Gram Car Carriers acquires the mid-size car carrier Paglia for USD 49 million

Credit: Gram Car Carriers

Norway’s Gram Car Carriers ASA seals a deal to acquire the 5,000 CEU Pure Car Truck Carrier “Paglia” from F. Laeisz for a total consideration of USD 49 million.

The Paglia was built in 2010 at the Zhejiang Yangfan shipyard in China, and the vessel is currently on a timecharter contract until May 2028 at USD 33,300 per day.

The Oslo-based firm said that of the total purchase price of USD 49 million, USD 39.2 million will be settled in cash and USD 9.8 million will be settled through the issuance of 563,218 new shares to the seller at USD 17.4 per share, determined through a Net Asset Value framework.

As it is mentioned by Gram Car Carriers, the “transaction is subject to customary conditions precedent, including approval of transfer of the timecharter contract to GCC and the execution of long-term debt financing. Completion of the transaction is expected to take place during the fourth quarter of 2022”, as the company says.

As Georg A. Whist, the CEO of Gram Car Carriers, commented “the transaction is accretive on earnings per share, adds approximately USD 70 million of revenue backlog and supports the company´s plan to provide to its shareholders with predictable, attractive dividends on a quarterly basis”.

Currently the company is a large tonnage provider within the Pure Car Truck Carriers segment with 18 vessels, across the Distribution, Mid-size and Panamax segments.

Source: Gram Car Carriers ASA

Disclaimer for podcasts and articles

When you view, access or otherwise use our podcasts or articles, you acknowledge the application of this disclaimer:

Shipping Telegraph ApS provides no warranty, guarantee or representation as to the accuracy or sufficiency of the information featured in our podcasts or articles. The information, opinions, recommendations, content, etc. presented in our podcasts or articles are for information purposes only and do not constitute or replace professional advice. Any reliance you may place on the information provided in our podcast or articles is strictly at your own risk.

Unless it is specifically stated, Shipping Telegraph ApS does not approve, recommend or certify any product, process, service, organization, etc. presented or mentioned in our podcasts or articles. Any third-party materials, advertisements or content of any third-party referenced in our podcasts or articles do not necessarily reflect the opinions, standard or policies of Shipping Telegraph ApS, and Shipping Telegraph ApS cannot be held accountable hereof. Shipping Telegraph ApS is not responsible or liable for the accuracy, completeness or compliance with applicable laws of any third-party material, advertisements and content.

Shipping Telegraph ApS shall not be responsible for any errors or omissions contained in the podcasts, the articles or the website used to gain access hereto and reserves the right to make changes without notice. Shipping Telegraph ApS makes no warranty that our podcasts or articles, or the server making them available, are free of viruses, worms, etc.

Shipping Telegraph ApS expressly disclaims any and all liability or responsibility for any direct, indirect, punitive, incidental, consequential or other damages or other claims arising out of or in connection with any individual's and business entity's use of, reference to, reliance on our podcasts or articles or the information presented herein. By ticking the box, I agree with the disclaimer above.