Oslo, 29 March 2022: Gram Car Carriers ASA ("GCC") is pleased to announce that
the company has signed a five-year time charter contract for the MV Viking
Emerald (4,200 CEU) with a leading Asian operator. The contract commences in May
2022 at a time charter rate of USD 28,000 per day, providing a total contract
value of approximately USD 51 million over the five-year period.
Viking Emerald was originally contracted to another major Asian operator on a
two-year time charter from May 2022. GCC has agreed to swap the Viking Emerald
with the Viking Coral (4,200 CEU), which is coming off its charter in the same
period to cover the two-year contract.
Georg A. Whist, the CEO of GCC, commented: "This contract underlines the
improving market fundamentals and how GCC is ideally positioned to capture this
strengthening market. The charter represents a new level of day-rate and
duration for this type of vessels, increasing our long-term earnings visibility
and ability to provide direct shareholder returns through attractive
dividends."
GCC has 20% and 65% revenue days open for 2022 and 2023, respectively, following
this latest contract.
For further information, please contact:
CEO Georg A. Whist
Telephone: +47 41 60 16 81
E-mail: georg.whist@gramcar.com
CFO Gunnar S. Koløen
Telephone: +65 9176 6661
E-mail: gunnar.koloen@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 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 29 March
2022 at 21.36 CET.