Cool Company Ltd ( (CLCO) ) has released its Q4 earnings. Here is a breakdown of the information Cool Company Ltd presented to its investors.
Cool Company Ltd, a prominent player in the LNG shipping industry, specializes in the transportation of liquefied natural gas (LNG) and is known for its modern fleet and strategic market positioning.
In its latest earnings report for the fourth quarter of 2024, Cool Company Ltd reported an increase in total operating revenues to $84.6 million, up from $82.4 million in the previous quarter. The company also saw a significant rise in net income to $29.4 million, primarily due to gains from interest rate swaps.
Key financial highlights include an adjusted EBITDA of $55.3 million and a decrease in average Time Charter Equivalent Earnings to $73,900 per day. The company also took delivery of a new vessel, Kool Tiger, and refinanced its bank facility to enhance borrowing capacity. Notably, CoolCo did not declare a dividend due to market conditions.
Looking ahead, Cool Company Ltd remains optimistic about the LNG shipping market, anticipating a normalization of rates as new LNG projects come online and older vessels exit the market. The company is strategically positioned with a strong backlog and liquidity, aiming for financial flexibility and potential growth opportunities.