Oslo, 24 April 2024 - Gram Car Carriers ASA (`GCC'), the world's third-largest car carrier tonnage provider, today reported interim results for the first quarter of 2024 and approved the company's ninth consecutive quarterly dividend reflecting a pay-out ratio of 75% of net profit in line with policy.


  • Board of Directors approved ninth consecutive quarterly dividend of USD 0.819 per share for Q1 2024
  • Equal to 75% of the net profit of USD 31.2 million
  • Q1 2024 revenue of USD 54.9 million and EBITDA of USD 40.8 million
  • Q1 2024 average TCE rate per day: Panamax USD 56,700, Mid-size USD 30,270 and Distribution USD 25,830
  • Total revenue backlog of USD 794 million at end Q1 2024
  • Refinancing of Viking Adventure at competitive terms
  • Sale of Viking Amber (4,200 CEU, 2010) to capture high second-hand values
  • Favourable market outlook with high charter rates and long contract durations

"We deliver another strong quarter through execution on our substantial revenue-backlog, value-creating vessel transactions and reduced debt margins. We maintain our focus on operational performance and customer service which are key drivers for profitable growth and value creation for our shareholders," said Georg A. Whist, the CEO of Gram Car Carriers.

First quarter operating revenue of USD 54.9 million reflected improved average time charter rates for the Distribution and Panamax segments compared to the prior quarter. This was offset by off-hire relating to the drydocking of the Distribution vessel Hoegh Caribia and Mid-size vessel Viking Drive, resulting in a slight decrease compared to fourth quarter of 2023.

Vessel operating expenses amounted to USD 11.3 million. Administrative expenses were USD 2.7 million and included non-cash expenses of USD 0.7 million relating to long-term employee incentive programs.

EBITDA was USD 40.8 million, down slightly from USD 41.6 million in the fourth quarter of 2023. EBIT was USD 38.6 million, including the USD 5.6 million Viking Princess gain. Net financial expenses of USD 7.4 million reflected mainly interest expense on vessel loans and leases, as well as USD 1.5 million in non-recurring costs in connection with vessel refinancing activities. Net profit for the quarter was USD 31.2 million, equal to earnings of USD 1.08 per share.

On 12 February, the Viking Queen was delivered to the new charterer, commencing a five-year timecharter (TC). With the vessel on its new contract, the average daily earnings (TCE) for the four Panamax vessels in the GCC fleet increased from USD 50,750 to USD 56,700.

In the first quarter, the Mid-size vessel Viking Drive had a planned Intermediate docking and special survey. The off-hire period was longer-than-expected due to the impact of Chinese New Year celebrations on yard efficiency, more steel replacements than anticipated and required follow-up repairs. The Distribution vessel Höegh Caribia completed its planned special survey and bow repairs. The net financial impact is approximately USD 1.5 million after insurance, reflecting off-hire and incident related costs.

GCC's vessels remain restricted from passing through the Red Sea after the Norwegian Maritime Authority in December raised the security level in the southern part of the Red Sea to the highest level. GCC monitors the situation closely and will review and update this policy when appropriate based on recommendations from relevant authorities.

The average fleet TCE was USD 33,720 per day in the first quarter, an increase from USD 32,300 in the fourth quarter of 2023. The higher TCE was mainly a function of the Viking Queen starting its new charter in February.

The Company estimates an average cash flow breakeven rate of USD 17,860 per day per vessel going forward, little changed from USD 17,720 in the previous quarter.

On 6 February, the Company announced the sale of the Mid-size vessel Viking Amber (4,200 CEU, built 2010) for a total cash consideration of USD 64.6 million. The vessel will be delivered to the new owner in April. GCC expects to recognise a net book gain of USD 36.5 million upon completion of the sale in the second quarter of 2024. The transaction is in line with GCC's strategy of creating additional value in a strong car shipping market with historically high charter rates and asset values.

The Board of Directors has approved a cash dividend of USD 0.819 per share for the first quarter of 2024, in line with policy. This is the ninth consecutive quarterly distribution from the Company to shareholders. The distribution shall constitute a repayment of the Company's paid in capital. In February, GCC paid a dividend of USD 0.979 per share for the fourth quarter of 2023.


The company will today at 10:00 CET hold a presentation hosted by Georg A. Whist, the CEO of GCC, and Gunnar S. Koløen, the CFO. The presentation will be held in English and conducted as a webcast with a live Q&A session at the end.

Use the following link to register for the presentation: https://invitepeople.com/events/fdb4950e9a

Questions may be submitted online during the presentation.

The first quarter report is attached to this release and is available on the company's website. A recording of the presentation will also be made available.

For further information, please contact:

CEO Georg A. Whist

E-mail: georg.whist@gramcar.com

CFO Gunnar S. Koløen

E-mail: gunnar.koloen@gramcar.com

Head of Projects and IR Mas Gram

E-mail: ir@gramcar.com

About Gram Car Carriers:

GCC is the world's third-largest tonnage provider within the Pure Car Truck Carriers (PCTCs) segment with 18 owned 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. To lean more, please visit gramcar.com.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.



(c) 2024 Cision. All rights reserved., source Press Releases - English