Gram Car Carriers Spends $49m for 2010-built Vessel

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Oslo-listed Gram Car Carriers (GCC) is spending $49m to buy the 5,000 ceu, 2010-built Paglia vessel from F. Laeisz, reports Market Screener.

A $49m acquisition

The firm price for the 12-year-old, mid-sized ship is indicative of the record rates the car carrying sector is currently enjoying. GCC will pay $39.2m in cash and issue $9.8m in new shares to fund the acquisition. The vessel is currently on a time charter contract until May 2028 at $33,300 per day.

Georg Whist, the CEO of GCC, commented: “We are delivering on our stated commitment to selectively pursue growth opportunities which create shareholder value. The transaction is accretive on earnings per share, adds approximately $70m of revenue backlog and supports our plan to provide our shareholders with predictable, attractive dividends on a quarterly basis.”

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Source: Market Screener

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