Norwegian tonnage provider Gram Car Carriers (GCC) has bought an additional interest in one of its managed ships.
GCC made two separate announcements stating that it would acquire 39% and 15.9% equity ownership in Gram Car AS, a single-purpose company owning the pure car truck carrier Mediterranean Sea.
.The 39% stake in the 2010-built 5,000 ceu ship will be acquired in four separate transactions for a total consideration of $9.26m. The 15.9% stake was bought for $3.78m. Both transactions are expected to support increased dividend distributions and will be financed with available liquidity.
Prior to this, GCC held 21% of the shares in Gram Car AS and was its commercial manager. Following these transactions, GCC will own 75.9% of Gram Car AS shares. The company recently bought a 20% stake in Gram Car AS for $4.75m. Before the three stake increases, GCC held 1% of the shares outstanding.
The vessel is contracted at $25,500 per day plus a scrubber premium until the third quarter of 2025. The Mediterranean Sea is financed with a $11.5 million senior secured loan as of June 30, 2023, at SOFR +3.25% with maturity in April 2026.
The Marshall Islands-flagged Mediterranean Sea is one of five ships managed by GCC, including four LNG dual-fuel 7,000 ceu units under construction at China Merchants Jinling Shipyard in Weihei.
