Gram Car Carriers Seals $51m Contract in Charter Swap

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Norway’s Gram Car Carriers (GCC) has secured a new five-year charter worth approximately $51m for the 4,200 ceu Viking Emerald, reports Splash247.

Five-year time charter contract

The contract commences in May of this year at a time charter rate of $28,000 per day with an Asian operator. The 2012-built vessel was initially booked by another client in Asia for two years, however, GCC has agreed to swap the Viking Emerald with the 4,200 ceu Viking Coral, which is coming off its charter in the same period.

Georg A. Whist, the CEO of GCC, commented: “This contract underlines the improving market fundamentals and how GCC is ideally positioned to capture this strengthening market. The charter represents a new level of day-rate and duration for this type of vessels, increasing our long-term earnings visibility and ability to provide direct shareholder returns through attractive dividends.”

Following the latest contract, GCC said it had 20% and 65% of revenue days open for 2022 and 2023, respectively. The company is the world’s third-largest tonnage provider within the pure car truck carrier (PCTC) segment, with a fleet of 18 ships.

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Source: Splash247

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