Quoted LNGC owner, Cool Company (CoolCo) generated total operating revenues of $90.3 mill in the second quarter of this year, compared to $98.6 mill for the previous quarter.
The reduction was mainly related to the sale of ’Golar Seal’ in late March, 2023, the company explained.
Net income was $44.6 mill in 2Q23, compared to $70.1 mill for the first quarter.
CoolCo achieved average Time Charter Equivalent Earnings (TCE) of $81,100 per day per vessel, compared to $83,700, per day for 1Q23.
The drop in TCE was mainly attributable to a lower variable rate charter that is linked to the spot-market.
Adjusted EBITDA came in at $59.9 mill for 2Q23, compared to $67.8 mill for the previous period.
For 2Q23, CoolCo declared a dividend of $0.41 per share, to be paid to shareholders of record on 11th September, 2023.
CEO Richard Tyrrell, commented:“During the second quarter, we achieved full utilisation across the CoolCo fleet and secured well-timed growth through the exercise of our option on two state-of-the-art newbuild MEGA LNG carriers with deliveries in late 2024. The pricing was materially below current levels and committed financing in place, subject to documentation.
“By exercising our option to acquire these vessels with scheduled delivery years well in advance of comparable newbuild orders, we are one of the few independent owners with availability in an early period of rapid expected growth in LNG supply.
“In conjunction with our three existing vessels that come into the charter market in 2023 and 2024, of which two are currently at rates well below prevailing levels, we have a clear path towards the realisation of significant incremental value, cash flow, and continued dividend-paying capacity.
“With the approach of winter in the Northern Hemisphere, which is typically accompanied by a surge in LNG carrier demand related to both increased gas consumption and additional utilization for floating storage, trading arbitrage involving lengthy voyages to the Far East, and weather-related delays that soak up shipping capacity, the market seems tightly coiled.
“Moreover, the recent extreme volatility in gas pricing demonstrates a continued emphasis on energy security, as importers continue to put a premium on the commodity and the shipping capacity required to ensure security of supply,” he said.
