Gram Car Carriers ASA: Q2 2022 results and proposed dividend

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:  

"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.


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:

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


CFO Gunnar S. Koløen


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

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.


2022-08-18 GCC - Q2 presentation final.pdf