Global Ship Lease (GSL) Tops Q3 EPS by 6c, Revenues Beat
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Global Ship Lease (NYSE: GSL) reported Q3 EPS of $0.43, $0.06 better than the analyst estimate of $0.37. Revenue for the quarter came in at $65.95 million versus the consensus estimate of $64.81 million.
George Youroukos, Executive Chairman of Global Ship Lease, stated, “Throughout the third quarter, we continued to make important progress in unlocking the full value of GSL’s leading commercial platform and high-quality, modern fleet. The market for our fuel-efficient, in-demand vessels has remained strong, and with a minimal number of viable containerships currently sitting idle, we have continued to command strong rates on term charters. While sentiment in the containership sector remains under pressure from the ongoing US-China trade tensions, the trade lanes in which our vessel classes primarily operate have been largely unaffected and continue to show growth. This same negative sentiment has contributed to a continuing modest or zero orderbook for our vessel classes, projecting negative net vessel supply growth in the coming years. In this environment, we have once again acted opportunistically to purchase on attractive terms two vessels with charters in place that we believe have significant asset value and charter rate upside in a strengthening IMO 2020 environment.”
“With a highly promising multi-year outlook, forthcoming IMO 2020 regulations set to further increase the competitive advantages of our fuel-efficient fleet, and having taken decisive action to opportunistically acquire ships, strengthen our balance sheet, and lower our cost of capital, Global Ship Lease is in an excellent position to seize further opportunities to create lasting value for our shareholders.”
For earnings history and earnings-related data on Global Ship Lease (GSL) click here.
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