Cool Company Ltd. reported its financial results for the first quarter of 2025, showing total operating revenues of $85.5 million, a slight increase from $84.6 million in the fourth quarter of 2024. Net income for Q1 2025 was $9.072 million, a significant decrease from $29.387 million in Q4 2024. This decline in net income was primarily due to unrealized mark-to-market changes on interest rate swaps. The company achieved an average Time Charter Equivalent Earnings ("TCE") of $70,600 per day during Q1 2025, down from $73,900 per day in the previous quarter. This decrease was attributed mainly to increased repositioning expenses for the newbuild vessel _GAIL Sagar_ and another vessel transitioning between spot charters. CoolCo's fleet maintained strong performance with an 88% fleet utilization in Q1 2025, a drop from 92% in Q4 2024. The decrease was impacted by the commercial off-hire period due to repositioning activities. The company remains optimistic about the long-term market, expecting the current newbuild orderbook to be fully absorbed and continue generating attractive time charter opportunities for its modern fleet.
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