CoolCo now on NYSE

CoolCo (CLCO) completed their registration to trade on NYSE

Completion of reregistration process, ticker change, and conclusion of trading suspension on Euronext Growth Oslo and commencement of trading on the NYSE | Coolco (

The company shares started trading on 03/17/23. The following week the company completed plans to sell an existing LNG tanker (Golar Seal)

Should re-read their last earnings report - under $1B market cap makes this seem like a reasonable entry point


The Q4 2022 report–
Cool Company Ltd. Q4 2022 Business Update | Coolco (

At year-end 2022, the company had abt $1.25B in debt, or slightly more than $100M per vessel. With the Golar Seal debt of $88M repaid, the debt per vessel would bump up slightly. But not really too extreme given a mix of TFDE and 2-stroke vessels in the fleet. Very nice rates of $120K daily on at least 2 vessels. Would Q4 2022 of $90M annualized be too extreme? Maybe, maybe not. Assuming loss of revenue from sold vessel, let me lower the run-rate. Lets say $70M quarterly, would be $280M. So CLCO is priced @ < 2.4X revenue.
One of the $120K three-year charters starts in 2023. Will CLCO exercise the newbuild options? I see a very low probability of them not. So there is further upside there. Good insider ownership group - Eastern Pacific Shipping (almost 50%) and great net margins (> 40%)

I think I can convince myself to, at least, initiate a position. It certainly is off-the-radar since they started trading in the middle of bank run fears.

Mentioned in another thread-
The charter rates for the SPV acquisition can be found in CLCO Q3 report. There was about 3.7 years of coverage (excluding options) @ ~$70K daily per vessel. There is also a vessel with a $140K daily rate.

That was enough data to propel me to a CLCO nibble.

Seems like it was the Ofer family/EPS that bought out the last of GLNG’s CLCO stake (8.3%). That means they are now majority owners (58.2%) If a big whale came along, would they do a deal to take CLCO private? I suppose that’s possible, but seems like there were a couple of opportunities to do so prior e.g. when CLCO sought equity for the SPVs. Besides, EPS with a majority stake, doesn’t need a whale. Also, EPS already owned the 4 SPVs prior to the new equity raise.

Will have to wait and see how things play out.