Norwegian tonnage provider Gram Car Carriers (GCC) has boosted its ownership interest in one of its managed ships. The Oslo-listed firm has bought a 20% stake in Gram Car, a single purpose company owning the 2010-built 5,000 ceu Mediterranean Sea. Prior to this transaction, GCC held 1% of the shares outstanding. The deal is worth $4.75m and is expected to support increased dividend distributions, the company said.
. Prior to this transaction, GCC held 1% of the shares outstanding. The deal is worth $4.75m and is expected to support increased dividend distributions, the company said.“We are investing in a high-quality vessel we know very well at an attractive price-point. The transaction has favourable return characteristics and is accretive to our future dividend distributions,” added Georg Whist, CEO of GCC.
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. The vessel is fixed at $25,500 per day plus scrubber premium until the third quarter of 2025 and financed with $11.5m senior secured loan as of June 30, 2023, at SOFR +3.25% with maturity in April 2026. VesselsValue lists the ship as ultimately owned by Norwegian investment firm Ness Risan & Partners (NRP).
Gram Car Carriers recently cashed in on two smaller and older vessels, offloading the 1996-built 1,000 ceu Viking Princess and the 2010-built 2,000 ceu Viking Constanza to an undisclosed European vehicle logistics company for $43.5m.
