Major LNGC player, Cool Company (CoolCo) reported total operating revenues of $82.4 mill in the third quarter of this year, compared to $83.4 mill for the previous quarter.
The slight drop was due to three vessels undergoing scheduled drydocking during the quarter.
Third quarter net income was $8.11 mill, compared to $26.51 mill for 2Q24 with the decrease primarily related to a loss in mark-to-market interest rate swaps.
CoolCo achieved average timecharter equivalent earnings (TCE) of $81,600 per day in 3Q24, compared to $78,400 per day in the previous quarter, primarily due to a contribution from one vessel that recently started a higher rate charter/
Adjusted EBITDA was $53.7 mill, compared to $55.7 mill for Q2.
During the quarter, CoolCo gained commercial bank approval for a refinancing of a $570 mill bank facility into a reducing revolving credit facility, which will provide around $120 mill in additional borrowing capacity, while lowering the margin and extending maturity to late 2029.
CoolCo also declared a quarterly dividend of $0.15 per share.
Subsequently, the Board has approved a share repurchase programme of up to $40 mill to be executed over a 24-month period.
