Strands of molten polyethylene terephthalate (PET) from a PET polycondensation reactor are solidified, pelletized, and cooled only to a temperature in the range of 50.degree. C. to a temperature near the polymer Tg by contact with water. The still hot pellets are conveyed, optionally followed by drying to remove water, to a PET crystallizer. By avoiding cooling the amorphous pellets to room temperature with water and cool air, significant savings of energy are realized.