Norway’s Gram Car Carriers has signed an agreement to sell a mid-size pure car and truck carrier (PCTC) for a total cash consideration of $64.6m.
The Oslo-listed firm sold the 2010-built, 4,200 ceu Viking Amber to capitalise on historically high second-hand vessel values.
to capitalise on historically high second-hand vessel values.The company expects to recognise a net book gain of $36.6m upon completion of the sale and delivery of the vessel to the new owner at the end of its time charter contract in the second quarter of 2024.
Although the buyer of the PCTC was left undisclosed, it was described as an investment company, backed by a European-based vehicle logistics company.
“The 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,” said Georg A. Whist, CEO of Gram Car Carriers.
