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WebsiteCROWN LNG HOLDINGS LIMITED (NASDAQ: CGBS)
Introduction
CROWN LNG HOLDINGS LIMITED (ticker: CGBS; Korean name: 크라운 LNG 홀딩스) develops, finances, owns, and operates liquefied natural gas (LNG) terminals in regions exposed to harsh weather conditions. The company is involved in two segments of the LNG value chain:
- Liquefaction: Cooling natural gas to liquid form for seaborne transport.
- Regasification: Converting LNG back into gas for pipeline delivery to power plants, industrial, and residential consumers.
Facilities may be onshore or offshore, with a focus on bottom-fixed terminals designed to withstand strong seasonal winds in major production and consumption markets.
Corporate Structure
- Founded: 2016
- Headquarters: Not publicly disclosed
- Employees: 11–50 (per LinkedIn)
- Leadership:
- Swapan Kataria, Chief Executive Officer
- Core Activities: Engineering, project finance, construction management, terminal operations.
Recent Developments and News
- April 11, 2024
- Executed agreements to acquire KGLNG (Kakinada, India) and LNG import terminal assets in Grangemouth, Scotland.
- Consideration: USD 60 million in shares for KGLNG; USD 25 million in shares for Grangemouth.
- August 16, 2023
- Completed a business combination with Catcha Investment Corporation valued at USD 685 million, resulting in the Nasdaq listing under the name Crown LNG Holdings Limited.
- April 22, 2025
- Amended the purchase agreement with Arena Business Solutions Global SPC II, Ltd. (see Exhibit 10.1 to Form 6-K filed April 23, 2025).
- April 30, 2025
- Filed an NT 20-F notification citing the need for additional time to complete audited financial statements for the year ended December 31, 2024.
- May 19, 2025
- Received a Nasdaq notice for non-compliance with Listing Rule 5250(c)(1) due to the delayed filing of Form 20-F.
- Deadline to regain compliance: November 11, 2025.
Financial and Strategic Analysis
| Metric | Value |
|---|---|
| Share Price (May 28, 2025) | USD 0.0781 (+34.66%) |
| Trading Volume (May 28, 2025) | 23,873,242 shares |
| 52-Week Range | USD 0.0579 – 6.9100 |
| Market Capitalization (intraday) | USD 26.76 million |
| Net Income (TTM) | –USD 10.01 million |
| Diluted EPS (TTM) | –USD 0.33 |
| Total Cash (mrq) | USD 34,000 |
| Total Debt/Equity (mrq) | 8.36% |
| Beta (5Y Monthly) | 0.06 |
- Liquidity and Leverage: Limited cash reserves and low leverage (debt/equity 8.36%) indicate the company's ongoing investment in capital-intensive projects.
- Profitability: Negative net income and EPS reflect costs associated with terminal acquisitions and development.
- Strategic Niche: Focus on bottom-fixed offshore terminals in weather-exposed locations, addressing specific project requirements.
- Environmental Impact: The company aims to reduce carbon emissions by substituting coal with LNG and supporting potential hydrogen production through its existing infrastructure.
- Investor Returns: The company seeks to generate stable, long-term returns driven by cash flows from terminal operations and gas sales agreements.
Market Position and Industry Context
- Global LNG Demand: Increasing in Asia and Europe; supply diversification has become a priority for importing countries.
- Competitive Landscape: Competes with large energy firms and specialized LNG terminal operators; Crown LNG’s weather-resilient, bottom-fixed designs serve specific market needs.
- Regulatory Environment: Subject to environmental permits, maritime regulations, and host-country licensing, including the Kakinada import license for year-round operations.
- Energy Transition: LNG is positioned by certain markets as a transitional energy source; Crown LNG’s infrastructure may also accommodate low-carbon alternatives, including hydrogen.
tl;dr
- May 2025: Executed a Memorandum of Understanding with India Gas Exchange Ltd. for LNG sales via the planned Kakinada import terminal.
- April 11, 2024: Closed acquisitions of KGLNG (India) and Grangemouth (Scotland) terminal assets, funded through share issuance.
- April 30, 2025: Notified the SEC of a delay in filing the 2024 Form 20-F; Nasdaq compliance deadline set for November 11, 2025.
- May 28, 2025: Stock traded at USD 0.0781 (+34.66%), with a market capitalization of USD 26.76 million amid ongoing project developments.
