The following is a summary of the Cool Company Ltd. (CLCO) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Cool Company Ltd. reported Q4 time and voyage charter revenues of $89.3 million with a record time charter equivalent rate of $87,300 per day.

• Total operating revenues for the Q4 were $97.1 million, exceeding previous guidance, with full year time and voyage chartering revenues at $347 million, and total operating revenues were $379 million.

• Operating income increased by 14% from Q3 to $55.1 million, while Q4 net income was at $22.4 million.

• Costs related to vessel operating were significantly lower than previous quarters, at $16,600 per day per vessel.

• CoolCo declared cumulative dividends amounting to $88 million for 2023, with Q4 dividend reported at $0.41 per share, representing a 64% payout of Q4 net income.

• The company secured commitments from various banks which will allow the refinancing and upsizing of its current $520 million credit facility.

Business Progress:

• The company benefited from increased demand for its shipping services due to disturbances at the Panama Canal and the Red Sea.

• CoolCo projects improvement in its rates by the time its next available vessels are up for re-charter, due to expected increases in LNG shipments and longer shipping distances.

• A 12-month charter for one of its vessels has been announced post-Q4.

• The company announces plans to upgrade its vessel, Husky, to LNGe specs, expecting a shared performance increase with the charterer.

• Possibility of vessel retirements due to high maintenance costs amid lower rates.

• CoolCo is optimistic about its business expansion in East Asian markets due to the expected increase in LNG demand.

• Revenues for 2024 are expected to be committed for 95%, with an average time charter equivalent rate of $76,000 per day per vessel.

More details: Cool Company IR

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