Oslo, 13 July 2023: Gram Car Carriers ASA (“GCC”) has agreed to acquire 20% equity ownership in Gram Car AS, a single purpose company owning the Pure Car Truck Carrier the Mediterranean Sea (5,000 CEU, built 2010), for a total consideration of USD 4.75 million. The transaction is expected to support increased dividend distributions.
GCC is the commercial manager of Gram Car AS, holding 1% of the shares outstanding prior to today’s acquisition.
“We are investing in a high-quality vessel we know very well at an attractive price-point. The transaction has favourable return characteristics and is accretive to our future dividend distributions,” said Georg A. Whist, the CEO of GCC.
The vessel is on a contract at USD 25,500 per day plus scrubber premium until the third quarter of 2025. The Mediterranean Sea is financed with a USD 11.5 million senior secured loan as per 30 June 2023 at SOFR +3.25% with maturity in April 2026.
GCC will finance the acquisition of the 20% stake in Gram Car AS through available liquidity.
For further information, please contact:
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 13 July 2023 at 11.00 CEST.