CLCO Q3 2023 results

Announced 11/28

  • Time and voyage charter rev $84.5M
  • Total rev $92.9M
  • Net income of $39.2M
  • Fleet TCE avg $82.4K daily
  • Declared div of 41c/sh for Q3

Proceeds from vessel sale in H1 2023 allowed CLCO to cover the interim payments on the newbuilds. The remaining financing on the two newbuilds has been completed via a Sale & Leaseback deal. That leaves CLCO with a known hurdle rate to cover the financing.
Per Slide 5, 1-year TC market seems weaker in 2023. Impact on CLCO lower since they only have one vessel potentially impacted.

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Had not picked up on this item until now. CLCO acquired fleet management services from Golar LNG (GLNG) when the company started. That provided additional revenue via mgmt of third party vessels and FSRUs. CLCO are losing a major customer for those services (paragraph prior to “Business Development” subsection

Who dat customer?
Although they appear to have more than 9 managed vessels/FSRUs, my guess is Energos. NFE Penguin is the storage component of Fast LNG #1, so that’s an obvious one. My guess is the old steam vessels (Energos Grand, Golar Mazo, Energos Maria, etc) get retired. Whether Energos keep the vessels and repurpose them at a later time would be an unknown. Will have to see which vessels actually disappear from CLCO’s managed fleet list.

CLCO will lose some fleet mgmt revenue over the course of 2024. But recover most => all of the revenue in 2025 (assuming the two newbuilds start service by then)