Log In

Reset Password

CoolCo second-quarter net income dips to $44.6m

First Prev 1 2 Next Last
Representatives of CoolCo and the company’s largest shareholder convened at the New York Stock Exchange in March to ring the closing bell (File photograph)

Bermudian-based Cool Company, the liquefied natural gas shipping company, has reported net income of $44.6 million in the second quarter of 2023.

That compares with net income of $70.1 million in the first quarter of the year.

The company generated total operating revenues of $90.3 million in the second quarter, compared with $98.6 million in the first.

The reduction was mainly related to the sale of Golar Seal in late March, the company said.

CoolCo achieved average time charter equivalent earnings of $81,100 per day in the second quarter, compared with $83,700 per day for the first quarter, mainly attributable to a lower variable rate charter that is linked to the spot market.

The company recorded adjusted earnings before interest, taxes, depreciation and amortisation of $59.9 million for the second quarter, compared with $67.8 million for the first quarter.

The company exercised its option to acquire two new build two-stroke LNG carriers from affiliates of EPS Ventures.

CoolCo declared a dividend for the second quarter of $0.41 per share, to be paid to shareholders of record on September 11.

Richard Tyrrell, CEO, said: “During the second quarter, we achieved full utilisation across the CoolCo fleet and secured well-timed growth through the exercise of our option on two state-of-the-art new build MEGA LNG carriers with deliveries in late 2024, new build pricing materially below current levels and committed financing in place subject to documentation.

“By exercising our option to acquire these vessels with scheduled delivery years well in advance of comparable new build orders, we are one of the few independent owners with availability in an early period of rapid expected growth in LNG supply.

“In conjunction with our three existing vessels that come into the charter market in 2023 and 2024, of which two are currently at rates well below prevailing levels, we have a clear path towards the realisation of significant incremental value, cashflow, and continued dividend-paying capacity.”

He added: “As owners of modern LNG carriers that will be available for time charter employment through the medium term, we believe that our strategy of combining the certainty of long-term charter coverage with a measured amount of charter market exposure has the potential to shine in the quarters ahead.”

Richard Tyrrell, CEO of Cool Company Ltd (File photograph)

You must be Registered or to post comment or to vote.

Published August 31, 2023 at 5:47 pm (Updated August 31, 2023 at 9:15 pm)

CoolCo second-quarter net income dips to $44.6m

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon