Gram Car Carriers ASA: Q4 2022 results and proposed dividend

Oslo, 9 February 2023 – Gram Car Carriers ASA (‘GCC’), the world’s third largest car carrier tonnage provider, today reported interim results for the fourth quarter and proposed the company’s fourth consecutive quarterly dividend.

Key events:  

“Our up-listing to Oslo Børs’ main market in December was the culmination of a year where GCC made significant progress as a leading owner of modern car carriers, delivering safe, efficient operations and high-quality logistics services to our customers. We successfully captured a historically strong market, rechartering our fleet with long durations and reported successively increased quarterly profits and dividends in line with policy. Going into 2023, we are guided by our vision to be a leader in sustainable transport solutions to the global auto industry, supported by a strong foundation for continued growth and attractive shareholder distributions," said Georg A. Whist, the CEO of GCC.

Fourth quarter 2022 operating revenue of USD 38.3 million reflected improved average time charter rates across all segments compared to the prior quarter. EBITDA was USD 23.0 million, an increase from USD 18.8 million in the third quarter of 2022, and EBIT amounted to USD 16.0 million (USD 11.9 million). Net financial expenses of USD 6.1 million reflected mainly interest expense on vessel loans and leases. Net income for the quarter was USD 9.9 million, equal to earnings of USD 0.34 per share.

During the fourth quarter, the Distribution vessel Höegh Caribia had 12 days off-hire in connection with scheduled main engine overhaul. Viking Bravery went through her planned first special survey in China for 21 days as budgeted. The Mid-sized Viking Emerald completed insurance covered repairs for 19 days in October, where the loss of hire insurance neutralized impact the quarterly results.  The average fleet TCE was USD 22,720 in the fourth quarter, an increase from USD 19,960 in the third quarter of 2022. The higher TCE was a function of higher dayrates for all vessel types, Panamax at USD 26,590 (USD 18,520), the Mid-size fleet of USD 25,900 (USD 24,200) and the Distribution fleet at USD 13,680 (USD 13,170). Daily earnings from the fleet are set to increase further over the next quarters as vessels start on new contracts at higher dayrates. 

The Company estimates an average cash flow breakeven rate of USD 17,270 per day per vessel going forward. The increase from the USD 15,840 per day communicated in the third quarter report on 4 November 2022, reflects mainly higher interest rates and vessel operating expenses due to general cost inflation and the war in Ukraine. For 2023, GCC expects vessel operating expenses of around USD 6,000 per day for the Distribution vessels and USD 7,000 for the Mid-size and Panamax vessels before overhead and docking costs.

The Board of Directors has proposed a cash dividend of USD 0.169 per share for the fourth 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 2 March 2023. In November, GCC paid a dividend of USD 0.110 per share for the third quarter of 2022.

This will be the fourth consecutive quarterly distribution by the Company to shareholders in line with dividend policy, amounting to a total of USD 0.408 per share for the full year. The quarterly payment has sequentially increased each quarter in line with increased earnings, reflecting the renewal of the contract portfolio in a historically strong car shipping market in line with GCC’s strategy.


The company will today at 10:00 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 third 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


Head of Projects and IR Mas Gram


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. To lean more, please visit

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


23-02-09 GCC Q4 presentation.pdf