Gram Car Carriers Inks $61M Charters for Distribution Vessel Duo

Oslo-listed car carrier operator Gram Car Carriers has secured three-year time charter contracts for the distribution vessels "City of Oslo" and "Viking Odessa with a "leading European operator." Each vessel has the capacity to carry up to 2,000 cars.

The dayrate is USD 27,750 per day for each vessel, and the contract adds approximately $61 million of future revenue to the contract backlog. The new contracts will start during the second quarter of 2023.

Georg A. Whist, the CEO of GCC, commented: "We continue to sign long-term contracts reflecting favorable car shipping market fundamentals and are now pleased to see the strong demand and limited vessel supply also impacting the Distribution segment as we have previously communicated." 

"A significant share of our revenue days through 2025 are now covered at attractive dayrates which support continued growth in earnings and capacity to provide attractive shareholder distributions over time."

According to the company's website, GCC is the world's third-largest tonnage provider within the Pure Car Truck Carriers (PCTCs) segment, with 19 vessels, across the Distribution, Mid-size, and Panamax segments.