Investors in Gram Car Carriers (GCC) have formed a new company and ordered a series of ships in China.
Global Auto Carriers (GAC) has been formed with the backing of existing GCC shareholders, F. Laeisz, AL Maritime Holding, AS Clipper, and Surfside Holding. The new firm has ordered four 7,000 ceu dual fuel car carriers at China Merchants Jinling Shipyard in Weihai with options for up to four more.
Delivery of the firm vessels is expected from the fourth quarter of 2025 through the fourth quarter of 2026. Three of the option vessels have expected delivery in 2027 and one in 2028, highlighting just how busy shipyards in Asia are these days. Prices for the newbuilds have not been revealed.
GCC’s 100% owned subsidiary, Gram Car Carriers Management acted as commercial adviser during the formation of GAC and will receive warrants enabling an ownership stake in GAC of up to 7.5%. GCC Management will receive a 1% commission of the gross contract price for the new vessels.
Georg Whist, the CEO of GCC, commented: “We are proud to have supported the foundation of GAC by leveraging our market connections to create attractive additional revenue streams for GCC and the potential for a meaningful future equity stake. We have done so without adding any capital expenditure, true to our strategy of being a vessel owner with long-term contracts and without diluting our policy of returning a minimum of 50% of EPS to shareholders through quarterly dividends.”