GSL Q3 2023 report

Announced earlier today

  • Rev of $174.5M
  • Net income of $82.7M (normalized $82.4M)
  • $224.7M of backlog added in 2023

Slide 5: ZIM, Maersk & Hapag Lloyd represent at least 30 vessels & 59% of backlog. A good chunk of Maersk’s backlog rolls off during the next 15-18 months.

GSL just needs to execute on the more internal stuff - pay down debt, buybacks, keep the dividend steady


Had not been paying close attention - GSL’s current ratio is < 1. Initially, I thought it was a Q3 development. But, the EoY 2022 was also < 1.

Since market conditions are more challenging, this does become a bigger/brighter flag.