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Global Ship Lease, Inc. (GSL) owns and charters containerships of various sizes under fixed-rate charters to container shipping companies.
Global Ship Lease is a leading independent owner of containerships with a diversified fleet of mid-sized and smaller containerships. Incorporated in the Marshall Islands, Global Ship Lease commenced operations in December 2007 with a business of owning and chartering out containerships under fixed-rate charters to top tier container liner companies. On November 15, 2018, it completed a strategic combination with Poseidon Containers.
Global Ship Lease owns 43 containerships, and has contracted to purchase a further seven ships, ranging from 2,207 to 11,040 TEU, with a total capacity (when fully delivered) of 287,336 TEU. 32 ships are Post-Panamax, of which nine are fuel-efficient new-design wide-beam.
Adjusted to include all charters agreed, and ships acquired or divested, up to March 3, 2021, the average remaining term of the Company’s charters at December 31, 2020, to the mid-point of redelivery, including options under the Company’s control, was 2.5 years on a TEU-weighted basis. Contracted revenue on the same basis was $892.5 million. Contracted revenue was $1,051.4 million, including options under charterers’ control and with latest redelivery date, representing a weighted average remaining term of 3.1 years.
As of March 31, 2020, it owned 45 containerships with an aggregate capacity of 248,968 twenty-foot equivalent units.
The company is based in London, the United Kingdom.
Global Ship Lease reported 3rd Quarter September 2020 earnings of $0.44 per share on revenue of $70.5 million. The consensus earnings estimate was $0.37 per share on revenue of $69.3 million. Revenue grew 6.9% on a year-over-year basis.
Global Ship Lease owns a fleet of modern containerships of diverse sizes and charters the vessels out under long-term, fixed-rate charters to reputable container shipping companies.
Following an earnings beat last week, this stock's chart should be heading higher.
Entry Point: $14.00
Trading Range: $2.61 - $17.69
Stop Loss: $13.30
Target Price: $15.40
GSL closed at $15.50
