Liquefied natural gas shipping company Golar LNG Ltd (GLNG) reported a profit for the fourth quarter, against a loss in the prior year period, reflecting significant increase in revenue as well as improved utilisation rates that reduced costs. Looking ahead to the first quarter, the company sees negative impacts from the seasonal decline in utilisation of its vessels operating in the spot market.
For the fourth quarter, the Hamilton, Bermuda-based company posted a net profit of $17.36 million, compared to a loss of $57.72 million in the comparable period last year. Basic earnings per share were $0.26 compared to a loss of $0.86 in the year-ago quarter.
Quarterly revenue increased to $65.51 million from $59.48 million in the same quarter last year, driven by full quarters trading for Golar Winter and improved results from Golar LNG Energy's spot traded vessels. Utilisation increased sequential to 93% from 80% in the third quarter. Time charter equivalents or TCE, a performance measure in shipping industry to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, increased sequentially to $62,471 from $44,142 in third quarter.
Total operating income for the quarter increased to $19.20 million from $13.86 million in the same quarter last year.
Voyage expenses decreased to $7.18 million from $10.24 million in the prior year period. Vessel and charterhire operating expenses lowered to $14.93 million from $16.00 million in the year-ago period, while administrative expenses increased to $5.69 million from $4.10 million in the prior-year period.
For the full year, Golar posted a net profit of $23.08 million compared to a loss of $9.99 million last year. Basic earnings per share was $0.34 compared to a loss of $0.15 in the previous year. Operating revenues for the year declined to $216.49 million from $228.78 million a year-ago.
Looking ahead, the company said, "Operating results for the first quarter of 2010 are likely to be significantly negatively impacted by the seasonal decline in utilisation of the Company's vessels operating in the spot market. However, Golar now has four of its five long-term contracted vessels operational with the final vessel due for delivery to its charterer in the second quarter of 2010."
GLNG closed Thursday's regular trading at $11.39 per share on the Nasdaq.
For comments and feedback contact: editorial@rttnews.com
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.