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