The agreed contract has a day rate of USD 30,000 for year 1, USD 28,000 for year 2, USD 25,000 for year 3, and USD 22,000 for the last 8 months, providing a total contract value of approximately USD 35.5 million. On average, the extension represents an increase of more than 120% to the daily time charter rate compared to the current contract.

Georg A. Whist, the CEO of GCC, commented: “We are pleased to extend with our existing customer Seven Seals in direct continuation of the current contract with no need for vessel repositioning. The terms reflect the strengthening market and further increases our long-term earnings visibility and ability to provide direct shareholder returns through attractive dividends."

GCC has 15% and 60% revenue days open for 2022 and 2023, respectively, following this latest contract.