Global Ship Lease to Sell Preferred Shares

August 13, 2014 – 2:00 pm  

Global Ship Lease (ticker:GSL), a container ship owner which we have followed for a very long time, is selling a cumulative redeemable preferred.

At this time the final details in terms of number of shares offered and the coupon have not been released.  We can be relatively certain that the coupon will be above 8 or 9% as GSL has had dicey financials for a very long time.

Additionally we have not dug into GSL for years, but given our reluctance to add any further shipping preferreds to the portolio we likely will have no interest at this point in time. This is not to say that others should’t have an interest, but we already have Costamare, Seaspan and Ship Finance and that is enough of this sector.

Preliminary details of the offering are here.

Thanks to reader ‘Mike’ for the heads up on this new issue.