The following is a summary of the Cool Company Ltd. (CLCO) Q1 2024 Earnings Call Transcript:
Financial Performance:
Cool Company Ltd. reported $88.1 million total operating revenues for Q1 2024.
A decrease in TCE rate average led to operating income for the quarter amounting to $44.1 million.
Adjusted EBITDA for the quarter amounted to $58.5 million due to lower TCE revenues.
Net income increased to $36.8 million, largely due to unrealized mark-to-market valuation on interest rate swaps.
The company's dividend for Q1 2024 stands at $0.41 per share.
Cash position at approximately $106 million, with potential liquidity reaching up to $200 million.
Business Progress:
A 14-year charter with GAIL of India is the largest single contract Cool Company Ltd. has completed.
Expected higher shipping rates and longer vessel routes due to disruptions in Panama and Suez.
Successful refinancing and strong backlog is expecting significant return in future quarters.
CapEx expenditure for the year so far approximates $15 to $20 million.
Despite some existing loan covenant restrictions, promising long-term opportunities with end users are forecasted.
Company will attend upcoming Marine Money event in New York for potential investor discussions.
More details: Cool Co IR
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