GSL is one of my favorite ideas, it's performed well since I wrote it up, but it still has a lot more room to run. The risk-return ratio is arguably better than it's ever been before.
The major risk used to be a default by CMA CGM. With only one customer, a default by GMA CGM would have been a default for GSL. However, we can see from the chart below comparing GSL shares to CMA CGM debt, that GSL has only recovered a fraction of its value compared to the recovery in CMA CGM debt:
Also, since my initial writeup, lease rates for container ships have improved considerably, outpacing the recovery in GSL:
I'm finding it difficult to justify the disparity between improvements in the market and the lack of a recovery for GSL. If anyone has any insight, please share.
Disclosure: Long GSL