Gram Car Carriers ASA: Sale of Mid-size vessel Viking Amber to capture attractive second-hand values

Oslo, 6 February 2024: Gram Car Carriers ASA ("GCC") has signed an agreement to sell the Mid-size Pure Car and Truck Carrier (PCTC) Viking Amber (4,200 CEU, built 2010) for a total cash consideration of USD 64.6 million to capitalise on historically high second-hand vessel values.    

GCC expects to recognise a net book gain of USD 36.6 million upon completion of the sale and delivery of the vessel to the new owner at the end of its timecharter contract in the second quarter of 2024. The buyer of the vessel is an investment company, backed by a European-based vehicle logistics company.  

"The transaction is in line with our strategy of capturing additional value in a strong car shipping market which is reflected in both historically high charter rates and asset values. The sale will free up capital to strengthen our balance sheet and support quarterly dividend distributions in line with our policy of paying 75% of net profit. It is also a confirmation our previous statement that there are prices where we are sellers and there are prices where we are buyers,"  said Georg A. Whist, the CEO of GCC. 

Contacts:  

CEO, Georg A. Whist 

Telephone: [phone] 

E-mail: [e-mail] 

Head of Projects and IR, Mas Gram 

Telephone: [phone] 

E-mail: [e-mail]  

About Gram Car Carriers:  

GCC is the world's third-largest tonnage provider within the Pure Car Truck Carriers (PCTCs) segment with 18 vessels, across the Distribution, Mid-size and Panamax segments. The Company serves as a trusted provider of high-quality vessels and logistics solutions ensuring safe, efficient and punctual shipment of vehicles for a network of clients comprising of major global and regional PCTC operators. 

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This stock exchange notice was published by Mas Gram, Head of Projects and IR at Gram Car Carriers ASA, on 6 February 2023 at 06.30CET.  

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