Hi Folks, Been awhile since I've posted but still holding fast on a very large position in GSL. CMA CGM's latest 13d filing is an interesting one though and it prompted this post to see what the community thinks. They are now holding ~43% of the common A class after what looks like additional accumulation. The filing indicates that CGM believes the shares are undervalued weighted against business prospects and they may be considering a board change/expansion to capitalize on this opportunity. This actually surprises me that they would not already be the "big dog" at the table and basically be directing the longer term corporate strategy. Are they also frustrated with what has been a basically 4 year status quo? While other groups (SFL, NNA come to mind) are taking advantage of distressed pricing to expand, GSL has continued to stick with the rather long in the tooth "predictable cash flows while deleveraging the balance sheet" strategy. Any thoughts as to what might transpire here?
Didn't catch the actual number but enough to trigger a 13d requirement. Weren't they originally about a third of outstanding common at the original filing? The verbiage in the filing is the thing that caught my attention. Feels like something sizable is in the works, finally!