GSL Q1 2024 results

Industry Discussions Shipping News
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05/16
Global Ship Lease (GSL) announced Q1 2024 results, including

  • Operating revenue of $179.6M
  • Adjusted EBITDA of $125.4M
  • Net income of $89.5M
  • Declared div of 37.5c/sh
  • Added $54.6M in charter backlog

GSL purchased nearly 252K of their own shares for around $5M. The first of six modern 6927-TEU (two are slightly smaller) vessels transitioned from CMA CGM => Hapag Lloyd on improved charter terms. Also, some slightly smaller (6000-TEU) and older vessels had their options declared. These vessels receive a step-down rate.

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GSL had most of their vessels on charter in Q1. But, during the remaining three quarters of 2024, more than a third of their vessels have the potential to roll off charter. Some of them e.g. vessels acquired from Maersk in 2021, have one or more, single year charterer options. Others don’t have extension options. In light of the around-Cape vessel routing, I think the larger vessels have a decent likelihood of having their charters extended, or getting a short term charter.