Gram Car Carriers ASA: Q1 2022 results and proposed dividend

Oslo, 28 April 2022 – Gram Car Carriers ASA (‘GCC’), the world’s third largest car carrier tonnage provider, today reported interim results for the first quarter of 2022 and proposed the company’s initial quarterly dividend after listing on Euronext Growth in January 2022. 

Key events:  

First quarter operating revenue of USD 23.5 million reflected improved average time charter rates compared to prior periods, high vessel utilisation and the addition of two vessels to the fleet during the period.  EBITDA was USD 12.7 million, and EBIT amounted to USD 5.9 million in the quarter. Net income for the quarter was USD 2.1 million, equal to earnings of USD 0.07 per share.

The GCC fleet was fully operational during the first quarter of 2022, with the exception of Viking Queen that went through her third special survey in January. The average fleet TCE was USD 15,640 in the first quarter, an increase from USD 14,200 in the fourth quarter of 2021. The higher TCE was mainly a function of higher dayrates for the Mid-size fleet of USD 17,410 (USD 15,110) and the Distribution fleet at USD 11,590 (USD 10,540). The daily TCE for the Panamax fleet was stable at USD 16,690.

"Gram Car Carriers holds a leading position in a historically strong car carrier market with favourable demand fundamentals and a predictable supply side. This is reflected in new charter agreements with higher dayrates and longer durations which support future earnings growth and direct shareholder returns through attractive dividends. We are therefore pleased to announce our initial dividend equal to 50% of our net profit for the first quarter of 2022, in accordance with our stated policy,” said Georg Whist, the CEO of Gram Car Carriers.

The company estimates a cash flow breakeven rate of USD 14,600 per day per vessel going forward. The increase from the USD 13,420 per day communicated in the company update on 18 February 2022, reflects higher interest rates and an impact from refinancing.

The Board of Directors has proposed a cash dividend of USD 0.036 per share for the first quarter of 2022. The dividend will be paid as a reduction to share premium subject to approval at the annual general meeting on 12 May 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 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


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 - Q1 2022 presentation final .pdf