Gram Car Carriers ASA: Q3 2022 Results and Proposed Dividend – | CarTailz

Oslo, November 4, 2022Gram car transporter ASA (‘GCC’), the world’s third-largest supplier of autohauler tonnage, today announced interim results for the third quarter and proposed the company’s third consecutive quarterly dividend following its listing on Euronext Growth in January 2022.

Key Events:

  • Management proposes dividend from $0.110 per share for Q3 2022
  • Q3 2022 sales of $31.5 million and EBIT of $11.9 million
  • Q3 2022 Average TCE Sales: Panamax $18,520Medium-sized $24,200 and distribution fleet $13,170
  • Total sales backlog of $563 million109% more than at the end of the second quarter of 2022
  • $143 million of the additional revenue backlog signed so far in Q4 2022
  • Positioned to capture a historically strong market with 14%/38% days open in 2023/24
  • Favorable market prospects with high charter rates and long contract terms
  • Agreement to acquire mid-size vessel Paglia to support higher dividend payouts and capitalize on growth opportunities

“We continue to execute on our strategic priorities by signing new long-term contracts at historically high daily rates and providing our customers with safe, efficient operations and quality logistics services. This has resulted in a significant increase in our order backlog during the second half of 2022, which supports future earnings growth and visibility for continued increased dividend payments in line with our stated policy of paying out at least 50% of net income on a quarterly basis. We are on track for a planned uplisting to Euronext Oslo Børs later this year, which is expected to further broaden our investor base,” said Georg A. Whist, CEO of GCC.

Operating income in the third quarter of 2022 from $31.5 million reflected improved average time charter rates across all segments compared to the previous quarter, up by $1,410 for distribution vessels, $2,500 for medium-sized ships and $1,830 per day for Panamax Ships. EBITDA was $18.8 millionan increase of $16.2 million in the second quarter of 2022, and the EBIT was $11.9 million ($9.3 million). Net financial expense of $5.4 million primarily reflected interest expense on ship loans and leases. The quarterly profit was $6.5 millionsame income from $0.23 per share.

The entire GCC fleet was operational in the third quarter, with the exception of the Viking Emerald, which was undergoing the planned second special survey and repairs. The average fleet TCE was $19,960 an increase in the third quarter $17,770 in the second quarter of 2022. The higher TCE was a function of higher daily rates for all vessel types, Panamax at $18,520 (16,690), the medium-sized fleet of $24,200 ($21,700) and the distribution fleet $13,170 ($11,760). The fleet’s daily earnings are expected to increase over the next few quarters as ships sign new contracts with higher daily rates.

The company estimates a cash flow breakeven rate of $15,840 per day and ship in the future. The increase of the $15,000 per day reported in the second quarter report August 19, 2022reflects higher interest rates.

The Board of Directors has proposed a cash dividend of $0.110 per share for the third quarter of 2022, representing 50% of net income for the period. The distribution represents a repayment of the Company’s paid-up capital, subject to approval by the Extraordinary General Meeting (AHV). November 8, 2022. In September, GCC paid a dividend of $0.093 per share for the second quarter of 2022.


The company will be around today 11:00 CET give a presentation moderated by Georg A. Whist, CEO of GCC, and Gunnar S. Koløen, CFO. The presentation will be held in English and will be webcast with a live Q&A session at the end.

You can register for the presentation using the following link:

Questions can be asked online during the presentation.

The third quarter report and presentation are attached to this press release and are available on the company’s website. A recording of the presentation will also be made available.

For more information please contact:

chairman George A Whist


CFO Gunnar S. Koloen


Head of Projects and IR Mas Gram


Around Gram car transporter:

GCC is the world’s third largest tonnage provider in the pure car carrier (PCTC) segment with 18 vessels in the distribution, mid-size and Panamax segments. The company serves as the trusted provider of high-quality vessels and logistics solutions that ensure safe, efficient and timely transportation of vehicles for a customer network comprised of major global and regional PCTC operators. To learn more, please visit

This information is subject to disclosure requirements under Section 5-12 of the Norwegian Securities Trading Act.

(c) Decision 2022. All rights reserved., Source Press Releases – English

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