Gram Car Carriers ASA: Q3 2023 results and increased dividend

Oslo, 3 November 2023 – Gram Car Carriers ASA (‘GCC’), the world’s third-largest car carrier tonnage provider, today reported interim results for the third quarter of 2023 and approved the company’s seventh consecutive quarterly dividend reflecting earnings growth and increased pay-out ratio of 75% of net profit.


“We listed in early 2022 with the clear strategy of rechartering the fleet on long-term contracts reflecting the strong market fundamentals to drive value creation and shareholder distributions. Since then, we have signed over USD 1 billion worth of new contracts with leading operators at attractive dayrates and built a record revenue backlog providing long-term visibility on earnings and attractive quarterly dividends," said Georg A. Whist, the CEO of GCC.

Third quarter 2023 operating revenue of USD 54.9 million reflected improved average time charter rates for the Distribution and Panamax segments compared to the prior quarter. Vessel operating expenses amounted to USD 11.9 million. Administrative expenses were USD 2.5 million and included non-cash expenses of USD 0.7 million relating to long-term employee incentive programs.

EBITDA was USD 40.5 million, an increase from USD 32.9 million in the second quarter of 2023, and EBIT amounted to USD 32.3 million, up from USD 25.1 million in the second quarter of 2023. Net financial expenses of USD 7.4 million reflected mainly interest expense on vessel loans and leases. Net profit for the quarter was USD 24.9 million, equal to earnings of USD 0.86 per share.   

The Viking Bravery completed its scrubber installation on budget and ahead of schedule in late July before commencing a five-year time charter. In late July, the Hoegh Caribia made contact with another vessel when exiting port. There were no reported injuries, water ingress or pollution. The vessel resumed its voyage on 1 August after temporary repairs. Full repairs are planned to commence at the end of the year with an estimated net financial impact of approximately USD 1 million after insurance, reflecting a 30-day off-hire period and incident related costs.

The average fleet TCE was USD 31,370 per day in the third quarter, an increase from USD 28,770 in the second quarter of 2023. The higher TCE was a function of higher dayrates for the Distribution and Panamax vessels, supported by the Viking Bravery commencing its new five-year charter during the period and the two distribution vessels Viking Odessa and City of Oslo having their first full quarter on new charters with higher earnings. The recent fixing of the Viking Queen, the last open Panamax vessel, is expected to impact positively on earnings from February 2024.

The Company estimates an average cash flow breakeven rate of USD 16,950 per day per vessel going forward, unchanged from the previous quarter.

GCC has built a significant revenue backlog providing good visibility on future cash flow. The Company’s 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 0.645 per share for the third quarter of 2023, in line with policy. This represents the seventh consecutive quarterly distribution from the Company to shareholders. The distribution shall constitute a repayment of the Company’s paid in capital. In August, GCC paid a dividend of USD 0.470 per share for the second quarter of 2023.


The company will today at 09:00 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 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.


GCC ASA Q3 presentation.pdf