Q2 2024 Cool Company Ltd Earnings Call Transcript
Key Points
- Average TCE increased to $78,400 per day, surpassing peers and expected to rise further in the third quarter.
- Revenue aligned with guidance despite dry-dock delays, with subsequent dry-docks completed ahead of schedule and budget.
- Dividend maintained at $0.41 per share, supported by a strong backlog and new charter agreements.
- The first new build is on schedule for delivery at the end of October, with the second expected in the first quarter of 2025.
- Strong interest in long-term charters for the Kool Tiger, with potential for attractive winter rates.
- Revenue was impacted by extended off-hire periods due to dry-dock delays.
- Adjusted EBITDA decreased to $55.7 million from $58.5 million in the previous quarter.
- Net income fell to $26.1 million from $36.6 million in the first quarter, partly due to reduced unrealized gains on interest rate swaps.
- Operating income decreased by $2.7 million compared to the prior quarter.
- The LNG carrier market has been subdued over the summer, with term rates remaining relatively soft.
Good day, and welcome to the Cool Company Limited 1H 2024 results presentation. (Operator Instructions) Please note today's call may be recorded, and I'll be standing by if you should need any assistance.
It is now my pleasure to turn the conference over to Richard Tyrrell, Chief Executive Officer. Please go ahead.
Thank you, Todd, and good morning to those in the US. Good afternoon to those in Europe and further East. Welcome to CoolCo's second quarter 2024 results presentation.
Please turn to slide 3, CoolCo at a glance. Let me start with a summary of the headline numbers for the second quarter and our expectations for the third quarter. We will get into more detail as we move through the presentation, but I would like to highlight the following.
Average TCE of 78,400 per day is up from 77,200 in the first quarter. That's above our peers, and this is expected to increase for the third quarter because of the existing fleet being fully chartered. John will provide further guidance later in the
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