Cool Company Ltd. (CoolCo) operates as a pure play LNGC (liquefied natural gas (LNG) carrier) with a fleet of vessels and a balanced portfolio of short- and long-term charters with oil & gas, trading, and utility companies.
In addition to organic growth from the Newbuild Vessels delivered in Q4 2024 and Q1 2025, CoolCo’s strategy includes ongoing assessment of growth opportunities through vessel acquisitions and potential consolidation in the fragmented LNG market.
Through the company’s in-hou...
Cool Company Ltd. (CoolCo) operates as a pure play LNGC (liquefied natural gas (LNG) carrier) with a fleet of vessels and a balanced portfolio of short- and long-term charters with oil & gas, trading, and utility companies.
In addition to organic growth from the Newbuild Vessels delivered in Q4 2024 and Q1 2025, CoolCo’s strategy includes ongoing assessment of growth opportunities through vessel acquisitions and potential consolidation in the fragmented LNG market.
Through the company’s in-house LNG transportation and infrastructure management platform, CoolCo operates its own vessels and provides management services to third-party owners. The company benefits from the scale and support of Eastern Pacific Shipping Pte. Ltd, an affiliate of its largest shareholder and the manager of one of the world’s largest independent shipping fleets. This affiliation strengthens CoolCo’s strategic position with shipyards, financial institutions, and deal flow access. CoolCo is committed to supporting global decarbonization and energy security.
Business Strategies
The company’s strategies are to capitalize on growing demand for LNG shipping; expand the company’s fleet through accretive acquisitions; pursue a balanced chartering strategy; provide high-quality customer service; pursue a proactive approach to reducing emissions and increasing efficiency; and seek to expand and diversify the company’s customer base.
Fleet
As of March 14, 2025, the company’s fleet consists of nine modern TFDE LNGCs, namely the Kool Husky, Kool Crystal, Kool Frost, Kool Glacier, Kool Ice, Kool Kelvin, Kool Blizzard, Kool Boreas, and Kool Baltic; two modern 2-stroke LNGCs, namely the Kool Orca and the Kool Firn; and two state-of-the-art newbuild 2-stroke MEGA LNGCs, namely the Kool Tiger and the GAIL Sagar.
The company’s vessels use fuel-efficient propulsion and low boil-off technology, and are compatible with most LNG loading and receiving terminals worldwide.
The company’s vessels are registered with the maritime register of the Republic of the Marshall Islands or Liberia. The vessels are all compliant with EEXI/CII regulations entering into force in 2023.
Most of the company’s charters have fixed-rate structures, where the company is paid the agreed rate per day. The company also enters into charters with a floating rate per day, under which the company’s revenues are linked to a market index and subject to a floor and a cap.
Managed Fleet Overview
In addition to the company’s fleet, the company is engaged in managing vessels owned by third parties. As of March 14, 2025, it managed two FSRUs and one LNGC.
Ship Time Charters – Overview
The company provides the services of its owned ships under time charters. A time charter is a contract for the use of the ship for a specified term at a daily hire rate. Under a time charter, the ship owner provides crewing and other services related to the ship’s operation, the cost of which is covered by the hire rate, and the customer is responsible for substantially all of the ship voyage costs, including bunker fuel, port charges, canal fees, and LNG boil-off.
The vessels are all on charters, and the company will seek to recharter such vessels as their current charters expire. The charters for the vessels have staggered expiration dates, in some instances with the option for the charterers to extend, which reduces the risk of downward movements in cyclical LNG shipping rates. The company’s customers are typically LNG producers, commodity traders, and end users. The company expects that its fleet will likely be trading worldwide based on the supply and demand for LNG, existing liquefaction and regasification infrastructure, and market conditions.
Vessel Maintenance
The company is responsible for the technical management of its vessels, and certain of its subsidiaries, affiliates, and service providers assist it in managing its vessel operations, maintaining a technical department to monitor and audit its vessel manager operations, and providing expertise in various functions critical to its operations.
Environmental and Other Regulations in the Shipping Industry
The company’s subsidiary, Cool Company Management AS (Cool Norway), provides technical management services for its vessels, is certified in accordance with the IMO standard for ISM, and operates in compliance with the International Standards Organization’s (ISO) Environmental Management Standard for the management of significant environmental aspects associated with the ownership and operation of its fleet.
The company’s technical manager, Cool Norway, holds a document of compliance under the International Safety Management Code (ISM Code) for operation of Gas Carriers.
The Safety of Life at Sea (SOLAS) and other IMO regulations concerning safety, including those relating to treaties on training of shipboard personnel, lifesaving appliances, radio equipment, and the global maritime distress and safety system, are applicable to the company’s operations.
In addition, all of the company’s vessels have been certified to meet the International Ship and Port Facility Security Code (ISPS Code) and the security requirements of SOLAS and the Maritime Transportation Security Act (MTSA).
The company’s vessels are subject to vapor control and recovery requirements for certain cargos when loading, unloading, ballasting, cleaning, and conducting other operations in regulated port areas, and emission standards for so-called ‘Category 3’ marine diesel engines operating in U.S. waters.
The company’s vessels are subject to the International Maritime Organization's (IMO’s) International Convention on the Control of Harmful Anti-fouling Systems on Ships, or the ‘Anti-fouling Convention,’ which prohibits the use of organotin compound coatings in anti-fouling systems.
The company has obtained Anti-fouling System Certificates for all of the company’s vessels.
Each of the company’s ship-owning subsidiaries and affiliates that has vessels trading in U.S. waters has applied for and obtained from the U.S. Coast Guard National Pollution Funds Center three-year certificates of financial responsibility, or COFRs, supported by guarantees purchased from an insurance-based provider.
All the company’s vessels are certified to meet the Maritime Labor Convention 2006 (MLC 2006).
History
Cool Company Ltd. was founded in 1970. The company was incorporated in 2018 under the laws of Bermuda.