Gram Sells PCTC to capture ‘attractive’ second-hand price

Norway´s Gram Car Carriers ASA (GCC), a large tonnage provider within the pure car truck carriers (PCTCs) segment with 18 owned vessels, has signed a deal to sell the mid-size pure car and truck carrier (PCTC), Viking Amber.

The 4,200 ceu ship, built in 2010, will be sold for $64.6m in order to “capitalise on historically high second-hand vessel values,” as the owner explains. 

The PCTC shipowner didn’t disclose the name of the buyer but revealed that it is an investment company, backed by a European-based vehicle logistics company. 

GCC reports that it is expected a net book gain of $36.6m upon completion of the sale and delivery of the vessel to its new owner, at the end of its time charter contract, in the second quarter of 2024.

Georg A. Whist, chief executive officer of GCC, highlighted that this “Transaction is in line with our strategy of capturing additional value in a strong car shipping market, which is reflected in both historically high charter rates and asset values.

“The sale will free up capital to strengthen our balance sheet and support quarterly dividend distributions in line with our policy of paying 75% of net profit. It is also a confirmation our previous statement that there are prices where we are sellers and there are prices where we are buyers.”