Norway´s Gram Car Carriers ASA (GCC), pure car truck carriers (PCTCs) specialist with 18 owned vessels, turns to Japanese bank for competitive financing for one of its vessels.

The company revealed in a stock filing that it has refinanced the 6,700 ceu ship Viking Adventure, built in 2015, with a leading Japanese bank.

The owner said the new $41m loan has a duration matching the vessels current charter ending in mid-2028 and a margin of SOFR +1.73%.

Georg A. Whist, the chief executive of GCC, noted that the deal was done on “competitive terms” as looks to maximise profit.

“We are pleased to welcome one of the premier banks in Japan in our banking group as we optimise our capital structure and cost base to maximise profit and shareholder returns. Lower cost of debt, combined with a near record revenue backlog built in a historically strong car shipping market, support long-term cash flow visibility, and continued attractive dividend distributions,” said Georg A. Whist.

Last month the shipowner said it sealed an agreement to sell the mid-size pure car and truck carrier 4,200 CEU Viking Amber, built in 2010, for a total cash consideration of $64.6m.

The buyer of the vessel is an investment company, backed by a European-based vehicle logistics company. 

The company now expects a net book gain of $36.6m upon completion of the sale and delivery of the vessel to the new owner, at the end of its time charter contract, in the second quarter of 2024.

Source: Gram Car Carriers ASA (GCC).