COOL COMPANY LTD.(CLCO)
(CLCO)
Kvartalsrapport (Q1)
8 dager siden‧33min
Ordredybde
Stengt
Antall
Kjøp
350
Selg
Antall
0
Siste handler
| Tid | Pris | Antall | Kjøpere | Selger |
|---|---|---|---|---|
| 153 | - | - | ||
| 741 | - | - | ||
| 93 | - | - | ||
| 1 180 | - | - | ||
| 39 | - | - |
Omsetning (NOK)
91 264 210Det er viktig at du er klar over at aksjemarkedet kan både øke og minke i verdi. Selv om sparing i aksjer historisk sett har gitt god avkastning over tid, er det ingen garanti for fremtidig utvikling. Det er alltid en risiko for at du ikke får tilbake pengene du har investert.
Meglerstatistikk
Fant ingen data
Selskapshendelser
| Kommende | |
|---|---|
| 2022 Generalforsamling | 23. jun. |
| Historisk | ||
|---|---|---|
| 2023 Kvartalsrapport (Q1) | 23. mai | |
| 2023 Selskapspresentasjon | 23. mai | |
| 2022 Årsrapport | 28. feb. | |
| 2022 Kvartalsrapport (Q3) | 16. nov. 2022 | |
| 2022 Selskapspresentasjon | 16. nov. 2022 |
Data hentes fra Millistream, Quartr
Nyheter og Analyser
Nyheter og/eller generelle investeringsanbefalinger, eller utdrag av disse på denne siden og øvrige lenker, er produsert og levert av den spesifiserte leverandøren. Nordnet har ikke deltatt i utarbeidelsen, og har ikke gjennomgått eller gjort endringer i materialet. Les mer om investeringsanbefalinger.
Kvartalsrapport (Q1)
8 dager siden‧33min
Selskapshendelser
| Kommende | |
|---|---|
| 2022 Generalforsamling | 23. jun. |
| Historisk | ||
|---|---|---|
| 2023 Kvartalsrapport (Q1) | 23. mai | |
| 2023 Selskapspresentasjon | 23. mai | |
| 2022 Årsrapport | 28. feb. | |
| 2022 Kvartalsrapport (Q3) | 16. nov. 2022 | |
| 2022 Selskapspresentasjon | 16. nov. 2022 |
Data hentes fra Millistream, Quartr
Nyheter og Analyser
Nyheter og/eller generelle investeringsanbefalinger, eller utdrag av disse på denne siden og øvrige lenker, er produsert og levert av den spesifiserte leverandøren. Nordnet har ikke deltatt i utarbeidelsen, og har ikke gjennomgått eller gjort endringer i materialet. Les mer om investeringsanbefalinger.
Shareville
LNG Vessel Owners Looking Beyond Winter Spot Market to Mid-Decade Export Boom, CoolCo Says https://www.naturalgasintel.com/lng-vessel-owners-looking-beyond-winter-spot-market-to-mid-decade-export-boom-coolco-says/ Despite a current lull in LNG prices and trading activity, shipping company Cool Co. Ltd. (CoolCo) expects the long-term focus on natural gas supply security to make independent vessel owners think twice about short-term commitments for this winter. The Bermuda-based company recently reported in a market outlook that vessel owners could have more incentive to leave their vessels open for long-term commitments near the end of the decade, when a glut of new U.S. and Qatar volumes are expected to hit the market. “As evidenced by a healthy market for three-plus year charters, owners appear reluctant to fix vessels for short durations covering only the most profitable winter months when a willingness to pay for floating storage peaks, preferring instead to secure coverage until the next wave of LNG volumes come into the market in 2026-2027,” CoolCo analysts wrote. CoolCo owns 11 liquefied natural gas vessels, and manages eight additional carriers and nine floating storage and regasification units (FSRUs) for other firms. The United States is expected to host the largest additions in global export capacity in the coming years, starting with the initial ramp up of ExxonMobil and QatarEnergy’s Golden Pass LNG sometime in 2024. Cheniere Energy Inc.’s Corpus Christi Stage Three project and Venture Global LNG Inc. also could contribute to a 5.7 Bcf/d boostby the end of 2025. Qatar is also planning to increase its domestic LNG output by over 60% by 2027 with the massive North Field East and North Field South projects that have already been sanctioned. Spot charter rates for delivery to both Asia and Europe have been falling along with LNG prices since the beginning of the year as demand for cargoes have dropped. Spark Commodities’ Henry Bennett, head of pricing, told NGI the LNG freight forward curve suggests spot prices rates will rise above the current dip closer to winter. So far, the curve also indicates the Atlantic basin market may start tightening earlier than usual, possibly in August, Bennett said. Analysts from Fearnleys wrote that short-term vessel commitments continue to be inked despite the steep discounts, with the price of each deal reported “lower than the last.” However, looking into the fall, Fearnleys wrote spot charter prices will rise to a premium as “tonnage that can cover all of this coming winter is limited at best.” CoolCo CEO Richard Tyrrell said it was notable that the majority of those deals are being made by ship subletters, as ship owners receive more attractive offers in the long-term. “For the few owners with available tonnage, including CoolCo, charterers have remained eager to secure multi-year charters at attractive rates for owners,” Tyrrell said. CoolCo also noted that the number of modern vessels, typically larger and more environmentally friendly, is especially limited headed into the coming winter. The company pointed to the number of acquisitions over the past year-and-a-half, concentrating most of the world’s modern fleet into fewer hands. Analysts wrote this would give independent vessel owners even more “bargaining power” as LNG traders look to comply with new carbon intensity rules for vessels and avoid added costs when European Union carbon pricing is applied to cargoes in 2024. Analysts with CoolCo wrote that despite a shift from longer routes to Asia for U.S. cargoes to swift trips to Europe, the continent’s focus on securing supply will help keep short-term charters profitable. Prices should also justify the hefty costs of newbuild vessels expected to hit the market post-2023. Newbuild costs are currently averaging around $260 million. Fearnleys reported most shipyards are currently booked out to 2028. “Ninety percent of vessels on order are committed to specific projects, and an increased charterer emphasis on energy security rather than utilization maximization, longer discharge times at European FSRUs and seasonal storage plays mean that rising tonne-time should mitigate the impact of lower tonne-miles for cargoes diverted to Europe,” the firm wrote. While some European Union countries have been adjusting their plans for additional FSRUs, Fitch Ratings Inc. recently reported that European LNG imports are expected to continue growing. Imports for 2023 are estimated at 155 billion cubic meters, a 45 Bcm year/year increase.- The world could be facing a glut of giant liquefied natural gas (LNG) tanker ships set to be built this decade even as nations shift away from fossil fuels to reach global temperature goals, a report published on Thursday said. https://www.straitstimes.com/world/as-lng-investment-booms-a-tanker-glut-is-on-the-horizon-report
- Transition-story about to accelerate CLCO delivered in line with our estimates in Q1. Having started with 8x TFDEs and significant spot exposure little more than a year ago, Cool is accelerating its transition. The two NB-options should be called shortly, and they have ships open in Sep’23 (1x) and 2024 (2x), with the latter increasingly relevant after a 3Y TC at USD ~115k/day last week. Trading at 0.6x NAV and P/E 6x, CLCO should be on its way to narrow the gap to peer(s). BUY, TP NOK 222. Q1 in line with our estimates but below cons. – negative revisions but P/E 6x CLCO delivered EBITDA adj. of USD 68m, right in-between us and consensus at USD 65 – 71m. TCE rates of USD 83.7k/day slightly better than expected with utilization higher as well – countered by higher opex and G&A. The company gave away some of the EBITDA beat to higher interest costs, and EPS adj. ended at USD 0.53 – spot on our estimates but ~20% below cons. They delivered on dividends – declaring USD 0.41 (we expected USD 0.38); 14% run-rate yield. We include the 3Y TC at USD ~115k/day (from Q2’24) and somewhat higher costs – resulting in some negative revisions to our est., but we still peg CLCO at P/E 6x. Utilizing strong term-market – could soon be a fleet of 13x fully fixed vessels Falling gas prices, warm weather and Freeport not fully back has been in focus so far in 2023. Spot rates have had a soft start to the year, but aside from Cool’s two index-linked charters, this has limited impact. The term-market has remained strong, evidenced by the company’s 3Y TC at USD ~115k/day with start-up in Mar – Apr 2024 (implied EV/EBITDA ~4x in CLCO). Cool has two more vessels open towards the end of next year, which suddenly have become much more relevant. Prior to this is probably i) the exercise of two optional newbuilds accompanied by stellar contracts/financing, and ii) another solid term-charter for the vessel coming open in Sep’23. This could soon leave the company with 13x fully fixed vessels – making them even more similar to another premium LNGC owner we follow. Doing the right things but not getting credit at 0.6x NAV – BUY, TP NOK 222 Spot-trading has not really worked in LNG shipping, and owners have moved to long-term employment at attractive levels. CLCO is well underway doing the same but has so far not received much credit for this in equity markets, neither relative to asset values nor peer(s). 2014–15 built TFDEs are valued at USD 150m in the share, despite the company selling the 2013-built ‘Seal’ for USD 184m in Q1. EV/EBITDA and P/E multiples remain at roughly 50% of FLNG, too large of a gap in our opinion. Having completed its US listing, we argue Cool is on the right track. Reiterate BUY, TP NOK 222 (210 – FX) – NAV and fully-delivered EV/EBITDA 7x.New price targets recently: Pareto Securities: : 222 NOK Danske Bank: 240 NOK Fearnley Securities: 200 NOK
- Term market strong and stable for LNG carriers https://www.royalgazette.com/international-business/business/article/20230524/term-market-strong-and-stable-for-lng-carriers/
- CoolCo says up to 20 new LNG ships a year needed to replace old steamships https://www.tradewindsnews.com/gas/coolco-says-up-to-20-new-lng-ships-a-year-needed-to-replace-old-steamships/2-1-1455046
Kommentarene ovenfor kommer fra brukere på Nordnets sosiale nettverk Shareville og er verken redigert eller forhåndsvist av Nordnet. De innebærer ikke at Nordnet gir investeringsråd eller investeringsanbefalinger. Nordnet påtar seg ikke ansvar for kommentarene.
Kvartalsrapport (Q1)
8 dager siden‧33min
Selskapshendelser
| Kommende | |
|---|---|
| 2022 Generalforsamling | 23. jun. |
| Historisk | ||
|---|---|---|
| 2023 Kvartalsrapport (Q1) | 23. mai | |
| 2023 Selskapspresentasjon | 23. mai | |
| 2022 Årsrapport | 28. feb. | |
| 2022 Kvartalsrapport (Q3) | 16. nov. 2022 | |
| 2022 Selskapspresentasjon | 16. nov. 2022 |
Data hentes fra Millistream, Quartr
Shareville
- LNG Vessel Owners Looking Beyond Winter Spot Market to Mid-Decade Export Boom, CoolCo Says https://www.naturalgasintel.com/lng-vessel-owners-looking-beyond-winter-spot-market-to-mid-decade-export-boom-coolco-says/ Despite a current lull in LNG prices and trading activity, shipping company Cool Co. Ltd. (CoolCo) expects the long-term focus on natural gas supply security to make independent vessel owners think twice about short-term commitments for this winter. The Bermuda-based company recently reported in a market outlook that vessel owners could have more incentive to leave their vessels open for long-term commitments near the end of the decade, when a glut of new U.S. and Qatar volumes are expected to hit the market. “As evidenced by a healthy market for three-plus year charters, owners appear reluctant to fix vessels for short durations covering only the most profitable winter months when a willingness to pay for floating storage peaks, preferring instead to secure coverage until the next wave of LNG volumes come into the market in 2026-2027,” CoolCo analysts wrote. CoolCo owns 11 liquefied natural gas vessels, and manages eight additional carriers and nine floating storage and regasification units (FSRUs) for other firms. The United States is expected to host the largest additions in global export capacity in the coming years, starting with the initial ramp up of ExxonMobil and QatarEnergy’s Golden Pass LNG sometime in 2024. Cheniere Energy Inc.’s Corpus Christi Stage Three project and Venture Global LNG Inc. also could contribute to a 5.7 Bcf/d boostby the end of 2025. Qatar is also planning to increase its domestic LNG output by over 60% by 2027 with the massive North Field East and North Field South projects that have already been sanctioned. Spot charter rates for delivery to both Asia and Europe have been falling along with LNG prices since the beginning of the year as demand for cargoes have dropped. Spark Commodities’ Henry Bennett, head of pricing, told NGI the LNG freight forward curve suggests spot prices rates will rise above the current dip closer to winter. So far, the curve also indicates the Atlantic basin market may start tightening earlier than usual, possibly in August, Bennett said. Analysts from Fearnleys wrote that short-term vessel commitments continue to be inked despite the steep discounts, with the price of each deal reported “lower than the last.” However, looking into the fall, Fearnleys wrote spot charter prices will rise to a premium as “tonnage that can cover all of this coming winter is limited at best.” CoolCo CEO Richard Tyrrell said it was notable that the majority of those deals are being made by ship subletters, as ship owners receive more attractive offers in the long-term. “For the few owners with available tonnage, including CoolCo, charterers have remained eager to secure multi-year charters at attractive rates for owners,” Tyrrell said. CoolCo also noted that the number of modern vessels, typically larger and more environmentally friendly, is especially limited headed into the coming winter. The company pointed to the number of acquisitions over the past year-and-a-half, concentrating most of the world’s modern fleet into fewer hands. Analysts wrote this would give independent vessel owners even more “bargaining power” as LNG traders look to comply with new carbon intensity rules for vessels and avoid added costs when European Union carbon pricing is applied to cargoes in 2024. Analysts with CoolCo wrote that despite a shift from longer routes to Asia for U.S. cargoes to swift trips to Europe, the continent’s focus on securing supply will help keep short-term charters profitable. Prices should also justify the hefty costs of newbuild vessels expected to hit the market post-2023. Newbuild costs are currently averaging around $260 million. Fearnleys reported most shipyards are currently booked out to 2028. “Ninety percent of vessels on order are committed to specific projects, and an increased charterer emphasis on energy security rather than utilization maximization, longer discharge times at European FSRUs and seasonal storage plays mean that rising tonne-time should mitigate the impact of lower tonne-miles for cargoes diverted to Europe,” the firm wrote. While some European Union countries have been adjusting their plans for additional FSRUs, Fitch Ratings Inc. recently reported that European LNG imports are expected to continue growing. Imports for 2023 are estimated at 155 billion cubic meters, a 45 Bcm year/year increase.
- The world could be facing a glut of giant liquefied natural gas (LNG) tanker ships set to be built this decade even as nations shift away from fossil fuels to reach global temperature goals, a report published on Thursday said. https://www.straitstimes.com/world/as-lng-investment-booms-a-tanker-glut-is-on-the-horizon-report
- Transition-story about to accelerate CLCO delivered in line with our estimates in Q1. Having started with 8x TFDEs and significant spot exposure little more than a year ago, Cool is accelerating its transition. The two NB-options should be called shortly, and they have ships open in Sep’23 (1x) and 2024 (2x), with the latter increasingly relevant after a 3Y TC at USD ~115k/day last week. Trading at 0.6x NAV and P/E 6x, CLCO should be on its way to narrow the gap to peer(s). BUY, TP NOK 222. Q1 in line with our estimates but below cons. – negative revisions but P/E 6x CLCO delivered EBITDA adj. of USD 68m, right in-between us and consensus at USD 65 – 71m. TCE rates of USD 83.7k/day slightly better than expected with utilization higher as well – countered by higher opex and G&A. The company gave away some of the EBITDA beat to higher interest costs, and EPS adj. ended at USD 0.53 – spot on our estimates but ~20% below cons. They delivered on dividends – declaring USD 0.41 (we expected USD 0.38); 14% run-rate yield. We include the 3Y TC at USD ~115k/day (from Q2’24) and somewhat higher costs – resulting in some negative revisions to our est., but we still peg CLCO at P/E 6x. Utilizing strong term-market – could soon be a fleet of 13x fully fixed vessels Falling gas prices, warm weather and Freeport not fully back has been in focus so far in 2023. Spot rates have had a soft start to the year, but aside from Cool’s two index-linked charters, this has limited impact. The term-market has remained strong, evidenced by the company’s 3Y TC at USD ~115k/day with start-up in Mar – Apr 2024 (implied EV/EBITDA ~4x in CLCO). Cool has two more vessels open towards the end of next year, which suddenly have become much more relevant. Prior to this is probably i) the exercise of two optional newbuilds accompanied by stellar contracts/financing, and ii) another solid term-charter for the vessel coming open in Sep’23. This could soon leave the company with 13x fully fixed vessels – making them even more similar to another premium LNGC owner we follow. Doing the right things but not getting credit at 0.6x NAV – BUY, TP NOK 222 Spot-trading has not really worked in LNG shipping, and owners have moved to long-term employment at attractive levels. CLCO is well underway doing the same but has so far not received much credit for this in equity markets, neither relative to asset values nor peer(s). 2014–15 built TFDEs are valued at USD 150m in the share, despite the company selling the 2013-built ‘Seal’ for USD 184m in Q1. EV/EBITDA and P/E multiples remain at roughly 50% of FLNG, too large of a gap in our opinion. Having completed its US listing, we argue Cool is on the right track. Reiterate BUY, TP NOK 222 (210 – FX) – NAV and fully-delivered EV/EBITDA 7x.New price targets recently: Pareto Securities: : 222 NOK Danske Bank: 240 NOK Fearnley Securities: 200 NOK
- Term market strong and stable for LNG carriers https://www.royalgazette.com/international-business/business/article/20230524/term-market-strong-and-stable-for-lng-carriers/
- CoolCo says up to 20 new LNG ships a year needed to replace old steamships https://www.tradewindsnews.com/gas/coolco-says-up-to-20-new-lng-ships-a-year-needed-to-replace-old-steamships/2-1-1455046
Kommentarene ovenfor kommer fra brukere på Nordnets sosiale nettverk Shareville og er verken redigert eller forhåndsvist av Nordnet. De innebærer ikke at Nordnet gir investeringsråd eller investeringsanbefalinger. Nordnet påtar seg ikke ansvar for kommentarene.
Ordredybde
Stengt
Antall
Kjøp
350
Selg
Antall
0
Siste handler
| Tid | Pris | Antall | Kjøpere | Selger |
|---|---|---|---|---|
| 153 | - | - | ||
| 741 | - | - | ||
| 93 | - | - | ||
| 1 180 | - | - | ||
| 39 | - | - |
Omsetning (NOK)
91 264 210Det er viktig at du er klar over at aksjemarkedet kan både øke og minke i verdi. Selv om sparing i aksjer historisk sett har gitt god avkastning over tid, er det ingen garanti for fremtidig utvikling. Det er alltid en risiko for at du ikke får tilbake pengene du har investert.
Meglerstatistikk
Fant ingen data
Nyheter og Analyser
Nyheter og/eller generelle investeringsanbefalinger, eller utdrag av disse på denne siden og øvrige lenker, er produsert og levert av den spesifiserte leverandøren. Nordnet har ikke deltatt i utarbeidelsen, og har ikke gjennomgått eller gjort endringer i materialet. Les mer om investeringsanbefalinger.
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