[Management View]
Total operating revenues were $85.5 million for Q1 2025, driven by higher revenue from vessel deliveries and more on-hire days. The average TCE rate was $70,600 per day. Adjusted EBITDA totaled $53.4 million, and net income was $9.1 million. The company has a total contracted revenue backlog exceeding $1.6 billion.

[Outlook]
Management expects a substantial wave of LNG supply growth over the next three years, which is anticipated to absorb recent excess vessel deliveries. The company plans to continue executing its dry dock program and pursue long-term charter opportunities.

[Financial Performance]
- Total operating revenues: $85.5 million (Q1 2025) vs. $84.6 million (Q4 2024)
- Average TCE rate: $70,600 per day (Q1 2025) vs. $73,900 per day (Q4 2024)
- Adjusted EBITDA: $53.4 million (Q1 2025) vs. $55.3 million (Q4 2024)
- Net income: $9.1 million (Q1 2025) vs. $29.4 million (Q4 2024)

[Q&A Highlights]
Question 1: Where are you seeing the tipping point with respect to terms or fixed rate versus floating rate charters? Is the appetite for fixed rate deals more or less capped at twelve months or are you seeing any interest in longer durations?
Answer: We are seeing interest in longer durations, especially for newer vessels. For TFTEs, there is interest for up to three, four, even five years. However, the rates for longer-term charters are significantly above current levels, leading to shorter-term charters being more common.

Question 2: How do you see the uncontracted volumes coming out of the US Gulf ramping materially impacting the carrier market?
Answer: The volumes are starting to arrive and will make a material difference to the market. The impact will depend on where the molecules go, with fewer ships needed if they go to Europe compared to Asia.

Question 3: Where are asset prices for non-older vessels?
Answer: Asset prices remain high, with two-stroke vessels costing around $250 million, slightly down from the peak of $260 million.

Question 4: Is there any potential to add to the fleet?
Answer: We are always looking for opportunities but have not yet found a suitable one. We remain disciplined in our approach.

Question 5: Are you considering forward fixing for the fuel fiber, similar to the capital contract starting in 2027?
Answer: Yes, we are considering such options and view the mid-eighties or higher as acceptable levels for such charters.

Question 6: Are the new builds with Chinese leases affected by the USTR port fees?
Answer: The LNG fleet, including our vessels, is not affected until 2029/2030. We have call options from day one, with prepayment penalties decreasing over time.

[Sentiment Analysis]
Analysts showed interest in the company's strategic management of charters and fleet expansion. Management maintained a confident and disciplined tone, emphasizing long-term value creation and market opportunities.

[Quarterly Comparison]
| Metric | Q1 2025 | Q4 2024 |
|----------------------------|-----------------|-----------------|
| Total Operating Revenues | $85.5 million | $84.6 million |
| Average TCE Rate | $70,600 per day | $73,900 per day |
| Adjusted EBITDA | $53.4 million | $55.3 million |
| Net Income | $9.1 million | $29.4 million |

[Risks and Concerns]
- Continued spot market weakness
- Potential regulatory changes affecting Chinese leasebacks
- Market volatility impacting charter rates and asset prices

[Final Takeaway]
CoolCo reported solid financial performance in Q1 2025, with higher operating revenues and a strong contracted revenue backlog. Management remains focused on long-term value creation through disciplined fleet management and strategic chartering. The company is well-positioned to benefit from the anticipated growth in LNG supply and the resulting increase in shipping demand. However, ongoing market volatility and regulatory risks require careful monitoring.