Gram Car Carriers: Three-year time charter for MV Passero

Gram Car Carriers ASA ("GCC") is pleased to announce a three-year time charter for the PCTC vessel MV Passero (5,000 CEU), being one of the two vessels acquired from subsidiaries of F. Laeisz GmbH on 25 January 2022. The charter contract has been concluded with a major Asian operator and will commence in May 2022. The time charter rate is USD 27,700 per day, providing a total contract value of approximately USD 30 million over the charter period.

Georg A. Whist, the CEO of GCC, commented: “This contract confirms that we are in a strong and firming market which is reflected in attractive returns and longer contract durations. The new charter increases our long-term earnings visibility and ability to provide direct shareholder returns through attractive dividends.”

As set out in the stock exchange notice of 12 January 2022, GCC is ideally positioned to capture a strengthening market with 25% and 77% open days in 2022 and 2023, respectively. Upon completion of the transaction with F. Laeisz and the new charter, GCC has 20% and 71% revenue days open for 2022 and 2023, respectively.

For further information, please contact:

CEO Georg A. Whist
Telephone: +47 41 60 16 81

CFO Gunnar S. Koløen
Telephone: +65 9176 6661

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.

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