Norwegian tonnage provider Gram Car Carriers (GCC) has taken full ownership of a car carrier under management.
GCC is the commercial manager of Gram Car AS, the single-purpose company that owns the Mediterranean Sea car carrier, and held an initial 1% of the shares outstanding before a series of acquisitions that started in July.
car carrier, and held an initial 1% of the shares outstanding before a series of acquisitions that started in July.On Monday, the company acquired a 21.6% stake in the vessel for $6.1m raising GCC’s ownership in the Mediterranean Sea to 97.5%.
Today, GCC said in a stock filing that it bought the final 2.5% equity ownership in the 2010-built 5,000 ceu ship for a total consideration of $700,000. With this purchase, the company has 100% ownership of both the company and the vessel.
The transaction is expected to support increased dividend distributions and is financed with available liquidity. The transactions provide an implicit valuation of the Mediterranean Sea of $34.2m.
In July, GCC made three separate stake acquisitions. It bought 39% and 15.9% equity ownership in Gram Car AS for $9.26m and $3.78m, respectively. The third buy was a 20% stake for $4.75m. The vessel is contracted at $25,500 per day plus a scrubber premium until the third quarter of 2025.
