Gram Car Carriers signs 3-year TC extension for Höegh Caribia, adding USD 24 million to backlog

Oslo, 1 November 2022: Gram Car Carriers ASA (“GCC”) is pleased to announce that the company has signed a three-year extension of the timecharter contract for the distribution vessel Höegh Caribia (2,000 CEU) with the current charterer Höegh Autoliners.

The dayrate is USD 22,000 per day and the contract adds approximately USD 24 million of future revenue to the contract backlog. The new rate and extension will commence in January 2023.

Georg A. Whist, the CEO of GCC, commented: "We continue to increase our backlog and future revenue visibility in a strong car shipping market. Open capacity for 2023 is limited, and we have secured a significant share of our 2024 revenue days at attractive dayrates. This supports earnings growth and our capacity to provide attractive dividends.”

With this new contract for Höegh Caribia, GCC has 14% and 38x% revenue days open for 2023 and 2024, 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 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 Gunnar S Koløen, CFO at Gram Car Carriers, on 1st November 2022 at 15.55 CEST.