Shipping group Stolt-Nielsen has sold its shares in LNG carrier operator CoolCo, resulting in a profit of $2.5 million.
Stolt-Nielsen said in its results report that it disposed of 923,565 shares of CoolCo for $11.7 million during the three months that ended February 28, 2023.
According to Stolt-Nielsen, this resulted in a gain on sale of $2.5 million.
Subsequent to quarter-end, the company sold the remaining 16,000 shares in CoolCo, it said.
Stolt-Nielsen previously revealed in its annual report that the company acquired one million shares of CoolCo for $10 million on February 1, 2022, giving it a 2.5 percent stake in the LNG shipping firm.
As of November 30, 2022, Stolt-Nielsen Gas, a unit of Stolt Nielsen, held a 1.8 percent stake in CoolCo.
Stolt-Nielsen Gas also has a 47.2 percent stake in Avenir LNG and a 2.5 percent stake in Golar LNG.
Golar LNG and Eastern Pacific Shipping completed the formation of CoolCo last year.
In February, EPS bought all of the shares from Golar LNG and now owns 58.2 percent in CoolCo, while public investors hold the rest.
CoolCo’s shares recently started trading on the New York Stock Exchange and they now trade on both the NYSE and Euronext Growth Oslo under the ticker code “CLCO”.
