Gram Car Carriers ASA: Q3 2022 results and proposed dividend

Oslo, 4 November 2022 – Gram Car Carriers ASA (‘GCC’), the world’s third largest car carrier tonnage provider, today reported interim results for the third quarter and proposed the company’s third consecutive quarterly dividend after listing on Euronext Growth in January 2022. 

Key events:  

"We continue to deliver on our strategic priorities by signing new long-term contracts at historically high dayrates and by providing safe, efficient operations and high-quality logistics services to our customers. This has led to a significant increase in our backlog during in the second half of 2022 which supports future earnings growth and visibility on continued increased dividend payments in line with our stated policy of distributing at least 50% of net profit on quarterly basis. We are on track for the planned up-listing to Euronext Oslo Børs later this year which is expected to further broaden our investor base," said Georg A. Whist, the CEO of GCC.

Third quarter 2022 operating revenue of USD 31.5 million reflected improved average time charter rates across all segments compared to the prior quarter, with an increase of USD 1,410 for Distribution vessels, USD 2,500 for Mid-size vessels and USD 1,830 per day for Panamax vessels. EBITDA was USD 18.8 million, an increase from USD 16.2 million in the second quarter of 2022, and EBIT amounted to USD 11.9 million (USD 9.3 million). Net financial expenses of USD 5.4 million reflected mainly interest expense on vessel loans and leases. Net income for the quarter was USD 6.5 million, equal to earnings of USD 0.23 per share.

The entire GCC fleet was in operation in the third quarter, except for the Viking Emerald that went through the planned second special survey and repairs. The average fleet TCE was USD 19,960 in the third quarter, an increase from USD 17,770 in the second quarter of 2022. The higher TCE was a function of higher dayrates for all vessel types, Panamax at USD 18,520 (16,690), the Mid-size fleet of USD 24,200 (USD 21,700) and the Distribution fleet at USD 13,170 (USD 11,760). Daily earnings from the fleet are set to increase over the next quarters as vessels start on new contracts at higher dayrates. 

The Company estimates a cash flow breakeven rate of USD 15,840 per day per vessel going forward. The increase from the USD 15,000 per day communicated in the second quarter report on 19 August 2022, reflects higher interest rates.

The Board of Directors has proposed a cash dividend of USD 0.110 per share for the third 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 8 November 2022. In September, GCC paid a dividend of USD 0.093 per share for the second quarter of 2022.


The company will today at 11:00 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 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. To lean more, please visit

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


GCC Q3 presentation Final.pdf