2024-03-25 17:51:40 ET
Summary
- Global Ship Lease, a containership lessor with a fleet of 68 intermediate-sized ships, recently reported better-than-expected earnings and continued its 12-quarter streak of dividends.
- Its long contract backlog with staggered expirations provides some shielding against market fluctuations.
- As of 2023, Global's fleet is, on average, more than 17 years old. Global will need to renew its fleet, as it will soon have scrapping candidates.
Investment Thesis
Global Ship Lease (GSL) recently reported Q4 2023 earnings. Its revenue of $178.89 million beat expectations and was up 8.4% year over year. It declared a $0.375 dividend ($1.50 annualized, 7 percent yield) as expected. With a sharp focus on the intermediate-size container ship segment, GSL offers shareholders stable dividend payments using its strong cash flows and long contract duration....
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Global Ship Lease: Predictable 7% Dividend, But Aging Fleet Is A Concern