Norway´s Gram Car Carriers, a large tonnage provider within the pure car truck carriers segment, seals a deal to acquire a 20% equity ownership in Gram Car AS, a single purpose company that owns the 5,000 ceu, built in 2010, pure car truck carrier Mediterranean Sea for a total consideration of $4.75 million.
The tonnage provider GCC will finance the acquisition of the 20% stake in Gram Car AS through available liquidity, whilst the transaction is expected to support increased dividend distributions.
GCC is the commercial manager of Gram Car AS, holding 1% of the shares outstanding prior to today’s acquisition.
“We are investing in a high-quality vessel we know very well at an attractive price-point. The transaction has favourable return characteristics and is accretive to our future dividend distributions,” said Georg A. Whist, the CEO of GCC.
The vessel is on a contract at $25,500 per day, plus scrubber premium, until the third quarter of 2025.
The tonnage provider also revealed today that the vessel Mediterranean Sea is financed with a $11.5 million senior secured loan as per 30 June 2023 at Sofr plus 3.25% with maturity in April 2026.
