Bottom Fishing For A 9% Yield On Qualified Dividends

Here's something different from us - unlike most of our other articles, this is an article about a stock with no common dividends.
"The terms of the secured notes precludes us from our contemplating a dividend on the common until 2021. And we are very comfortable with that because near term we want to focus our resources on growing the business." (Source: Q3 '17 earnings call)
However, there are preferred shares, which are yielding over 9%, and trading at a discount to their call value.
Profile: Global Ship Lease (GSL) is a containership lessor, publicly traded since 15th August 2008 on the New York Stock Exchange. GSL is a Marshall Islands Corporation with administrative offices in London. It owns a fleet of high quality, well-maintained containerships that are leased out under fixed-rate time charters.
GSL was created through a $1 billion spin-off from CMA CGM, the third largest liner operator in the world, effected by a merger in August 2008 between the CMA CGM-owned entity and Marathon Acquisition Corp. (Marathon), a listed special purpose acquisition corporation (SPAC). Marathon was established by Michael Gross, chairman and CEO of investment firms Solar Capital (SLRC) and Solar Senior Capital (SUNS) and a founder and former senior partner of Apollo Management L.P, a leading private equity firm. Mr. Gross is GSL's chairman of the Board. (Source: GLS site)
CMA CGM is in the top three of containership charterers and typically enjoys... Read more

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