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Gram Car Carriers signs 5-year TC contract for Viking Bravery, adding USD 118 million to backlog

Oslo, 10 November 2022: Gram Car Carriers ASA (“GCC”) is pleased to announce that the company has signed a five-year timecharter contract with European operator for the Panamax vessel Viking Bravery (6,700 CEU).

The average dayrate is USD 64,900 per day and the contract adds USD 118 million of future revenue to the contract backlog. The new timecharter will commence in July 2023.

The charter is structured with a tapered dayrate profile, starting at USD 73,000 per day for year one, before declining stepwise to USD 53,000 per day for year five.  The charterer has an option to extend the charter for a further 3 years at USD 48,000 per day.

Georg A. Whist, the CEO of GCC, commented: "Viking Bravery is the third out of our four Panamax vessels now fixed at long durations, providing us with an increased backlog and long-term revenue visibility. Open capacity for 2023 is limited, and we have secured a significant share of our 2024 revenue days at attractive dayrates. This provides a strong foundation for earnings growth and attractive dividends in line with our strategy going forward.”

With this new contract for Viking Bravery, GCC has 10% and 23% revenue days open for 2023 and 2024, respectively.

For further information, please contact:

CEO Georg A. Whist
Telephone: +47 41 60 16 81
E-mail: georg.whist@gramcar.com   

IR Mas Gram
Telephone +47 95 41 00 93
E-mail: mas.gram@gramcar.com

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 considered to be inside information pursuant to the EU Market Abuse Regulation and subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This stock exchange release was published by Mas Gram, Head of Projects at Gram Car Carriers, on 10November 2022 at 17.15 CEST.