Gram Car Carriers ASA: Q2 2023 results and increased dividend

Oslo, 15 August 2023 – Gram Car Carriers ASA (‘GCC’), the world’s third-largest car carrier tonnage provider, today reported interim results for the second quarter and first half of 2023 and approved the company’s sixth consecutive quarterly dividend reflecting earnings growth and increased pay-out ratio of 75% of net profit.

Key events:  

“We are pleased to deliver on our commitment to provide attractive and growing shareholder distributions in line with our increased dividend pay-out ratio. This is supported by continued strong operational performance and cash generation from a near-record revenue backlog providing long-term earnings visibility. We expect further positive development as additional vessels start on new charters reflecting the strong car shipping market fundamentals," said Georg A. Whist, the CEO of GCC.

Second quarter 2023 operating revenue of USD 48.4 million reflected improved average time charter rates across all segments compared to the prior quarter. Vessel operating expenses amounted to USD 12.9 million. Administrative expenses were USD 2.7 million and included non-cash expenses of USD 0.6 million relating to long-term employee incentive programs.

EBITDA was USD 32.9 million, an increase from USD 27.7 million in the first quarter of 2023, and EBIT amounted to USD 25.1 million (USD 20.1 million). Net financial expenses of USD 7.6 million reflected mainly interest expense on vessel loans and leases. Net profit for the quarter was USD 18.1 million, equal to earnings of USD 0.62 per share.

During the quarter, the Company completed the second special periodic survey of the Mid-size vessel Viking Sea, resulting in seven days off-hire in the beginning of the period. The Panamax vessel Viking Bravery arrived in China for installation of an exhaust scrubber at the end of June, resulting in five days off-hire in the second quarter. The Viking Bravery is expected to complete the installation end of July 2023 after which it will commence on a five-year time charter. The Company recognised approximately USD 1.0 million of non-recurring operating expenses during the quarter related to repairs which did not impact vessel utilisation.  

The average fleet TCE was USD 28,770 per day in the second quarter, an increase from USD 25,620 in the first quarter of 2023. The higher TCE was a function of higher dayrates for all vessel types, Panamax at USD 39,130 (USD 30,060), the Mid-size fleet at USD 30,270 (USD 29,100) and the Distribution fleet at USD 17,600 (USD 15,540). Daily earnings for the fleet are set to increase further with the Viking Bravery commencing under its new five-year charter and the two distribution vessels Viking Odessa and City of Oslo under new contracts with higher earnings for the full quarter in third quarter. The fixing of the last open Panamax vessel, Viking Queen, is expected to impact positively on earnings from end of first quarter 2024.

The Company estimates an average cash flow breakeven rate of USD 16,950 per day per vessel going forward, stable from the previous quarter (USD 16,920 per day) as lower margins on the main credit facilities offset the impact of higher interest rates.

GCC has built a significant revenue backlog providing good visibility on future cash flow. Following an assessment of the Company’s dividend capacity, the dividend pay-out ratio was increased from 50% to 75% of net profit effective from the second quarter of 2023.

The Board of Directors has approved a cash dividend of USD 0.47 per share for the second quarter of 2023, in line with policy. This represents the sixth consecutive quarterly distribution from the Company to shareholders. The distribution shall constitute a repayment of the Company’s paid in capital. In May, GCC paid a dividend of USD 0.224 per share for the first quarter of 2023.


The company will today at 10:00 CEST 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 second quarter and first half 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 20 owned 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 Q2 2023 presentation.pdf