CoolCo LNG Carrier player has entered into a time charter deal for one of its tri-fuel diesel electric (TFDE) vessels with an energy client.
Announcing its first half 2024 earnings results, the company said that it has secured a one-year time charter agreement for a TFDE vessel starting in the third quarter of 2024 with an energy major, and it is participating in two formal processes for Kool Tiger, its other MEGA LNG carrier currently under construction.
CoolCo navigated the flat chartering market since its last reporting through a back-to-back 12-month charter that increased its backlog to $1.8bn.
Richard Tyrrell, chief executive officer of CoolCo, said: “Despite the continuing market volatility, geopolitical uncertainty and focus on energy security that continues to figure prominently in the LNG market, several charterers are adopting short shipping strategies that have the potential to spur sudden demand.
“During Q2 and the early part of Q3, CoolCo has taken advantage of the seasonally quieter months to complete drydocks and secure additional forward charter cover for both the relative short term and the long term.
“Our TCE performance for the second quarter increased to $78,400 per day, as the seasonal impact on our one market-linked charter was more than offset by the full-quarter contributions from two vessels that recently began improved time charters.”
The shipowner is now expecting the delivery of its two newbuilds later this year, one of which has already secured a 14-year time charter to service the fast-growing Indian LNG market.
As it is reported, the company’s fleet is now largely fixed through the medium term.
