GCC Inks Down 5 Years TC

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Gram Car Carriers signs a 5-year contract with zim adding USD 55.8 million of contract backlog.

The article published in MarketScreener gives a complete insight into the deal between GCC and Zim.

The Deal And The Breach

GCC signs the deal for MV Viking Sea with a breach liability of USD 55.8 million.

Oslo, 4 July 2022: Gram Car Carriers ASA (“GCC”) is pleased to announce that the company has signed a five-year contract with Zim Integrated Shipping Services Ltd.  (“Zim”) for the mid-size vessel MV Viking Sea (4,200 CEU), until the fourth quarter of 2027.

The agreed contract has an average dayrate of USD 30,612 over the charter period, providing a total contract value of approximately USD 55.8 million. The Viking Sea is currently on a 12-month timecharter to a wholly owned subsidiary of Zim until October 2022, trading mainly between Far East Asia and Europe. The new contract will commence in direct continuation to the current charter.

Georg A. Whist, the CEO of GCC, commented: “We are pleased to continue to increase our contract backlog with new timecharters with leading operators. This confirms the favourable market fundamentals and supports our long-term earnings visibility and ability to provide direct shareholder returns through attractive dividends.”

GCC has 3%, 45% and 70% revenue days open for 2022, 2023 and 2024, respectively, following this latest contract.

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