The average TC rate is USD 62,300 per day and the contract adds approximately USD 114 million of future revenue to the contract backlog. The new contract is expected to commence in late January 2024.

The charter is structured with a tapered dayrate profile, starting at USD 80,000 per day for year one, before declining stepwise to USD 40,000 per day for year five. 

Georg A. Whist, the CEO of GCC, commented: "All our four Panamax vessels have now been fixed on long durations, which is reflected in a record revenue backlog and long-term revenue visibility. A significant share of our 2024 and 2025 revenue days have been secured at attractive dayrates, providing a strong foundation for growth in earnings and dividends in line with our strategy.”

With this new contract for VIKING QUEEN, GCC has 5% and 12% revenue days open for 2024 and 2025, respectively.