GCC expects to recognise a net book gain of USD 36.6 million upon completion of the sale and delivery of the vessel to the new owner at the end of its timecharter contract in the second quarter of 2024. The buyer of the vessel is an investment company, backed by a European-based vehicle logistics company.  

“The transaction is in line with our strategy of capturing additional value in a strong car shipping market which is reflected in both historically high charter rates and asset values. The sale will free up capital to strengthen our balance sheet and support quarterly dividend distributions in line with our policy of paying 75% of net profit. It is also a confirmation our previous statement that there are prices where we are sellers and there are prices where we are buyers,”  said Georg A. Whist, the CEO of GCC.