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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 (NYSE: CLCO / CLCO.OL) has announced its 2024 Annual General Meeting, scheduled for November 21, 2024. The company has made available the Notice of Annual General Meeting and associated materials, including the 2024 Annual Report on Form 20-F, on its website at www.coolcoltd.com. This information is subject to disclosure requirements under Section 5-12 of the Norwegian Securities Trading Act. For further inquiries, stakeholders can contact the company at +44 207 659 1111 or ir@coolcoltd.com. Key contacts include Richard Tyrrell (Chief Executive Officer) and John Boots (Chief Financial Officer).
Cool Company (NYSE: CLCO / CLCO.OL) has announced its ex-dividend date for the second quarter of 2024. Shareholders will receive a dividend of $0.41 per share. The ex-dividend dates are set as follows:
- Oslo Stock Exchange (OSE): September 6, 2024
- New York Stock Exchange (NYSE): September 9, 2024
This announcement complies with the disclosure requirements of the Norwegian Securities Trading Act, Section 5-12. Investors seeking more information can contact Cool Company at +44 207 659 1111 or ir@coolcoltd.com. The company's key executives are Richard Tyrrell (CEO) and John Boots (CFO).
Cool Company (NYSE: CLCO / CLCO.OL) has announced a cash dividend of $0.41 per share, approved on August 28, 2024. Due to the implementation of the Central Securities Depository Regulation (CSDR) in Norway, there will be different dates for dividend distribution between the New York Stock Exchange (NYSE) and Oslo Stock Exchange (OSE). The payment date for NYSE-listed shares is on or about September 16, 2024, while for shares registered in the VPS (Norwegian central securities depository), it's on or about September 20, 2024. The ex-date for NYSE is September 9, 2024, and for OSE is September 6, 2024. Shareholders may experience restrictions in moving shares between NYSE and OSE during the interim days.
Cool Company (NYSE:CLCO) reported its Q2 2024 results, generating total operating revenues of $83.4 million, down from $88.1 million in Q1 2024. Net income decreased to $26.51 million from $36.81 million in Q1. The company achieved an average Time Charter Equivalent (TCE) of $78,400 per day, up from $77,200 in Q1. Adjusted EBITDA was $55.7 million, compared to $58.5 million in Q1.
Key highlights include securing a 14-year charter with GAIL (India) for one of two new MEGA LNG carriers under construction, completing three drydocks, and declaring a quarterly dividend of $0.41 per share. CoolCo's fleet utilization improved to 99% in Q2 from 95% in Q1. The company expects a moderate increase in TCE rate and revenues for Q3 2024.
Cool Company (NYSE: CLCO / CLCO.OL) has announced that its 2024 Annual General Meeting will be held on November 21, 2024 in London. The company has set September 24, 2024 as the record date for voting at the meeting. Shareholders will receive a notice and associated information through normal distribution methods before the meeting. This information will also be available on the company's website at www.coolcoltd.com. The announcement is subject to disclosure requirements under Section 5-12 of the Norwegian Securities Trading Act. For further inquiries, shareholders can contact the company at +44 207 659 1111 or ir@coolcoltd.com.
Cool Company (NYSE: CLCO / CLCO.OL) has announced its First Half 2024 Earnings call and webcast presentation, scheduled for Thursday, August 29, 2024, at 8:00 A.M. New York / 2:00 P.M. Oslo / 1:00 P.M. London. The presentation 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 ask questions during the Q&A session through teleconference dial-in options. 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 after the call.
Cool Company has announced that its shares will trade ex-dividend for the first quarter of 2024. The ex-dividend date is set for May 30, 2024, on the Oslo Stock Exchange (OSE) and May 31, 2024, on the New York Stock Exchange (NYSE). Shareholders will receive a dividend payout of $0.41 per share. This announcement complies with Section 5-12 of the Norwegian Securities Trading Act.
More details can be found on businesswire.com or by contacting the company's Investor Relations.
The New York Stock Exchange (NYSE), ICR, Cravath, and CFGI are hosting a half-day event titled 'NYSE's Roadmap to Wall Street: Considerations for a US Listing' on May 23, 2024, in London. This event will guide European corporate teams through the US listing process, covering market trends, listing venues, audit, accounting, and legal considerations. Richard Tyrell, CEO of Cool Company (NYSE: CLCO), will give a keynote speech detailing CoolCo’s US listing journey. The event also includes networking opportunities and sessions on US capital markets, IPO readiness, and investor engagement.
Cool Company (TICKER: CLCO) announced a cash dividend of $0.41 per share, declared in USD but payable in NOK for shares registered in Euronext Securities Oslo (VPS). Due to the implementation of the Central Securities Depository Regulation (CSDR) in Norway, payment dates will vary between the New York Stock Exchange (NYSE) and the Oslo Stock Exchange (OSE). The standard settlement cycle for trades on NYSE will be shortened to T+1 from May 28, 2024, while OSE will continue with T+2. Key dates include the last trading day with dividend rights on May 30, 2024 (NYSE) and May 29, 2024 (OSE), ex-date on May 31, 2024 (NYSE) and May 30, 2024 (OSE), and record date on May 31, 2024. Payment dates are on or about June 10, 2024 (NYSE) and June 13, 2024 (OSE).
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.
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