Gram Car Carriers pays $49m for 2010-built vessel

Oslo-listed Gram Car Carriers (GCC) is spending $49m to buy the 5,000 ceu, 2010-built Paglia vessel from F. Laeisz. The firm price for the 12-year-old, mid-sized ship is indicative of the record rates the car carrying sector is currently enjoying.

GCC will pay $39.2m in cash and issue $9.8m in new shares to fund the acquisition.

The vessel is currently on a time charter contract until May 2028 at $33,300 per day.

Georg Whist, the CEO of GCC, commented: “We are delivering on our stated commitment to selectively pursue growth opportunities which create shareholder value. The transaction is accretive on earnings per share, adds approximately $70m of revenue backlog and supports our plan to provide our shareholders with predictable, attractive dividends on a quarterly basis.”

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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