Gram Car Carriers signs TC contract for Viking Drive adding USD 35.5 million of contract backlog

Oslo, 1 April 2022: Gram Car Carriers ASA ("GCC") is pleased to announce that the company has signed an extension to its current contract with Seven Seals for the MV Viking Drive (3,500 CEU), until February 2026.

The agreed contract has a day rate of USD 30,000 for year 1, USD 28,000 for year 2, USD 25,000 for year 3, and USD 22,000 for the last 8 months, providing a total contract value of approximately USD 35.5 million. On average, the extension represents an increase of more than 120% to the daily time charter rate compared to the current contract.

Georg A. Whist, the CEO of GCC, commented: "We are pleased to extend with our existing customer Seven Seals in direct continuation of the current contract with no need for vessel repositioning. The terms reflect the strengthening market and further increases our long-term earnings visibility and ability to provide direct shareholder returns through attractive dividends."

GCC has 15% and 60% revenue days open for 2022 and 2023, respectively, following this latest contract.

For further information, please contact:

CEO Georg A. Whist
Telephone: [phone]
E-mail: [e-mail]   

CFO Gunnar S. Koløen
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 release was published by Mas Gram, Head of Projects  at Gram Car Carriers, on 1^st April 2022 at 13.37 CET.

https://news.cision.com/gram-car-carriers-asa/r/gram-car-carriers-signs-tc-contract-for-viking-drive-adding-usd-35-5-million-of-contract-backlog,c3538105

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