GCC To Gain $24m of Future Revenue By Contract Backlog

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  • GCC has agreed to enter a three-year charter with Höegh Autoliners for Höegh Caribia.
  • The vessel supports the distribution of cargo from overseas markets to the Caribbean islands and South America.
  • The CEO of GCC also said that “they are still continuing in increasing their backlog and future visibility in a strong car shipping market.”

Norway’s Gram Car Carriers (GCC) has agreed a three-year charter with Höegh Autoliners for the 2,000 ceu vessel Höegh Caribia.

Details

The contract starting in January 2023 is for $22,000 per day, adding around $24m of future revenue to GCC’s contract backlog.

The 2010-built vessel has been operated by Höegh Autoliners since delivery, supporting the distribution of cargo from overseas markets to the Caribbean islands and South America.

Full coverage

“With the prolongation of the contract of this small and specialized vessel, Höegh Autoliners does not have vessels for renewal before 2025.” 

“Our deep sea network is fully covered by owned vessels or long-term charters with attractive purchase options, supplemented by a limited use of space charters,” said Andreas Enger, CEO of Höegh Autoliners.

Increasing revenue

“We continue to increase our backlog and future revenue visibility in a strong car shipping market.”

“Open capacity for 2023 is limited, and we have secured a significant share of our 2024 revenue days at attractive day rates,” Georg A. Whist, the CEO of GCC, remarked, 

In October, Oslo-listed GCC secured a five-year charter deal with a new customer for its 6,700 ceu panamax vessel Viking Destiny at around $65,000 per day in direct continuation to its current contract.

Following the Höegh contract, GCC has 14% revenue days open for 2023 and 38% open for 2024.

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Source: Splash 247

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