CoolCo is a pure-play LNG carrier company that owns and operates a fleet of 13 specialized tankers. These vessels transport liquefied natural gas — natural gas cooled to -162°C for ocean shipping — from liquefaction terminals in the U.S., Middle East, and Australia to regasification terminals in Europe, Asia, and Latin America. The fleet includes nine older TFDE vessels built in 2014-2015, two modern 2-stroke vessels built in 2020-2021, and two state-of-the-art 2-stroke MEGA carriers delivered in late 2024 and early 2025. The newer 2-stroke vessels are more fuel-efficient, with lower boil-off rates, making them more attractive to charterers. CoolCo earns revenue primarily through time charters — multi-year contracts at a fixed daily hire rate — under which CoolCo provides the vessel, crew, and operational management while the customer pays voyage costs like fuel and port fees. Revenue is driven by fleet utilization and daily hire rates. CoolCo also earns a small amount of fee income from managing third-party vessels. CoolCo pursues a balanced chartering strategy, mixing long-term fixed-rate charters with shorter-term and spot charters. Its backlog totals over $1.7B including extension options, covering roughly 86% of 2025 revenue days. CoolCo's growth strategy centers on selective fleet expansion and consolidation of the fragmented LNGC market, with its majority shareholder, Eastern Pacific Shipping, providing shipyard relationships and deal flow. CoolCo suspended its quarterly dividend in early 2025 to preserve liquidity for opportunistic acquisitions.