LNG shipping company CoolCo says charter market showing strength as another vessel signed to major
Cool Company (CoolCo), the LNG shipping joint venture led by Eastern Pacific Shipping and which is growing its owned and managed fleets, said the market was showing continued strength as it entered into a new time-charter agreement for one of its tri-fuel, diesel-electric vessels.
The company, headquartered in Bermuda, said the multi-year charter with an energy major starts in early 2024 upon redelivery from the vessel’s current charter, adding backlog.
“We are delighted to have secured this attractive time charter, locking in cover at a rate that reflects the continued strength of the LNG carrier market ” said Richard Tyrrell, Chief Executive of CoolCo.
“The forward nature of this contract demonstrates the desire of LNG producers, offtakers, and portfolio players to secure modern tonnage to transport the dramatically increasing volumes of LNG coming online through the middle and latter parts of the decade,” stated Tyrrell.
“With vessel availability coinciding with seasonal peaks for chartering, CoolCo stands to benefit from the ongoing LNG carrier re-pricing cycle. Happy Norwegian Constitution Day to our investors,” added the CEO.
Shares
CoolCo’s shares are registered with the US Security and Exchange Commission and listed for trading on the New York Stock Exchange in addition to the Euronext Growth list in Oslo, both under the ticker “CLCO”.
CoolCo also has an owned fleet of 11 LNG vessels and a managed fleet of 18 ships.
The owners of the managed ships include sector leaders Golar LNG, Avenir LNG and New Fortress Energy.
The CoolCo-owned fleet comprises the following vessels: the “Golar Bear” the “Golar Crystal”, the “Golar Frost”, the “Golar Glacier”, the “Golar Ice”, the “Golar Kelvin”, the “Golar Snow”, the “Kool Baltic”, the “Kool Boreas” and the “Kool Firn” and the “Kool Orca”
US and Algeria LNG
May 15 (LNGJ) - The UK is scheduled to receive two LNG cargoes in the next two days. The “Kool Firn” vessel with 174,000 cubic metres of capacity is due to discharge a US shipment on May 16 at the South Hook terminal in Milford Haven from Sabine Pass in Louisiana.
A second cargo is expected to arrive in the UK on May 17 at the Isle of Grain terminal on the Medway River in Kent on board the Algerian Med-class vessel “Cheikh Bouamama” with capacity of 74,245 cubic metres. The cargo was lifted on May 11 from Algeria’s Skikda export plant.
Growing LNG fleet owner CoolCo reports firm results and sees tight 2023 market and plans NYSE listing
Cool Company Ltd, the LNG shipping joint venture formed between Eastern Pacific Shipping and Golar LNG has issued a business and financial update as it builds a modern fleet and prepares for a listing on the New York Stock Exchange after last year’s initial public offering.
