Gram Car Carriers ASA (GCC) announced that the company has signed a five-year timecharter (TC) contract with a leading European operator for the Panamax vessel Viking Queen (7,000 CEU). The average TC rate is USD 62,300 per day and the contract adds approximately USD 114 million of future revenue to the contract backlog. The new contract is expected to commence in late January 2024.

The charter is structured with a tapered dayrate profile, starting at USD 80,000 per day for year one, before declining stepwise to USD 40,000 per day for year five. With this new contract for Viking Queen, GCC has 5% and 12% revenue days open for 2024 and 2025, respectively.