Oslo, 5 July 2023: Gram Car Carriers ASA ("GCC") has signed an agreement to sell two Pure Car and Truck Carriers (PCTC) Distribution vessels, the Viking Constanza (2,000 CEU, built 2010) and the Viking Princess (1,000 CEU, built 1996), for a total cash consideration of USD 43.5 million to modernise the fleet and capitalise on historically high second-hand vessel values.
GCC expects to recognise a total book gain of USD 19 million upon completion of the sale of the two vessels, with the Viking Constanza to be delivered to the new owner in the fourth quarter of 2023 and the Viking Princess to be delivered in the first quarter of 2024. The buyer of the two vessels is an undisclosed European-based vehicle logistics company.
“The transaction supports our strategy of owning and operating a modern fleet which reflects the demand from our customers, the world’s leading operators of PCTC tonnage. We are capturing additional value in a historically strong car shipping market and will free up capital to both strengthen our balance sheet and support dividend distributions in line with our policy of paying 75% of net income,” said Georg A. Whist, the CEO of GCC.
GCC selectively pursues transactions with the aim of creating shareholder value in combination with the day-to-management of the owned and operated fleet. This may include vessels acquisitions that are accretive to earnings and dividend capacity, and divestments that are likely to unlock additional value beyond cashflow generation through high asset prices and fleet optimisation.
Contacts:
CEO, Georg A. Whist
Telephone: +47 41 60 16 81
E-mail: georg.whist@gramcar.com
Head of Projects and IR, Mas Gram
Telephone: +47 95 41 00 93
E-mail: mas.gram@gramcar.com
About Gram Car Carriers:
GCC is the world's third-largest tonnage provider within the Pure Car Truck Carriers (PCTCs) segment with 19 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 notice was published by Mas Gram, Head of Projects and IR at Gram Car Carriers ASA, on 5 July 2023 at 16.25 CEST.