Oslo, 19 August 2022 - Gram Car Carriers ASA ('GCC'), the world's third largest
car carrier tonnage provider, today reported interim results for the second
quarter and first half year of 2022 and proposed the company's second
consecutive quarterly dividend after listing on Euronext Growth in January
2022.
Key events:
· Board of Directors proposes dividend of USD 0.093 per share for Q2 2022, up
2.6x from Q1 2022
· Q2 2022 revenue of USD 27.7 million and EBIT of USD 9.3 million
· H1 2022 revenue of USD 51.3 million and EBIT of USD 15.2 million
· Q2 2022 average TCE revenue: Panamax USD 16,690, Mid-size USD 21,700 and
Distribution fleet USD 11,760
· No open capacity for 2022 after new contracts for Viking Drive, Viking
Passama, Viking Odessa, Viking Constanza and City of Oslo at higher dayrates and
with longer durations
· Total revenue backlog of USD 269 million, up 53% from end of Q1 2022
· Positioned to capture a historically strong market with 41%/69% open days in
2023/24
· Favourable market outlook with high charter rates and long contract
durations
"We deliver safe and efficient high-quality logistics services to our customers
while optimising our contract portfolio in a historically strong car carrier
market with favourable demand fundamentals and a predictable supply side. We
continue to sign new charter agreements with higher dayrates and longer
durations and have no more open capacity for the remainder of 2022. This is
reflected in a growing contract backlog which supports future earnings growth
and dividends. We are therefore pleased to propose a dividend equal to 50% of
our net profit for the second quarter of 2022, in accordance with our stated
policy," said Georg A. Whist, the CEO of GCC.
Second quarter operating revenue of USD 27.7 million reflected improved average
time charter rates compared to prior periods, especially for the mid-size
vessels with several vessels delivered to new charters with higher earnings.
Utilisation was impacted by the extended drydocking periods for three vessels
during the quarter due to strict Covid-19 protocols at Chinese shipyards.
EBITDA was USD 16.2 million, up from USD 12.7 million in the first quarter of
2022, and EBIT amounted to USD 9.3 million (USD 5.9 million). Net financial
expenses of USD 3.9 million reflected mainly interest expense on vessel loans
and leases. Net income for the quarter was USD 5.3 million, equal to earnings of
USD 0.19 per share.
The GCC fleet was fully operational during the second quarter of 2022, except
for Viking Passama, Viking Passero and Viking Destiny which went through their
planned special surveys in May and June. The average fleet TCE was USD 17,770 in
the second quarter, an increase from USD 15,640 in the first quarter of 2022.
The higher TCE was mainly a function of higher dayrates for the Mid-size fleet
of USD 21,700 (USD 17,410) and the Distribution fleet at USD 11,760 (USD
11,590). The daily TCE for the Panamax fleet was stable at USD 16,690.
The company estimates a cash flow breakeven rate of USD 15,000 per day per
vessel going forward. The increase from the USD 14,600 per day communicated in
the first quarter report on 28 April 2022, reflects increased interest rates.
The Board of Directors has proposed a cash dividend of USD 0.093 per share for
the second quarter of 2022, equal to 50% of net income for the period. The
distribution shall constitute a repayment of the Company's paid in capital
subject to approval at the extraordinary general meeting (EGM) on 26 August
2022. In June, GCC paid a dividend of USD 0.036 per share for the first quarter
of 2022.
Presentation
The company will today at 11:00 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/7093e79be5154be3
Questions may be submitted online during the presentation.
The second quarter report and presentation are 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
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. 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.