copywrites
Nov 9, 1:13 PM
$GSL GSL – Q3 2026
• Revenue
$201.4M (+4.5% YoY) vs. ~
$189M consensus
• Normalized EPS
$2.75 vs. ~
$2.42 consensus; Adj. EBITDA
$138.8M
• Dividend raised 10% to
$2.75 annualized (~6.9% yield at ~
$40), payout only ~25% of earnings
• Contract cover: 100% 2026, 98% 2027, 74% 2028; backlog
$3.4B over 3.5 yrs
•
$1.0B newbuild facility at SOFR+1.5% (7 yrs); 2 more newbuilds ordered (
$163M, no charter yet)
• Net debt ~zero: ~
$638M debt vs. ~
$636M cash/deposits; 21 ships unencumbered
• Watch: many legacy high-rate charters roll to lower rates in 2027/28; fleet avg. age 18.7 yrs
• Valuation: ~4x P/E, ~3x EV/EBITDA
Bottom line: Clear beat, higher dividend, de-risked fleet renewal. Earnings likely dip in 2028 before newbuilds kick in from 2029.
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