Global Ship Lease Q2 2025 Earnings Report

Global Ship Lease EPS Results

• Actual EPS: $2.67
• Consensus EPS: $2.15
• Beat/Miss: Beat by +$0.52
• One Year Ago EPS: N/A

Global Ship Lease Revenue Results

• Actual Revenue: $191.86 million
• Expected Revenue: $177.98 million
• Beat/Miss: Beat by +$13.88 million
• YoY Revenue Growth: N/A

Global Ship Lease Announcement Details

• Quarter: Q2 2025
• Date: 8/5/2025
• Time: Before Market Opens
• Conference Call Date: Tuesday, August 5, 2025
• Conference Call Time: 10:30AM ET

Global Ship Lease (NYSE:GSL), together with its subsidiaries, engages in owning and chartering of containerships under fixed-rate charters to container shipping companies worldwide. As of March 11, 2024, it owned 68 mid-sized and smaller containerships, ranging from 2,207 to 11,040 twenty-foot equivalent unit (TEU), with an aggregate capacity of 375,406 TEU. The company was founded in 2007 and is based in Athens, Greece.

Global Ship Lease Q2 2025 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: We have secured $1.73 billion in forward contracted revenues with an average of 2.1 years of cover, having already closed out our 2025 market exposure and reached 80% coverage for 2026.
• Positive Sentiment: Our fortress balance sheet includes $511 million of cash (with $431 million unrestricted), gross debt under $700 million, net debt/EBITDA of 0.7x, a weighted-average debt maturity of 4.9 years, and a blended cost of debt of 4.18%.
• Positive Sentiment: We realized $28.3 million in gains from the sale of older vessels in H1 and have contracted to sell another for $35.6 million in Q4, providing additional dry powder for opportunistic fleet renewal and charters.
• Positive Sentiment: Our annualized dividend has been raised to $2.10 per share, and we have returned capital through a $33 million buyback authorization, outpacing the S&P 500 by roughly 4x year-to-date.
• Neutral Sentiment: While certain freight rates—particularly on the Transpacific—are softening, the broader container charter market remains strong and our breakeven rate of under $9,400 per day continues to support free cash flow.

Presentation

[Operator]

Hello, and thank you for standing by. My name is Bella, and I will be your conference operator today. At this time, I would like to welcome everyone to Global Ship Lease Q2 twenty twenty five I would now like to turn the conference over to Mr. Thomas Lister, CEO of Global Lease. You may begin.

[Thomas Lister, CEO at Global Ship Lease]

Thank you. Hello, everyone, and welcome to the Global Ship Lease second quarter twenty twenty five earnings conference call. You can find the slides that accompany today's presentation on our website at www.globalshiplease.com. As usual, Slides two and three remind you that today's call may include forward looking statements that are based on current expectations and assumptions and are, by their nature, inherently uncertain and outside of the company's control. Actual results may differ materially from these forward looking statements due to many factors, including those described in the Safe Harbor section of the slide presentation.

[Thomas Lister, CEO at Global Ship Lease]

We would also like to direct your attention to the Risk Factors section of our most recent annual report on our 2024 Form 20 F, which was filed in March 2025. You can find the form on our website or on the SEC's. All of our statements are qualified by these and other disclosures in our reports filed with the SEC. We do not undertake any duty to update forward looking statements. The reconciliations of the non GAAP financial measures to which we will refer during this call to the most directly comparable measures calculated and presented in accordance with GAAP usually refer to the earnings release that we issued this morning, which is also available on our website.

[Thomas Lister, CEO at Global Ship Lease]

I'm joined as usual today by our Executive Chairman, George Eurukos and by our Chief Financial Officer, Tassos Saropoulos. George will begin the call with high level commentary on GSL and our industry, and then Tassos and I will take you through our recent activity, quarterly results and financials and the current market environment. After that, we will be pleased to take your questions. Turning now to Slide four, I'll pass the call over to George.

[George Youroukos, Executive Chairman at Global Ship Lease]

Thank you, Tom, and good morning, afternoon or evening to all of you joining today. As in the last several quarters, uncertainty and volatility related to tariffs, trade disruptions, and geopolitical tensions have continued to materially impact the global container shipping industry. This set of factors is highly diverse, and, of course, there have been numerous additional such measures announced in recent days. But as we will explain today, the through line is that they are all making containerized supply chains less efficient, which, as long as consumer demand holds up, means that more vessels are needed to carry the same volume of cargo. In this environment, our fleet of flexible midsize and smaller container ships has remained in high demand, and we have secured nearly 400,000,000 of additional charter coverage in the first half of the year, effectively closing out any 2025 market exposure and bringing 2026 coverage to 80%.

[George Youroukos, Executive Chairman at Global Ship Lease]

Meanwhile, we have selectively and opportunistically sold older ships, crystallizing the cyclically high values and providing us with additional dry powder for freight renewal when the right opportunities arise. Our strong credit ratings reflect the fortress like quality of our balance sheet and our extensive contracted revenue backlog. We have also continued to pay dividends to our investors with the recent increase bringing our annualized dividend payment to $2.1 per common share. We are pleased to provide an attractive total return to our shareholders. So far this year, we have not only outperformed our peer group, but have also outperformed the S and P five hundred by approximately four times.

[George Youroukos, Executive Chairman at Global Ship Lease]

In summary, we're maximizing our optionality to manage risks and capitalize on opportunities in unpredictable market, all of which providing our investors with a combination of stability, total return, upside potential, and good trading liquidity in our shares. With that, I will turn the call over to Tom.

[Thomas Lister, CEO at Global Ship Lease]

Thanks, George. Hello, everyone, and please turn to Slide five, where we highlight our well diversified charter portfolio. As of June 30, we have $1,730,000,000 in forward contracted revenues with two point one years of average remaining contract cover. We added 22 charters in the 2025, including extension options that have been declared for nearly $400,000,000 of contracted revenues. On Slide six, we discuss our dynamic capital allocation policy.

[Thomas Lister, CEO at Global Ship Lease]

Being in a cyclical industry that is impacted, sometimes positively, other times negatively, by any number of global trends and macro factors, we believe it to be fundamentally important to maintain the long view. This means looking through both the cycle and short term volatility and ensuring that we provide ourselves with the optionality to dynamically allocate capital in the manner that best protects and helps build shareholder value. Given the extraordinary uncertainty currently prevailing, we believe that maximizing that optionality is the right course of action for us to take, while, of course, reinforcing our balance sheet, selectively investing in our fleet and continuing to return capital to shareholders. And indeed, increasing those returns where prudent as we have recently done by growing our annualized dividend to $2.1 per common share. Our strong cash flows from multiyear contracts put us in a strong position to confidently advance each of these priorities.

[Thomas Lister, CEO at Global Ship Lease]

And as we've said before, it's easier for investors to buy and sell our shares than it is to buy and sell ships. And we're pleased that GSL can serve as a liquid platform through which investors can fully participate in our business and industry, while minimizing downside risk and having the share trading liquidity to upsize or downsize their exposure at their option. Moving to Slide seven, we continue to take pride in this chart and what it says about our discipline when it comes to acquiring ships. We have consistently bought ships opportunistically and in situations where we believe downside is limited and upside potential is significant. The primary takeaways for investors are twofold.

[Thomas Lister, CEO at Global Ship Lease]

One, we have a strong track record avoiding acquisitions during periods when asset prices are elevated or in terms that depend upon an optimistic projection of medium or long term market conditions. When the all in proposition makes sense on a long term per share basis, we execute. If it does not, we do not. And two, the old maxim applies. The best opportunities to build long term value and unlock outsized returns tend to be at the bottom of the cycle when there's blood in the water and access to fresh capital is limited.

[Thomas Lister, CEO at Global Ship Lease]

With that, I'll pass the call to Tassos to discuss our financials.

[Tassos Psaropoulos, CFO at Global Ship Lease]

Thank you, Tom. Slide eight shows our first half twenty twenty five financial highlights. I would like to mention a few key points. Earnings and cash flow have continued to rise, while our gross debt has increased relative to year end twenty twenty four as we brought an additional four vessels into our fleet. Nevertheless, our gross debt figure is down from where it was one year ago.

[Tassos Psaropoulos, CFO at Global Ship Lease]

Our cash position is $511,000,000 of which $80,000,000 is restricted. The remainder ensures that we can fully cover our covenants, working capital needs and any unexpected contingencies in addition to providing dry powder for both opportunistic investments in the existing fleet and investments in fleet renewal if and when the right opportunities emerge. And of course, importantly, it's a post continued payment of our sustainable dividend. Of note, we completed an $85,000,000 refinancing to push our weighted average debt maturity to 4.9 and bring our weighted average cost of debt to 4.18%. We also realized a gain of $28,300,000 on the sale of three relatively older, smaller vessels, and we have contracted to sell a fourth vessel, Bill 2,000, for $35,600,000 in Q4.

[Tassos Psaropoulos, CFO at Global Ship Lease]

In addition to the healthy dividend, which has already been discussed, we have a further $33,000,000 under buyback authorization and we continue to deliver to build equity value. We have also recently had a very strong credit ratings affirm, the details of which are on the slide. Slide nine shows our ongoing efforts to deliver de risk and grow equity value, which ultimately increase our optionality. The graph on the left shows our progress in lowering our outstanding debt, which was $950,000,000 at the 2022 and now sits under 700,000,000 Perhaps more revealingly, the graph on the right shows a reduction in financial leverage with net debt to EBITDA now at 0.7 times. Whatever challenges or opportunities come next, we are ready.

[Tassos Psaropoulos, CFO at Global Ship Lease]

Slide 10 further highlights our progress in delivering and building resilience. Our cost of debt is shown on the left and blending cost of 4.18% down from the six plus percent in 2020. A similar story is shown on the right where we have maintained low breakeven rates by cutting our interest expense even as operating expenses have risen in the middle of a period of high inflation. I will now turn it back over to Tom.

[Thomas Lister, CEO at Global Ship Lease]

Thanks, Tassos. For the benefit of those of you who may be new to the GSL story and to whom I offer a warm welcome, Slide 11 restates our focus on mid sized and smaller container ships between 2,010 TEU, which make up the backbone of global trade, are super flexible and are not dependent upon any one trade or country. This is quite different from the situation of very large container ships, which are often the focus of media coverage on our industry, not to mention the bulk of capital investment, which I will come back to. Because of the huge capacity physical restrictions in many ports and the need for sophisticated infrastructure, those very large containerships tend to be limited to the big main lane trades such as those between China and The U. S.

[Thomas Lister, CEO at Global Ship Lease]

Or Northern Europe. We consistently reiterate this aspect of our business because this distinction is not a subtle nuance for purposes of fine tuning a model, but a major differentiation with real world implications, both in the current environment and well into the future. Moving to Slide 12 and the Red Sea, which continues to have a significant impact on our industry as approximately 10% of global containership capacity is absorbed by routing around the Cape Of Good Hope instead of transiting sewers. It's impossible to predict how long this will last. However, liner operators service networks are complex and interconnected, meaning that any significant changes in service routing can't simply be dropped in overnight or enacted without incurring substantial costs.

[Thomas Lister, CEO at Global Ship Lease]

Because of that, and more importantly still, the very real implications for seafarer safety, industry consensus is that the liner majors will want to see sustained stability and safety before making any material shift back to the Red Sea transits. Who knows when that will happen, but if or when it does, potentially triggering a meaningful market correction, we're well positioned to take advantage of the opportunities that arise. Turning to Slide 13, we continue to believe that trade tensions in 2019 may be instructive as we all try to grapple with the implications of volatile U. S. Trade dynamics with much of the rest of the world and most notably with China.

[Thomas Lister, CEO at Global Ship Lease]

In short, from 2019, a combination of tariffs, tariff arbitrage, non tariff pressures and the prospect of future escalation led to a deconcentration of supply chains throughout the Asia Pacific region and away from huge, highly efficient industrial clusters feeding directly into the largest Chinese ports and then outward on the very largest vessels to Northern Europe and The U. S. West Coast. This shift accrued to the benefit of midsized and smaller vessels like ours, which both directly took market share from the very large container ships that cannot service those smaller trades and also saw material incremental demand from a more complex and less efficient supply chain that may now involve multiple voyages within the region before going long haul to the end markets. We've made this point before, but it bears repeating.

[Thomas Lister, CEO at Global Ship Lease]

Increased inefficiency in the supply chain means that more vessels are required to transport a given quantity of cargo. From the containership owners' perspective, this is effectively indistinguishable from increased demand, and it is a key theme of many of the major factors currently impacting the world and global trade. To be clear, those disrupted Chinese supply chains remain very significant to global containerized trade, but the diffusion of both intermediate and finished good manufacturing capacity has proved to be lasting as has the general recognition that excessive reliance on any one source country represents a fundamental supply chain vulnerability. In the current context, many of these particulars are fluid, to put it mildly, but the overall dynamic and impacts for container shipping are looking to be directionally similar to this precedent. So if not exactly history repeating itself, it does so far appear to rhyme.

[Thomas Lister, CEO at Global Ship Lease]

On to Slide 14, where we provide our standard check-in on supply side trends in the space. What at one point would have been quite shocking has in recent times just become the way things are. Both idle tonnage and scrapping activity are more or less zero as the system remains stretched. Thin and older vessels continue to command high rates that more than justify keeping them on the water. Just to drive this point home, in a global fleet with cellular capacity of around 32,000,000 TEU, a global total of 6,800 TEU of capacity was scrapped in the first half of the year, or to put it differently, more or less the equivalent capacity of a single ship in our fleet of mid sized and smaller container ships.

[Thomas Lister, CEO at Global Ship Lease]

Slide 15 covers the order book, which is both meaningful in overall scope and overwhelmingly focused on the very largest size segments, a part of the market in which GSL does not participate. In the segments where we do focus, the order book to fleet ratio is 12%, which is spread over a three to four year worth of deliveries. Crucially, while the median age for the global fleet above 10,000 TEU is just seven point five years, the median age under 10,000 TEUs, in other words, in the segments we're focused on and are competing in, the median age has risen to 17.5 years as new additions have been limited and quite old ships have hung around to reap the benefits of the tight market. It's a bit hypothetical, but if we were to look to a scenario where that full sub-ten thousand TEU order book is delivered through 2028 and we were to assume that ships over twenty five years in the same timeframe were scrapped, then the global fleet would in fact be trending towards a net fleet reduction of 6.3% in these sizes. As we've said before, it can't be taken for granted that all of these ships will indeed be promptly scrapped.

[Thomas Lister, CEO at Global Ship Lease]

But as an owner of well maintained and high specification ships, I can't say that we are particularly worried about a market in which even a generic twenty eight or thirty year old ship can be profitably employed in the charter market. On the flip side, in a scenario in which the wider market turns sharply downward at some stage, pressure on less well specified vessels and their owners could be meaningfully more widespread. With extensive contract coverage, a high specification in demand fleet and a balance sheet with both resilience and dry powder, we're inclined to see such a situation as an opportunity, first and foremost. On Slide 16, we check-in on the charter market itself. As you would expect from our commentary thus far, the charter market remains quite strong, both on an absolute basis and even more so in the context of GSL's breakeven rates of under $9,400 per day per vessel.

[Thomas Lister, CEO at Global Ship Lease]

The amount of chartering activity, particularly on a forward or long term basis, reduced materially during the post deliberation day air pocket when the liners and their own customers were trying to sort out how best to proceed. However, as you can see on the chart, this bout of short term focus and hesitation to commit did not undermine the very healthy rate environment. Beyond the discussion of fundamentals that we have provided here, forward visibility on market charter rates is rather limited. For GSL though, we're insulated by more than $1,700,000,000 of contract cover over an average of 2.1 going forward. So our focus is squarely on the opportunities ahead of us.

[Thomas Lister, CEO at Global Ship Lease]

With that, I'll turn it back to George on Slide 17.

[George Youroukos, Executive Chairman at Global Ship Lease]

Thank you, Tom. To summarize, we continue to add forward cover and now have essentially no open days in 2025 and are working on closing out next year as well. Macro, geopolitical and regulatory uncertainty is high, and we're maximizing our optionality to manage risk and capitalize on opportunities. Financially, GSL is stronger than it has ever been, with a fortress balance sheet and annual EBITDA in excess of our net debt. Our average breakeven rates are under $9,400 per vessel per day, which means that we are positioned to continue generating free cash flow even if the market were much weaker than today's.

[George Youroukos, Executive Chairman at Global Ship Lease]

As fleet flow excuse me. As our fleet's cash cows age, we're opportunistically monetizing certain older vessels and are increasingly focused on disciplined fleet renewal to support forward earnings and returns. And finally, we are pleased to be returning capital to our shareholders by paying out an annualized dividend of $2.1 per common share. Now with that, we're ready to take your questions.

[Operator]

Your first question comes from the line of Liam Burke with B. Riley Securities. Your line is now open. Please go ahead.

[Liam Burke, Managing Director at B. Riley Financial]

Thank you. Hi, George, Tom, Casos. How are you doing today? We're doing well, Liam.

[Thomas Lister, CEO at Global Ship Lease]

Good to hear from you.

[Liam Burke, Managing Director at B. Riley Financial]

You. Thank you. Tom, as we look into third quarter, freight rates are sort of weakening or softening as we go further. Is there still that positive disconnect between your freight rates and then your charter rates?

[Thomas Lister, CEO at Global Ship Lease]

Short answer, Liam, yes. I would say that the charter rates in the market are holding up firmly despite the downward pressure on freight rates in the Transpacific. I would also point out actually that there are more buoyant markets than the Transpacific such as Asia Europe. But main message, charter rates remain very attractive.

[Liam Burke, Managing Director at B. Riley Financial]

And in terms of your liner customers, is there interest in longer durations in terms of the vessels that are up for recharter?

[Thomas Lister, CEO at Global Ship Lease]

I wouldn't necessarily say longer durations, but there is certainly appetite for midsize and smaller tonnage from the liner operators for the same multiyear charters that we've been seeing for a while. So for the smaller ships, maybe a couple of years is on the cards. For the ones at the larger end of the size spectrum in our fleet, you may be looking at three plus years.

[Liam Burke, Managing Director at B. Riley Financial]

Great. Thank you, Tom.

[Thomas Lister, CEO at Global Ship Lease]

Our pleasure. Thanks, Liam.

[Operator]

Your next question comes from the line of Omar Nokta with Jefferies. Please go ahead.

[Omar Nokta, Managing Director at Jefferies]

Thank you. Hi, guys. Good afternoon. Maybe just a follow-up, Tom on just your last comments about the charger appetite for the midsize and smaller asset classes. You're highlighting in one of the slides just how much the order book has been more attuned towards the bigger vessels.

[Omar Nokta, Managing Director at Jefferies]

I guess maybe recently there's been some chatter, some orders coming in for some of the smaller end of the fleet. So I guess maybe my question is maybe two part. One, what's maybe behind that or sort of kick started perhaps that interest in the smaller ships? And then two, do you see opportunities to place orders for smaller ships against long term contracts?

[Thomas Lister, CEO at Global Ship Lease]

Thanks, Omar. And hi, thanks for joining the call. Okay, I'll get the ball rolling on this and I'm sure George will also weigh in. I think there is a growing recognition that the midsize and smaller segments are underbuilt and people are beginning to react to that. However, because it's still rather challenging to get significantly long term charters in the mid size and smaller space from the liner operators, that keeps a lid on any speculative orders in that space, which means that despite the fact that, yes, there is more ordering activity than before, it's still not, let's say, worryingly high in nature.

[Thomas Lister, CEO at Global Ship Lease]

And to the second part of your question, I mean, we're always looking at opportunities in the space, both for existing ships, which has been our bread and butter to date, but also for new buildings. But we don't move on either of those unless we can make the risk and return numbers work. And so far, that hasn't been the case for new buildings, at least for us. But we continue to keep an eye on the market, as you would expect. George, I don't know if you want to add to that.

[George Youroukos, Executive Chairman at Global Ship Lease]

Yeah. The only thing I would add is that, generally speaking, a liner company, smaller ships do not consider them as the backbone of their services. Hence, they are not running to charter these ships for long durations, more than three years, I would say. Especially if it's a brand new ship, they would go for three years. Or if it's a bargain, they would even go for longer.

[George Youroukos, Executive Chairman at Global Ship Lease]

I mean, it all depends on the rate. So if you offer a very low rate, then, yes, they might get longer than three years. But in general, they are not the ships that the liner companies consider as their main ships. So they can always pick them up in the market they fill, the charter market. So I don't think that it is an idea for us to order these ships at today's, high new build prices and then speculatively try and fix them, you know, at a higher charter rate because I don't think these higher charter rates will be available, given the appetite of of of charters and knowing also the the price that somebody has paid so the charter is not gonna want to allow the the owner of the ship to make a killing, naturally, as a charter could order the ship themselves if it's if it's becoming too expensive.

[Omar Nokta, Managing Director at Jefferies]

Okay. That that that's interesting. Thank you, George, and Tom. And and maybe just a a second question. It seems like you've been perhaps a little bit more transactional on the sales side, maybe not dramatically, but you've you've monetized another ship, an older one.

[Omar Nokta, Managing Director at Jefferies]

It looks like at a much firmer price than what you achieved for the sister ship a few months earlier. Is your are the sales coming on this on is it being driven by the fact that asset values are continuing to stay firm? And also, you seeing these high prices continue here despite perhaps the air pocket you mentioned in in freight rates?

[Thomas Lister, CEO at Global Ship Lease]

Asset prices remain attractive, going to the second part of your question first. But as a general comment, Omar, whenever we're looking to either deploy an asset or sell it, we run the numbers and try to figure out what's going to generate more capital, more returns, more cash for the business. So it so happens that, yes, we've sold these older assets opportunistically, a total of four during the first half of this year, simply because for those specific assets, when they were coming available, we felt that, that would be the more value generative proposition for the company. But that's not to say that we will continue down that track going forward. It's always a dynamic decision.

[Thomas Lister, CEO at Global Ship Lease]

And we figure out what makes the most sense economically. But asset values are remaining quite firm at the moment as our charter rates.

[Omar Nokta, Managing Director at Jefferies]

Okay. Very good.

[George Youroukos, Executive Chairman at Global Ship Lease]

If I may just add something for clarification. The first ship was sold special survey due. The the second ship was sold special survey passed, hence, the difference in price.

[Omar Nokta, Managing Director at Jefferies]

Okay. That's helpful. I appreciate that. Thank you.

[Operator]

Your next question comes from the line of Clement Mullens with Value Investor's Edge.

[Climent Molins, Head - Shipping Research at Value Investor's Edge]

I wanted to start with a modeling question. You mentioned that as of June 30, two drydockings were ongoing and six additional were anticipated. Could you confirm whether the six additional drydockings are to be pursued throughout Q3? Or does that include the fourth quarter?

[Thomas Lister, CEO at Global Ship Lease]

That's a pretty granular question, Clement. Thanks, nevertheless, for joining the call. Tassos, I don't know if you happen to know that to respond to it. Otherwise, we can respond to it offline, Clomboise.

[George Youroukos, Executive Chairman at Global Ship Lease]

Yes, yes, because I don't have it right now.

[Climent Molins, Head - Shipping Research at Value Investor's Edge]

Perfectly. I'll follow-up on like offline. I also wanted to ask about your B1 asset values. Your last acquisition in December focused on large vessels, especially relative to your fleet. And looking ahead, to what extent should we expect you to focus on large vessels, let's say, 4,000 TEU relative to feeders?

[George Youroukos, Executive Chairman at Global Ship Lease]

I will answer to that, Clement. Generally speaking, let's say, our focus, hence our fleet, is for post panamax beam ships, so more than 40 meters plus. This is the majority of our fleet per TEU. Now, we like those ships for various reasons. They take more cargo, they're more flexible, and so on and so forth.

[George Youroukos, Executive Chairman at Global Ship Lease]

Now, having said that, that does not exclude us from buying, which we have in the past, smaller ships if the deal makes sense. But if I was in a shop and I had all the options open to me and I would pick and choose what ships I like, I would go for post panamax ships rather than smaller, sized post panamax ships between 6,000 to 10,000 That would be my absolute preference. But just preference, not carved in stone.

[Climent Molins, Head - Shipping Research at Value Investor's Edge]

Makes sense. That's helpful. That's everything from me. Thank you for taking my questions.

[Thomas Lister, CEO at Global Ship Lease]

Our pleasure.

[Operator]

That concludes our Q and A session. I will now turn the call back over to Mr. Thomas Lister for closing remarks.

[Thomas Lister, CEO at Global Ship Lease]

Well, thank you, everyone, for joining our earnings call today, and we look forward to reconnecting with you in the fall for our 3Q earnings. Have a great summer.

[Operator]

That concludes conference call today. Thank you all for joining. You may now disconnect. Everyone, have a great day.

Participants

Executives

• Thomas Lister, CEO
• George Youroukos, Executive Chairman
• Tassos Psaropoulos, CFO

Analysts

• Liam Burke, Managing Director at B. Riley Financial
• Omar Nokta, Managing Director at Jefferies
• Climent Molins, Head - Shipping Research at Value Investor's Edge