Norway´s Gram Car Carriers, a large tonnage provider within the pure car truck carriers segment, has agreed to acquire 39% equity ownership in Gram Car AS, a single purpose company owning the pure car truck carrier the Mediterranean Sea.
The stake in the 2010-built 5,000 ceu ship will be acquired in four separate transactions for a total consideration of $9.26 million. GCC will finance the acquisition of the 39% stake in Gram Car AS with available liquidity.
GCC has made also another announcement later today stating that has agreed to acquire, in two separate transactions, an additional 15.9% equity ownership in Gram Car AS for a total consideration of $3.78 million. GCC will finance the acquisition of the 15.9% stake in Gram Car AS with available liquidity.
As the company informs, when these transactions are completed the provider GCC will own 75.9% of the shares in Gram Car AS. Prior to this, GCC held already stake in Gram Car AS.
“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.
Earlier this month the shipowner has revealed GCC intention to sell two of its pure car and truck carriers (PCTC) distribution vessels, the 2,000 ceu Viking Constanza built in 2010, and the 1,000 ceu Viking Princess built in 1996, for a total cash consideration of $43.5 million, with the aim to modernise its fleet and capitalise on historically high second-hand vessel values.
The shipowner didn’t disclose the name of the buyer of the two vessels but said that it is a European-based vehicle logistics firm.
