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: +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 1[st]
April 2022 at 13.37 CET.