Gram Car Carriers ASA: Q1 2023 results and proposed dividend

Oslo, 21 April 2023 – Gram Car Carriers ASA (‘GCC’), the world’s third-largest car carrier tonnage provider, today reported interim results for the first quarter of 2023 and proposed the company’s fifth consecutive quarterly dividend. The Company also announced its intention to increase the dividend pay-out ratio to 75% of net income starting from the second quarter.

Key events:  

“Our vision is to be a leader in sustainable transport solutions to the global auto industry. We deliver on that vision through continued strong operational performance and cash generation as an increasing share of our fleet starts new charters reflecting the strong car shipping market fundamentals. The combination of a record revenue backlog, good long-term earnings visibility and an increase in our dividend pay-out ratio provides a strong foundation for growing, attractive shareholder distributions going forward," said Georg A. Whist, the CEO of GCC.

First quarter 2023 operating revenue of USD 41.1 million reflected improved average time charter rates across all segments compared to the prior quarter. EBITDA was USD 27.7 million, an increase from USD 23.0 million in the fourth quarter of 2022, and EBIT amounted to USD 20.1 million (USD 16.0 million). Net financial expenses of USD 6.9 million reflected mainly interest expense on vessel loans and leases. Net income for the quarter was USD 13.1 million, equal to earnings of USD 0.45 per share.

During the first quarter, the Company completed the second special periodic survey of the Mid-size vessel Viking Ocean within schedule, resulting in 21 days off-hire. The Mid-size vessel Viking Sea also commenced second special survey during the quarter, resulting in 13 days off-hire in first quarter and seven days in second quarter. The Mid-sized vessel Viking Diamond underwent 36 days of repairs covered by insurance.

The average fleet TCE was USD 25,620 in the first quarter, an increase from USD 22,720 in the fourth quarter of 2022. The higher TCE was a function of higher dayrates for all vessel types, Panamax at USD 30,060 (USD 26,590), the Mid-size fleet of USD 29,100 (USD 25,900) and the Distribution fleet at USD 15,540 (USD 13,680). 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 16,920 per day per vessel going forward. The decrease from the USD 17,270 per day communicated in the fourth quarter report on 9 February 2023, reflects lower debt servicing cost following a reduction of the margin on the main credit facility.

In April 2023, GCC have agreed with the lenders in the USD 302 million credit facility to reduce the margin from fixed 3.26% to a net interest-bearing debt/ EBITDA grid pricing. The applicable margin from the second quarter of 2023 will be 2.75%, with subsequent quarterly revisions. The lenders have also agreed to a reallocation of USD 40 million from the term loan facility to the revolving credit facility, providing GCC with increased flexibility to optimise capital structure and cost. The margin in the USD 15 million facility has been reduced from 4.96% to 4.20%

The Board of Directors has proposed a cash dividend of USD 0.224 per share for the first quarter of 2023, equal to 50% of net income for the period. This represents the fifth consecutive quarterly distribution from the Company to shareholders. The distribution shall constitute a repayment of the Company’s paid in capital. In March, GCC paid a dividend of USD 0.169 per share for the fourth quarter of 2022.

During the past year, GCC has built a significant revenue backlog providing good visibility on future cash flow. Management and the Board of Directors have assessed the Company’s dividend capacity and concluded to increase the dividend pay-out ratio from 50% to 75% of net profit. The revised dividend policy shall be effective starting from the second 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 first 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 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.


23 04 21 GCC Q1 2023 presentation.pdf