The following is a summary of the Cool Company Ltd. (CLCO) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Cool Company Ltd. reported $88.1 million total operating revenues for Q1 2024.

• A decrease in TCE rate average led to operating income for the quarter amounting to $44.1 million.

• Adjusted EBITDA for the quarter amounted to $58.5 million due to lower TCE revenues.

• Net income increased to $36.8 million, largely due to unrealized mark-to-market valuation on interest rate swaps.

• The company's dividend for Q1 2024 stands at $0.41 per share.

• Cash position at approximately $106 million, with potential liquidity reaching up to $200 million.

Business Progress:

• A 14-year charter with GAIL of India is the largest single contract Cool Company Ltd. has completed.

• Expected higher shipping rates and longer vessel routes due to disruptions in Panama and Suez.

• Successful refinancing and strong backlog is expecting significant return in future quarters.

• CapEx expenditure for the year so far approximates $15 to $20 million.

• Despite some existing loan covenant restrictions, promising long-term opportunities with end users are forecasted.

• Company will attend upcoming Marine Money event in New York for potential investor discussions.

More details: Cool Co IR

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