GSL Q3 2022 results

Announced 11/09/22

  • Operating revenue of $172.5M
  • Net income of $89.2M
  • Declared div of37.5c/sh for Q3 2022
  • Forward charter of vessels added over $750M of backlog
  • Repaid higher slices of debt with June 2022 financing package

Revenue gain was good. However, there are some negatives

  • While unplanned off-hire was down for the comparable qtr, it was still over 100 days in Q3, and 338 for first nine months
  • Multiple factors including economic slow-down, inflation, Ukraine-Russia war, etc., putting downward pressure on market
  • Charter expiry: 2 in Q4 2022 and 11 during 2023 (early dates of charter expiration)

Regarding the forward charters, I did sorta gloss over an additional point. The current charterer on six of those vessels is CMA CGM, paying $25,910 daily per vessel. I believe, the next charterer is Hapag Lloyd and the charter terms were reported in EBITDA terms $13.1M annual per vessel. That’s a really nice rate bump. But, that doesn’t happen till late 2023 - early 2024.

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