Cool Company Ltd ( (CLCO) ) has released its Q3 earnings. Here is a breakdown of the information Cool Company Ltd presented to its investors.
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Cool Company Ltd, a prominent player in the LNG shipping industry, operates a fleet of vessels specializing in transporting liquefied natural gas across the globe. The company reported its Q3 2024 earnings, highlighting a stable performance despite facing market challenges.
Cool Company Ltd generated total operating revenues of $82.4 million in Q3 2024, with a net income of $8.1 million, a decrease from the previous quarter due to losses in interest rate swaps. Despite this, the company achieved an average Time Charter Equivalent Earnings of $81,600 per day, benefiting from a high-rate charter for one of its vessels.
Significant strategic moves include the delivery of a new vessel, Kool Tiger, and the completion of dry docks for key vessels, enhancing their LNG capabilities. The company also secured refinancing for its $570 million bank facility, extending maturity and increasing borrowing capacity. Additionally, CoolCo announced a $0.15 dividend per share and a $40 million share repurchase program over the next 24 months.
Looking forward, Cool Company Ltd remains optimistic, anticipating growth opportunities from the current market conditions. The company is well-positioned to leverage its fleet and strategic initiatives to capitalize on the expected increase in LNG demand and related shipping needs by 2025.
