On 08/05/24, while various exchanges in the US, Japan & South Korea crashed, GSL announced their Q2 2024 results
- Operating rev of $175M, an 8% increase from same period last year
- Net Income of $85.6M, a 13.5% increase from same period last year
- A supplemental dividend that takes payout to 45c/sh (from 37.5c/sh
- First 6 months of 2024, add more than $400M of charter backlog
- Company received a ratings upgrade
Though I no longer have a GSL stake, I have to say, the company execution strategy is really good. GSL have managed to knock down debt considerably during the last 12 months ( > $200M). Given the avg age of vessels in the fleet (more than half the vessels are > 15 yo), GSL’s ability to renew vessels is also quite good.