08/28
LNG tanker entity CoolCo (CLCO) announced Q2 2024 results earlier today
- Rev of $83.4M
- Net income of $26.1M
- TCE daily rev of $78,400
- Declared div of 41c/sh
CLCO management indicate a vessel secured a 1-year time charter on a TFDE vessel. They also indicate the vessel was previously on a index-related floating rate that negatively impacted H1 2024 results. Ok, but the LNG tanker market is heading into its stronger half, so fixing doesn’t automatically mean that is the best outcome. It likely reduces the volatility of the rate change, and a smoother revenue stream for the year.
Share price got slammed yesterday (08/27), so today’s bounce hardly unreasonable. No rush to add @ $11/sh, but would be interested 50c lower. Current CLCO stake probably break-even with the div included.