Greek shipowners managed to secure long-term contracts during the two-year rally of the containerships market, and seem that they have not been affected by the prolonged correction that is now recorded in the freight rates.
In this light, the “Greeks” not only keep their companies on a profitable trajectory, but are able to focus on new moves, such as optimizing the energy profile of their fleets and the regular policy of making capital available to shareholders, the heads of the Greek companies ‘Global Ship Lease’ and ‘Euroseas’ – both listed on the US stock exchange – said during the announcement of the quarterly results.
GSL’s strategy
“With long-term contracts of more than two years and only a few vessels becoming available for charter until the end of 2024, during the third quarter, we remained committed to optimizing our operational performance,” Global Ship Lease Executive Chairman George Giouroukos noted.
It is noted that during this year’s nine months, the shipping company managed to secure additional revenue from contracts, amounting to 224.7 million dollars. Total contracted revenue stood at 1.81 billion dollars at the end of September.
In this context, the shipping company announced the extension of its collaboration with technology company Ascenz Marorka to accelerate the implementation of “smart shipping” solutions throughout the containership fleet, in collaboration with its customers, the shipping companies lines.
These solutions, according to GSL, provide real-time data and the ability to manage with the assistance of artificial intelligence, facilitating operational optimization, preventive maintenance, increasingly automated monitoring of fuel consumption and emissions, leading to savings cost.
In terms of results, boosted by long-term charters, the shipping company achieved revenue growth and maintained profits at particularly high levels.
Positive prospects
Looking to the future, Giouroukos expressed his optimism for the course of GSL.
That’s because, he said, its fleet, which consists of mid-sized and smaller containerships, is supported by a combination of a relatively modest order book, the older age of the peer vessels it competes with and the practical need for non-core trade routes served by its ships.
“GSL is well positioned to remain on track for success while offering shareholders an attractive dividend, share buybacks, while being open to attractive opportunities,” Giouroukos concluded.
