Financial Data and Key Metrics Changes - Full year time and voyage charter revenues were $347 million, and total operating revenues were $379 million, with operating income for the quarter reaching $55.1 million, an improvement of 14% compared to the third quarter of 2023 [2][5] - The fourth quarter operating margin reached 57%, with vessel operating expenses coming in at $16,600 per day per vessel, which was approximately $2,000 better than the previous two quarters [3][4] - Reported net income for the fourth quarter was $22.4 million compared to $39.2 million in the third quarter, primarily due to a $23 million unrealized mark-to-market valuation swing on interest rate swaps [5][6] - Adjusted EBITDA for the fourth quarter was a record $34.2 million, excluding non-recurring gains [22] Business Line Data and Key Metrics Changes - Time and voyage charter revenues for the fourth quarter were $89.3 million, resulting in an average time charter equivalent rate of $87,300 per day across the fleet, a record level [15][39] - Total operating revenues for the fourth quarter were $97.1 million, including non-cash amortization of net intangible liabilities of $4.5 million [16] Market Data and Key Metrics Changes - The company expects many more retirements in the coming years, which will create additional demand for modern tonnage [11][13] - The shipping market is anticipated to improve as demand increases with longer shipping distances, particularly due to disruptions in the Panama Canal and Red Sea [41][85] Company Strategy and Development Direction - The company is focused on securing long-term charters for newbuilds, targeting opportunities that align with market demand [93] - The company is confident in fixing newbuild vessels before delivery, despite current market conditions [50][67] Management's Comments on Operating Environment and Future Outlook - Management noted that the warm winter has led to falling gas prices, impacting shipping rates, but they expect rates to bounce back as demand increases [60][34] - The company anticipates that lower gas prices will facilitate demand in key markets, particularly in Asia [67][44] Other Important Information - The Board approved a dividend payout of $0.41 per share, representing approximately a 64% payout of fourth quarter net income [7][26] - The company declared a cumulative $88 million in dividends for 2023, distributing slightly more than the free cash flow available to equity holders [8] Q&A Session Summary Question: Confirmation of charter rate for Husky - Management confirmed that the charter rate needs to be above $80,000 per day [73] Question: Impact of disruptions in the Panama and Suez Canal - Management indicated that charterers are becoming more aware of their cargo needs and may require additional ships due to rerouting [85] Question: Economics of upgrading vessels with ALS system - Management explained that the performance of the vessel will be benchmarked before and after upgrades, with benefits shared between the company and the charterer [90][99] Question: Newbuilds and long-term charters - Management stated that the newbuilds are targeted at the long-term market, with a focus on structured RFP processes [93] Question: Newbuild prices and returns - Management noted that newbuild prices have decreased slightly but remain elevated compared to previous years, with potential for a standoff in the market [112]

HAMILTON, Bermuda--(BUSINESS WIRE)--Note to shareholders who hold shares registered in Euronext Securities Oslo, the central securities depository in Norway (the “VPS”): Due to implementation of the Central Securities Depository Regulation (“CSDR”) in Norway, please note the information on the payment date to the shares registered in the VPS below. Dividend amount: $0.41 per share Declared currency: USD. Dividends payable to shares registered in the VPS will be distributed in NOK. Last day including right ...

HAMILTON, Bermuda--(BUSINESS WIRE)--This release includes business and financial updates for the three ("Q4", "Q4 2023" or the "Quarter") and twelve months ("FY 2023") ended December 31, 2023 of Cool Company Ltd. ("CoolCo" or the "Company") (NYSE:CLCO / CLCO.OL). Q4 Highlights and Subsequent Events Generated total operating revenues of $97.1 million in Q4, compared to $92.9 million for the third quarter of 2023 ("Q3" or "Q3 2023"); Net income of $22.41 million in Q4, compared to $39.21 million for Q3, ...

HAMILTON, Bermuda--(BUSINESS WIRE)--Cool Company Ltd. (NYSE: CLCO / CLCO.OL, “CoolCo” or the “Company”) will host a Fourth Quarter and Full Year 2023 Earnings call and webcast presentation on Wednesday, February 28, 2024, at 8:00 A.M. New York / 2:00 P.M. Oslo / 1:00 P.M. London. The presentation will be available to download from the Presentations and Webcasts subsection of the Investors section of the Company’s website at www.coolcoltd.com. We recommend that participants join the conference call via the ...

We-GeIntroduction Cool Company (NYSE:CLCO) is another LNG pure play. The company has a small fleet of 11 vessels, plus two that are expected to be delivered in 2H2024. The company has ample liquidity and adequate capital structure, considering its strengths. Its margins reflect its relatively young fleet equipped with TFDE and X-DF propulsion plants. CLCO offers a quality fleet, healthy financials, and a double-digit dividend yield at an attractive price of 68% P/NAV. I have CLCO as part of shipping por ...

HAMILTON, Bermuda--(BUSINESS WIRE)--Cool Company Ltd. (NYSE: CLCO / CLCO.OL, “CoolCo” or the “Company”) announced today that it has entered into a new time charter agreement for one of its TFDE vessels. The 12-month time charter is with Santos Shipping Singapore Pte Ltd and is scheduled to commence in the first quarter of 2024. In the third quarter of 2024, the vessel is expected to undergo its scheduled drydock, at which time the Company also intends to upgrade the vessel to LNGe specifications. LNGe spec ...

Okay. On the steam turbines, though, I mean, there -- a few of them are coming off recharter now. How do they factor in? And I would figure the smaller, less efficient, they would be coming off the fleet as we have a fair amount of new builds coming online. Yes. I think that would be a very viable plan B. It's -- the only thing I'd say though about that market is that you would be competing against sublets potentially that are allocated to projects that are a little bit delayed. And you might not get the so ...

…if below those reached at the height of the Ukraine conflict's impact on LNG markets 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Max. TFDE Spot Rate Min. TFDE Spot Rate 250,000 Source: Company, external data from Clarksons Research New supply targeting the East requires more vessels – especially if Panama limits persist 6 • Tailwinds from logistical bottlenecks such as the Panama Canal Steam Turbine exits expected to help balance ...

Cool Company Limited (NYSE:CLCO) Q2 2023 Results Conference Call August 31, 2023 8:00 AM ET Company Participants Richard Tyrrell - CEO Johannes Boots - CFO Conference Call Participants Chris Tsung - Webber Research Liam Burke - B. Riley Frode Morkedal - Clarksons Securities Operator Good morning ladies and gentlemen, and welcome to the Cool Company Limited First Half 2023 Business Update Call. [Operator Instructions]. This call is being recorded on Thursday, August 31, 2023. I would now like to turn the co ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934 For the month of August 2023 Commission File Number: 001-41625 Cool Company Ltd. (Translation of registrant's name into English) | --- | |---------------------------| | | | | | | | | | | | 2nd Floor | | | | S.E. Pearman Building | | 9 Par-la-Ville Road | | Hamilton HM 11 | | Bermuda | | | (Address of principal executive off ...