Gram Car Carriers signs five-year TC contract for Viking Queen, adding USD 114 million to backlog

Oslo, 29 September 2023: Gram Car Carriers ASA (“GCC”) is pleased to announce that the company has signed a five-year timecharter (TC) contract with a leading European operator for the Panamax vessel Viking Queen (7,000 CEU).

The average TC rate is USD 62,300 per day and the contract adds approximately USD 114 million of future revenue to the contract backlog. The new contract is expected to commence in late January 2024.

The charter is structured with a tapered dayrate profile, starting at USD 80,000 per day for year one, before declining stepwise to USD 40,000 per day for year five. 

Georg A. Whist, the CEO of GCC, commented: "All our four Panamax vessels have now been fixed on long durations, which is reflected in a record revenue backlog and long-term revenue visibility. A significant share of our 2024 and 2025 revenue days have been secured at attractive dayrates, providing a strong foundation for growth in earnings and dividends in line with our strategy.”

With this new contract for Viking Queen, GCC has 5% and 12% revenue days open for 2024 and 2025, respectively.

For further information, please contact:

CEO Georg A. Whist
Telephone: +47 41 60 16 81

IR Mas Gram
Telephone +47 95 41 00 93

About Gram Car Carriers:
GCC is the world's third-largest tonnage provider within the Pure Car Truck Carriers (PCTCs) segment with 20 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 September 2023 at 17:00 CEST.