PASSAMA © Gram Car Carriers

Gram Car Carriers signs 6-year TC for PASSAMA, adding USD 72.9 million of contract backlog

Gram Car Carriers ASA (“GCC”) is pleased to announce that the company has signed a six-year contract with Armacup Ltd. the mid-size vessel PASSAMA (5,000 CEU), until the fourth quarter of 2028.

The agreed contract has a dayrate of USD 33,300 over the charter period, providing a total contract value of approximately USD 72.9 million. Armacup is a subsidiary of the Wallenius Wilhelmsen Group.

Georg A. Whist, the CEO of GCC, commented: “We are pleased to sign another landmark contract which reflects strong car shipping market fundamentals with a subsidiary of a leading player in this market. The timecharter strengthens our long-term earnings visibility and ability to provide direct shareholder returns through attractive dividends."

GCC has 7% and 52% revenue days open for 2022 and 2023, respectively, following this latest contract.

May 31 2022