GSL q4 2023 results

Released 03/04/24

  • Operating rev of $178.9M
  • Net Income of $64.7M
  • Declared div of $0.375/sh
  • Contracted backlog of $1.72B

CEO Ian Webber steps down from mgmt role in Q1 2024 but joins the Board of Directors. GSL new CEO Thomas Lister is an internal step up (formerly Commercial Officer).

Company took an $18.8M impairment charge on two vessels - one of which was disposed in q4 2023. Given the age of the vessels in GSL’s fleet, that is a stat to keep an eye on. The other stat to monitor is the charter renewal. GSL has 33 vessels whose early charter date is sometime in 2024. GSL’s existing charter backlog should still be able to support the company in 2024, but becomes worrisome in 2025 and beyond

Have a small GSL stake, but keeping an eye on the share price.