Gram Car Carriers executes vessel swap and signs five-year TC contract for VIKING EMERALD

Gram Car Carriers announced that the company has signed a five-year time charter contract for the VIKING EMERALD (4,200 CEU) with a leading Asian operator. The contract commences in May 2022 at a time charter rate of USD 28,000 per day, providing a total contract value of approximately USD 51 million over the five-year period.

VIKING EMERALD was originally contracted to another major Asian operator on a two-year time charter from May 2022. GCC has agreed to swap the VIKING EMERALD with the VIKING CORAL (4,200 CEU), which is coming off its charter in the same period to cover the two-year contract.

Georg A. Whist, the CEO of GCC, commented: “This contract underlines the improving market fundamentals and how GCC is ideally positioned to capture this strengthening market. The charter represents a new level of day-rate and duration for this type of vessels, increasing our long-term earnings visibility and ability to provide direct shareholder returns through attractive dividends."

GCC has 20% and 65% revenue days open for 2022 and 2023, respectively, following this latest contract.

Apr 04 2022