Bermudian-based Cool Company Ltd, the liquefied natural gas shipping company, has reported net income of $70.1 million for the first quarter of the year.

That compares with net income of $33.1 million for the fourth quarter of 2022.

The company said it generated total operating revenues of $98.6 million in Q1, compared with $90.3 million for the fourth quarter of 2022.

The results come in an encouraging time of market stability and optimism for the company’s future prospects.

CoolCo achieved average time charter equivalent earnings of $83,700 per day for Q1, compared with $83,600 per day for Q4.

Adjusted earnings before interest, taxes, depreciation and amortisation was $67.8 million for Q1, compared with $58.6 million for Q4.

The company has declared a dividend of $0.41 per share, to be paid on or around June 9 to all shareholders of record on June 1.

Richard Tyrrell, the chief executive, said: “The term market for modern LNG carriers has demonstrated both strength and stability, reflecting the long-term nature of the LNG business and the sector’s supportive fundamentals.

“For the few owners with available tonnage, including CoolCo, charterers have remained eager to secure multiyear charters at attractive rates for owners. This stands in sharp contrast to the seasonal lows and high volatility of the spot market, which is currently made up almost entirely of sublets, rather than owners with available tonnage.

“CoolCo is in an excellent position to successfully execute our term chartering strategy, realise the latent earnings and dividend growth potential in our new build purchase option and vessels on below-market charters, and benefiting from the expanded investor base made possible by our recent NYSE listing.”