Gram Car Carriers seals $35m extension with Seven Seals

Norway’s Gram Car Carriers has secured an extension to its current contract with Japan’s Seven Seals for the 3,500 ceu Viking Drive until February 2026.

The total contract value is around $35.5m, with a declining day rate of $30,000 for the first year, $28,000 and $25,000 for the second and third, respectively, and $22,000 for the final 8 months.

Gram, with a fleet of 18 ships, said that on average, the extension represents an increase of more than 120% in the daily time charter rate compared to the current contract.

“The terms reflect the strengthening market and further increases our long-term earnings visibility and ability to provide direct shareholder returns through attractive dividends,” stated Georg A. Whist, the CEO of GCC.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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