalent Earnings (TCE) dropped to $77,200 per day from $87,300 per day.
- Fleet utilization decreased to 95% from 97%, partly due to vessel off-hire.
- High financial leverage with total debt of $1,145.9 million.
Insights
The Q1 2024 business update from Cool Company Ltd. offers several notable financial insights. Total operating revenues decreased from
The average Time Charter Equivalent Earnings (TCE) decreased to
The upsize of the $520 million term loan facility by $200 million is a strategic move, pushing out the first debt maturity to February 2027. This improves the company's liquidity position and delays significant debt repayments, which is beneficial for managing cash flows. However, the overall debt levels are substantial at approximately
The declaration of a quarterly dividend of
The Q1 2024 report from Cool Company Ltd. highlights the volatility in the LNG market. The average Japan/Korea Marker (JKM) gas price decreased to
The report mentions that most LNG has been trading within its basin of origin, reducing long-distance inter-basin voyages. This shift impacts the utilization and demand for LNG carriers, potentially leading to lower spot rates, which concluded at
The announcement of a 14-year charter with GAIL (India) for one of the state-of-the-art MEGA LNG carriers is significant. This long-term contract secures a substantial revenue backlog, exceeding
The update underscores a few critical developments in the energy sector, particularly the ongoing transition towards LNG as a key energy source. The drydock cycles and the planned upgrades to LNGe specifications are strategic moves to enhance fleet efficiency and compliance with stringent environmental regulations. The average cost of these drydocks, estimated at
Additionally, regulatory challenges, such as the imposition of a carbon pricing scheme, are starting to impact older steam turbine vessels. These older vessels are facing reduced charter rates and increased idleness, which may lead to a gradual phasing out. This aligns with the company's focus on modern, fuel-efficient LNG carriers, positioning it favorably in a market increasingly dominated by environmental considerations.
Moreover, the outlook mentions a potential tightening of the charter market as new liquefaction projects come online, leading to increased demand for LNG carriers. This scenario could benefit CoolCo, provided it continues to modernize its fleet and secure long-term charters.
Q1 Highlights and Subsequent Events
-
Generated total operating revenues of
$88.1 million $97.1 million -
Net income of
$36.8 $22.4 -
Achieved average Time Charter Equivalent Earnings ("TCE")2 of
$77,200 $87,300 -
Adjusted EBITDA2 of
$58.5 million $69.4 million -
Upsized the
$520 million $200 million - Secured a 14-year charter with GAIL (India) Limited during Q2 2024 for one of the two state-of-the-art MEGA LNG carriers currently under order at Hyundai-Samho (the "Newbuilds"), expected to be delivered towards the end of 2024;
- Commenced drydock cycle with one vessel during Q2 2024, with a further three vessels scheduled to follow in Q3 2024;
-
Declared a quarterly dividend of
$0.41
Richard Tyrrell, CEO, commented:
“The first quarter was a transitional quarter for both the market and CoolCo after the winter season in northern hemisphere ended early and two of CoolCo’s vessels delivered into new charters. While one of the vessels delivered into a higher rate charter, the other was off-hire for a handful of days before delivery and this, combined with lower rates on our single variable rate contract reduced our overall fleet TCE to
Energy security concerns continue to support the price of LNG at above
Subsequent to the first quarter, CoolCo was pleased to announce a long-term charter for one of its two state-of-the-art Newbuilds and looks forward to securing employment for its second Newbuild. The 14-year long-term charter takes CoolCo’s firm revenue backlog to more than
Financial Highlights
The table below sets forth certain key financial information for Q1 2024, Q4 2023 and Q1 2023.
(in thousands of $, except average daily TCE) |
Q1 2024 |
Q4 2023 |
Q1 2023 |
Time and voyage charter revenues |
78,710 |
89,319 |
91,168 |
Total operating revenues |
88,125 |
97,144 |
98,649 |
Operating income |
44,097 |
55,051 |
52,022 |
Net income1 |
36,812 |
22,415 |
70,132 |
Adjusted EBITDA2 |
58,541 |
69,432 |
67,814 |
Average daily TCE2 (to the closest |
77,200 |
87,300 |
83,700 |
LNG Market Review
The average
Most LNG has continued to trade within its basin of origin, reducing the number of long-distance inter-basin voyages and limiting the effect of the
The volatility of LNG markets is expected to increase as the winter heating season approaches. Onshore storage in
Operational Review
CoolCo's fleet continued to perform well with a Q1 fleet utilization of
Business Development
The chartering of one of CoolCo’s two Newbuilds sets a strong precedent for the second Newbuild and CoolCo continues to be in discussions with potential charterers regarding its employment. CoolCo is also developing leads for its other two vessels redelivering in the second half of 2024, both of which are earmarked for an upgrade to LNGe specification during their scheduled drydocks during the first half of 2025.
Financing and Liquidity
During the Quarter, the Company closed on the upsize of the existing
As of March 31, 2024, CoolCo had cash and cash equivalents of
In February 2024, lender approval was obtained for an amendment of financial covenants under the
In March 2024, the Company and a group of lenders under the
Overall, the Company’s interest rate on its debt is currently fixed or hedged for approximately
Corporate and Other Matters
As of March 31, 2024, CoolCo had 53,702,846 shares issued and outstanding. Of these, 31,254,390 shares (
In line with the Company’s variable dividend policy, the Board has declared a Q1 dividend of
Outlook
In the near term, the spot LNG carrier market is likely to remain substantially detached from prospects for either multi-year secondhand employment or very long-term charters for newbuilds. Charterer comfort levels have been buoyed by two consecutive mild winters in the northern hemisphere and delays to commissioning and startup of very late-stage liquefaction facilities, resulting in both an enlarged pool of vessels available for short-term employment and an increased willingness of charterers to rely upon the availability of such temporary tonnage. As evidenced by the dislocation between the spot market and longer-term charter markets, current prevailing spot rates are more indicative of a market in a holding pattern than a longer-term call on overall market direction.
As anticipated, the imposition of a carbon pricing scheme and increasingly stringent environmental regulations are increasingly disadvantaging older steam turbine vessels in mainstream LNG trades. As such, that portion of the fleet, representing approximately
Moving beyond the short-term, liquefaction projects that have already reached FID (“Final Investment Decision”) remain set to increase the total volume of LNG on the water by more than
1 Net income for Q1 2024 includes a mark-to market gain on interest rate swaps amounting to |
2 Refer to 'Appendix A' - Non-GAAP financial measures and definitions, for definitions of these measures and a reconciliation to the nearest GAAP measure. |
Forward Looking Statements
This press release and any other written or oral statements made by us in connection with this press release include forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, that address activities and events that will, should, could, are expected to or may occur in the future are forward-looking statements. These forward-looking statements are made under the "safe harbor" provisions of the
The forward-looking statements in this document are based upon management’s current expectations, estimates and projections. These statements involve significant risks, uncertainties, contingencies and factors that are difficult or impossible to predict and are beyond our control, and that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Numerous factors could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by these forward-looking statements including:
- general economic, political and business conditions, including sanctions and other measures;
- general LNG market conditions, including fluctuations in charter hire rates and vessel values;
- changes in demand in the LNG shipping industry, including the market for our vessels;
- changes in the supply of LNG vessels;
- our ability to successfully employ our vessels;
- changes in our operating expenses, including fuel or cooling down prices and lay-up costs when vessels are not on charter, drydocking and insurance costs;
- compliance with, and our liabilities under, governmental, tax, environmental and safety laws and regulations;
- changes in governmental regulation, tax and trade matters and actions taken by regulatory authorities;
-
potential disruption of shipping routes and demand due to accidents, piracy or political events and/or instability, including the ongoing conflicts in the
Middle East ; - vessel breakdowns and instances of loss of hire;
- vessel underperformance and related warranty claims;
- our expectations regarding the availability of vessel acquisitions;
- our ability to procure or have access to financing and refinancing;
- continued borrowing availability under our credit facilities and compliance with the financial covenants therein;
- fluctuations in foreign currency exchange and interest rates;
- potential conflicts of interest involving our significant shareholders;
- our ability to pay dividends;
- information system failures, cyber incidents or breaches in security;
- adjustments in our ship management business and related costs; and
-
other risks indicated in the risk factors included in CoolCo’s Annual Report on Form 20-F for the year ended December 31, 2023 and other filings with the
U.S. Securities and Exchange Commission.
The foregoing factors that could cause our actual results to differ materially from those contemplated in any forward-looking statement included in this report should not be construed as exhaustive. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this press release. The results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.
As a result, you are cautioned not to place undue reliance on any forward-looking statements which speak only as of the date of this press release. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise unless required by law.
Responsibility Statement
We confirm that, to the best of our knowledge, the interim unaudited condensed consolidated financial statements for the three months ended March 31, 2024, which have been prepared in accordance with accounting principles generally accepted in
May 22, 2024
Cool Company Ltd.
Questions should be directed to:
c/o Cool Company Ltd - +1(441) 295 2244
Richard Tyrrell (Chief Executive Officer & Director) |
Cyril Ducau (Chairman of the Board) |
John Boots (Chief Financial Officer) |
Antoine Bonnier (Director) |
|
Joanna Huipei Zhou (Director) |
|
Sami Iskander (Director) |
|
Neil Glass (Director) |
|
Peter Anker (Director) |
Cool Company Ltd |
|
Unaudited Condensed Consolidated Statement of Operations |
(in thousands of $) |
Jan-March
|
|
Oct-Dec
|
|
Jan-March
|
|||
Time and voyage charter revenues |
78,710 |
|
|
89,319 |
|
|
91,168 |
|
Vessel and other management fee revenues |
4,923 |
|
|
3,308 |
|
|
3,376 |
|
Amortization of intangible assets and liabilities - charter agreements, net |
4,492 |
|
|
4,517 |
|
|
4,105 |
|
Total operating revenues |
88,125 |
|
|
97,144 |
|
|
98,649 |
|
|
|
|
|
|
|
|||
Vessel operating expenses |
(17,594 |
) |
|
(16,804 |
) |
|
(18,588 |
) |
Voyage, charter hire and commission expenses, net |
(1,439 |
) |
|
(1,019 |
) |
|
(1,499 |
) |
Administrative expenses |
(6,059 |
) |
|
(5,372 |
) |
|
(6,643 |
) |
Depreciation and amortization |
(18,936 |
) |
|
(18,898 |
) |
|
(19,897 |
) |
Total operating expenses |
(44,028 |
) |
|
(42,093 |
) |
|
(46,627 |
) |
|
|
|
|
|
|
|||
Operating income |
44,097 |
|
|
55,051 |
|
|
52,022 |
|
|
|
|
|
|
|
|||
Other non-operating income |
— |
|
|
— |
|
|
42,528 |
|
|
|
|
|
|
|
|||
Financial income/(expense): |
|
|
|
|
|
|||
Interest income |
1,705 |
|
|
1,743 |
|
|
1,517 |
|
Interest expense |
(19,678 |
) |
|
(20,463 |
) |
|
(19,485 |
) |
Gains /(losses) on derivative instruments |
11,301 |
|
|
(13,115 |
) |
|
(6,001 |
) |
Other financial items, net |
(480 |
) |
|
(426 |
) |
|
(393 |
) |
Financial expenses, net |
(7,152 |
) |
|
(32,261 |
) |
|
(24,362 |
) |
|
|
|
|
|
|
|||
Income before income taxes and non-controlling interests |
36,945 |
|
|
22,790 |
|
|
70,188 |
|
Income taxes, net |
(133 |
) |
|
(375 |
) |
|
(56 |
) |
Net income |
36,812 |
|
|
22,415 |
|
|
70,132 |
|
Net income attributable to non-controlling interests |
(238 |
) |
|
(351 |
) |
|
(1,287 |
) |
Net income attributable to the Owners of Cool Company Ltd |
36,574 |
|
|
22,064 |
|
|
68,845 |
|
|
|
|
|
|
|
|||
Net income attributable to: |
|
|
|
|
|
|||
Owners of Cool Company Ltd |
36,574 |
|
|
22,064 |
|
|
68,845 |
|
Non-controlling interests |
238 |
|
|
351 |
|
|
1,287 |
|
Net income |
36,812 |
|
|
22,415 |
|
|
70,132 |
|
|
|
|
|
|
|
|||
Cool Company Ltd |
|
Unaudited Condensed Consolidated Balance Sheet |
|
At March 31, |
At December 31, |
(in thousands of $, except number of shares) |
2024 |
2023 |
|
|
(Audited) |
ASSETS |
|
|
Current assets |
|
|
Cash and cash equivalents |
105,818 |
133,496 |
Restricted cash and short-term deposits |
3,242 |
3,350 |
Intangible assets, net |
413 |
825 |
Trade receivable and other current assets |
15,323 |
12,923 |
Inventories |
309 |
3,659 |
Total current assets |
125,105 |
154,253 |
|
|
|
Non-current assets |
|
|
Restricted cash |
463 |
492 |
Intangible assets, net |
9,066 |
9,438 |
Newbuildings |
205,223 |
181,904 |
Vessels and equipment, net |
1,687,656 |
1,700,063 |
Other non-current assets |
18,438 |
10,793 |
Total assets |
2,045,951 |
2,056,943 |
|
|
|
LIABILITIES AND EQUITY |
|
|
Current liabilities |
|
|
Current portion of long-term debt and short-term debt |
185,013 |
194,413 |
Trade payable and other current liabilities |
95,272 |
98,917 |
Total current liabilities |
280,285 |
293,330 |
|
|
|
Non-current liabilities |
|
|
Long-term debt |
857,597 |
866,671 |
Other non-current liabilities |
86,055 |
90,362 |
Total liabilities |
1,223,937 |
1,250,363 |
|
|
|
Equity |
|
|
Owners' equity includes 53,702,846 (2023: 53,702,846) common shares of |
751,186 |
735,990 |
Non-controlling interests |
70,828 |
70,590 |
Total equity |
822,014 |
806,580 |
|
|
|
Total liabilities and equity |
2,045,951 |
2,056,943 |
|
|
|
Cool Company Ltd |
|
Unaudited Condensed Consolidated Statement of Cash Flows |
(in thousands of $) |
Jan-March
|
|
Jan-March
|
||
Operating activities |
|
|
|
||
Net income |
36,812 |
|
|
70,132 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||
Depreciation and amortization expenses |
18,936 |
|
|
19,897 |
|
Amortization of intangible assets and liabilities arising from charter agreements, net |
(4,492 |
) |
|
(4,105 |
) |
Amortization of deferred charges and fair value adjustments |
881 |
|
|
1,539 |
|
Gain on sale of vessel |
— |
|
|
(42,528 |
) |
Drydocking expenditure |
(1,494 |
) |
|
(884 |
) |
Compensation cost related to share-based payment |
640 |
|
|
589 |
|
Change in fair value of derivative instruments |
(8,145 |
) |
|
(7,557 |
) |
Changes in assets and liabilities: |
|
|
|
||
Trade accounts receivable |
699 |
|
|
(378 |
) |
Inventories |
3,350 |
|
|
172 |
|
Other current and other non-current assets |
(3,533 |
) |
|
2,692 |
|
Amounts (due to)/ from related parties |
(216 |
) |
|
(1,626 |
) |
Trade accounts payable |
3,057 |
|
|
12,334 |
|
Accrued expenses |
(3,154 |
) |
|
1,766 |
|
Other current and non-current liabilities |
(4,780 |
) |
|
4,908 |
|
Net cash provided by operating activities |
38,561 |
|
|
56,951 |
|
|
|
|
|
||
Investing activities |
|
|
|
||
Additions to vessels and equipment |
(2,571 |
) |
|
(798 |
) |
Additions to newbuildings |
(22,300 |
) |
|
— |
|
Additions to intangible assets |
(132 |
) |
|
— |
|
Proceeds from sale of vessel |
— |
|
|
184,300 |
|
Net cash provided by investing activities |
(25,003 |
) |
|
183,502 |
|
|
|
|
|
||
Financing activities |
|
|
|
||
Repayments of short-term and long-term debt |
(19,355 |
) |
|
(107,490 |
) |
Cash dividends paid |
(22,018 |
) |
|
(21,475 |
) |
Net cash used in financing activities |
(41,373 |
) |
|
(128,965 |
) |
|
|
|
|
||
Net (decrease)/ increase in cash, cash equivalents and restricted cash |
(27,815 |
) |
|
111,488 |
|
Cash, cash equivalents and restricted cash at beginning of period |
137,338 |
|
|
133,077 |
|
Cash, cash equivalents and restricted cash at end of period |
109,523 |
|
|
244,565 |
|
Cool Company Ltd |
|
Unaudited Condensed Consolidated Statement of Changes in Equity |
|
|
For the three months ended March 31, 2024 |
||||||||||
(in thousands of $, except number of shares) |
|
Number of
|
|
Owners’
|
Additional
|
Retained
|
Owners'
|
Non-
|
Total
|
|||
Consolidated balance at December 31, 2023 |
|
53,702,846 |
|
53,703 |
509,327 |
172,960 |
|
735,990 |
|
70,590 |
806,580 |
|
Net income for the period |
|
— |
|
— |
— |
36,574 |
|
36,574 |
|
238 |
36,812 |
|
Share based payments contribution |
|
— |
|
— |
640 |
— |
|
640 |
|
— |
640 |
|
Dividends |
|
— |
|
— |
— |
(22,018 |
) |
(22,018 |
) |
— |
(22,018 |
) |
Consolidated balance at March 31, 2024 |
|
53,702,846 |
|
53,703 |
509,967 |
187,516 |
|
751,186 |
|
70,828 |
822,014 |
|
(1) Additional paid-in capital refers to the amount of capital contributed or paid-in over and above the par value of the Company's issued share capital. |
||||||||||||
|
|
For the three months ended March 31, 2023 |
||||||||||
(in thousands of $, except number of shares) |
|
Number of
|
|
Owners’
|
Additional
|
Retained
|
Owners'
|
Non-
|
Total
|
|||
Consolidated balance at December 31, 2022 |
|
53,688,462 |
|
53,688 |
507,127 |
85,742 |
|
646,557 |
|
68,956 |
715,513 |
|
Net income for the period |
|
— |
|
— |
— |
68,845 |
|
68,845 |
|
1,287 |
70,132 |
|
Share based payments contribution |
|
— |
|
— |
589 |
— |
|
589 |
|
— |
589 |
|
Dividends |
|
— |
|
— |
— |
(21,475 |
) |
(21,475 |
) |
— |
(21,475 |
) |
Consolidated balance at March 31, 2023 |
|
53,688,462 |
|
53,688 |
507,716 |
133,112 |
|
694,516 |
|
70,243 |
764,759 |
|
(1) Additional paid-in capital refers to the amount of capital contributed or paid-in over and above the par value of the Company's issued share capital. |
||||||||||||
Appendix A - Non-GAAP Financial Measures and Definitions
Non-GAAP Financial Metrics Arising from How Management Monitors the Business
In addition to disclosing financial results in accordance with
Non-GAAP measure |
Closest equivalent
|
Adjustments to reconcile to
|
Rationale for adjustments |
Performance Measures |
|||
Adjusted EBITDA |
Net income |
+/- Other non-operating income +/- Net financial expense, representing: Interest income, Interest expense, Gains/(Losses) on derivative instruments and Other financial items, net +/- Income taxes, net + Depreciation and amortization - Amortization of intangible assets and liabilities - charter agreements, net |
Increases the comparability of total business performance from period to period and against the performance of other companies by removing the impact of other non-operating income, depreciation, amortization of intangible assets and liabilities -charter agreements, net, financing and tax items. |
Average daily TCE |
Time and voyage charter revenues |
- Voyage, charter hire and commission expenses, net
The above total is then divided by calendar days less scheduled off-hire days. |
Measure of the average daily net revenue performance of a vessel.
Standard shipping industry performance measure used primarily to compare period-to-period changes in the vessel’s net revenue performance despite changes in the mix of charter types (i.e. spot charters, time charters and bareboat charters) under which the vessel may be employed between the periods.
Assists management in making decisions regarding the deployment and utilization of its fleet and in evaluating financial performance. |
Liquidity measures |
|||
Total Contractual Debt |
Total debt (current and non-current), net of deferred finance charges |
+ VIE Consolidation and fair value adjustments upon acquisition + Deferred Finance Charges |
We consolidate two lessor VIEs for our sale and leaseback facilities (for the vessels Ice and Kelvin). This means that on consolidation, our contractual debt is eliminated and replaced with the Lessor VIEs’ debt.
Contractual debt represents our actual debt obligations under our various financing arrangements before consolidating the Lessor VIEs.
The measure enables investors and users of our financial statements to assess our liquidity and the split of our debt (current and non-current) based on our underlying contractual obligations. |
Total Company Cash |
CoolCo cash based on GAAP measures:
+ Cash and cash equivalents
+ Restricted cash and short-term deposits (current and non-current) |
- VIE restricted cash and short-term deposits (current and non-current) |
We consolidate two lessor VIEs for our sale and leaseback facilities. This means that on consolidation, we include restricted cash held by the lessor VIEs.
Total Company Cash represents our cash and cash equivalents and restricted cash and short-term deposits (current and non-current) before consolidating the lessor VIEs.
Management believes that this measure enables investors and users of our financial statements to assess our liquidity and aids comparability with our competitors.
|
Reconciliations - Performance Measures
Adjusted EBITDA
(in thousands of $) |
Jan-March
|
|
Oct-Dec
|
|
Jan-March
|
|||
Net income |
36,812 |
|
|
22,415 |
|
|
70,132 |
|
Other non-operating income |
— |
|
|
— |
|
|
(42,528 |
) |
Interest income |
(1,705 |
) |
|
(1,743 |
) |
|
(1,517 |
) |
Interest expense |
19,678 |
|
|
20,463 |
|
|
19,485 |
|
(Gains)/Losses on derivative instruments |
(11,301 |
) |
|
13,115 |
|
|
6,001 |
|
Other financial items, net |
480 |
|
|
426 |
|
|
393 |
|
Income taxes, net |
133 |
|
|
375 |
|
|
56 |
|
Depreciation and amortization |
18,936 |
|
|
18,898 |
|
|
19,897 |
|
Amortization of intangible assets and liabilities - charter agreements, net |
(4,492 |
) |
|
(4,517 |
) |
|
(4,105 |
) |
Adjusted EBITDA |
58,541 |
|
|
69,432 |
|
|
67,814 |
|
Average daily TCE
(in thousands of $, except number of days and average daily TCE) |
Jan-March
|
|
Oct-Dec
|
|
Jan-March
|
|||
Time and voyage charter revenues |
78,710 |
|
|
89,319 |
|
|
91,168 |
|
Voyage, charter hire and commission expenses, net |
(1,439 |
) |
|
(1,019 |
) |
|
(1,499 |
) |
|
77,271 |
|
|
88,300 |
|
|
89,669 |
|
Calendar days less scheduled off-hire days |
1,001 |
|
|
1,012 |
|
|
1,071 |
|
Average daily TCE (to the closest |
|
|
|
|
|
|
|
|
Reconciliations - Liquidity measures
Total Contractual Debt
(in thousands of $) |
At March 31,
|
At December 31,
|
Total debt (current and non-current) net of deferred finance charges |
1,042,610 |
1,061,084 |
Add: VIE consolidation and fair value adjustments |
98,184 |
97,245 |
Add: Deferred finance charges |
5,083 |
5,563 |
Total Contractual Debt |
1,145,877 |
1,163,892 |
Total Company Cash
(in thousands of $) |
At March 31,
|
At December 31, 2023 |
||
Cash and cash equivalents |
105,818 |
|
133,496 |
|
Restricted cash and short-term deposits |
3,705 |
|
3,842 |
|
Less: VIE restricted cash |
(3,242 |
) |
(3,350 |
) |
Total Company Cash |
106,281 |
|
133,988 |
|
Other definitions
Contracted Revenue Backlog
Contracted revenue backlog is defined as the contracted daily charter rate for each vessel multiplied by the number of scheduled hire days for the remaining contract term. Contracted revenue backlog is not intended to represent adjusted EBITDA or future cashflows that will be generated from these contracts. This measure should be seen as a supplement to and not a substitute for our US GAAP measures of performance.
This information is subject to the disclosure requirements in Regulation EU 596/2014 (MAR) article 19 number 3 and section 5-12 of the Norwegian Securities Trading Act.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240521645435/en/
c/o Cool Company Ltd - +44 207 659 1111 / IR@coolcoltd.com
Source: Cool Company Ltd.
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