Welcome to our dedicated page for Cool Co news (Ticker: CLCO), a resource for investors and traders seeking the latest updates and insights on Cool Co stock.
Cool Co Ltd (CLCO) delivers essential LNG shipping solutions through its global fleet operations and strategic partnerships. This news hub provides investors and industry stakeholders with timely updates on the company's maritime transport activities, market positioning, and role in the clean energy transition.
Access official press releases covering charter agreements, fleet management developments, and operational milestones. Our curated collection includes earnings reports, vessel acquisition announcements, and analyses of LNG market trends impacting CLCO's operations. All content is verified through primary sources to ensure reliability.
Key updates feature long-term contract signings with energy producers, technological advancements in LNG carrier operations, and regulatory developments affecting maritime logistics. Bookmark this page for streamlined access to CLCO's latest strategic moves within the evolving energy transportation sector.
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.
CoolCo (NYSE: CLCO / CLCO.OL) has entered into a 14-year Time Charter Party with GAIL (India) for one of its newbuild LNG carriers. The charter will commence in early 2025, upon the vessel's delivery in the Gulf of Mexico. This agreement boosts CoolCo's total revenue backlog to nearly $1.9 billion, including extension options. GAIL, an investment-grade company, is India's leading natural gas provider and may extend the charter by two additional years. The new LNG carriers are among the most efficient and lowest-emission vessels globally. This contract aims to secure LNG supply to India, a rapidly growing market.
Cool Company (NYSE: CLCO / CLCO.OL) will host its First Quarter 2024 Earnings call and webcast on May 22, 2024, at 8:00 A.M. New York / 2:00 P.M. Oslo / 1:00 P.M. London. The webcast can be accessed via the Investors section of CoolCo's website. Analysts can participate in the Q&A session through teleconference, with call details provided on the website. The presentation materials will be downloadable, and a replay of the event will be available on-demand for one year.
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