Gram Car Carriers ASA: Q1 2022 results and proposed dividend

Gram Car Carriers ASA: Q1 2022 results and proposed dividend

28 Apr 2022 06:30 CEST

Oslo, 28 April 2022 - Gram Car Carriers ASA ('GCC'), the world's third largest
car carrier tonnage provider, today reported interim results for the first
quarter of 2022 and proposed the company's initial quarterly dividend after
listing on Euronext Growth in January 2022.

Key events:

· Gram Car Carriers ASA established as a leading car carrier tonnage provider
and listed on Euronext Growth Oslo in late January 2022
· Board of Directors proposes dividend of USD 0.036 per share for Q1 2022
· Q1 Revenue of USD 23.5 million and EBIT of USD 5.9 million
· Q1 2022 average TCE revenue: Panamax USD 16,690, Mid-size USD 17,410 and
Distribution fleet USD 11,590
· New contracts for Viking Passero, Viking Emerald and Viking Drive at higher
dayrates and with longer durations
· Total revenue backlog of USD 176 million
· Positioned to capture a historically strong market with 15%/60% open days in
2022/23
· Favourable market outlook with continued high charter rates and long
contract durations
· Creating attractive new revenue streams by supporting foundation of Global
Auto Carriers (GAC)

First quarter operating revenue of USD 23.5 million reflected improved average
time charter rates compared to prior periods, high vessel utilisation and the
addition of two vessels to the fleet during the period. EBITDA was USD 12.7
million, and EBIT amounted to USD 5.9 million in the quarter. Net income for the
quarter was USD 2.1 million, equal to earnings of USD 0.07 per share.

The GCC fleet was fully operational during the first quarter of 2022, with the
exception of Viking Queen that went through her third special survey in January.
The average fleet TCE was USD 15,640 in the first quarter, an increase from USD
14,200 in the fourth quarter of 2021. The higher TCE was mainly a function of
higher dayrates for the Mid-size fleet of USD 17,410 (USD 15,110) and the
Distribution fleet at USD 11,590 (USD 10,540). The daily TCE for the Panamax
fleet was stable at USD 16,690.

"Gram Car Carriers holds a leading position in a historically strong car carrier
market with favourable demand fundamentals and a predictable supply side. This
is reflected in new charter agreements with higher dayrates and longer durations
which support future earnings growth and direct shareholder returns through
attractive dividends. We are therefore pleased to announce our initial dividend
equal to 50% of our net profit for the first quarter of 2022, in accordance with
our stated policy," said Georg Whist, the CEO of Gram Car Carriers.

The company estimates a cash flow breakeven rate of USD 14,600 per day per
vessel going forward. The increase from the USD 13,420 per day communicated in
the company update on 18 February 2022, reflects higher interest rates and an
impact from refinancing.

The Board of Directors has proposed a cash dividend of USD 0.036 per share for
the first quarter of 2022. The dividend will be paid as a reduction to share
premium subject to approval at the annual general meeting on 12 May 2022.

Presentation

The company will today at 11:00 CET hold a presentation hosted by Georg A.
Whist, the CEO of GCC, and Gunnar S. Koløen, the CFO. The presentation will be
held in English and conducted as a webcast with a live Q&A session at the end.

Use the following link to register for the presentation:

https://channel.royalcast.com/landingpage/hegnarmedia/20220428_15/

Questions may be submitted online during the presentation.

The first quarter report and presentation are attached to this release and is
available on the company's website. A recording of the presentation will also be
made available.

For further information, please contact:

CEO Georg A. Whist

E-mail: [email protected]

CFO Gunnar S. Koløen

E-mail: [email protected]

About Gram Car Carriers:

GCC is the world's third-largest tonnage provider within the Pure Car Truck
Carriers (PCTCs) segment with 18 vessels, across the Distribution, Mid-size and
Panamax segments. The Company serves as a trusted provider of high-quality
vessels and logistics solutions ensuring safe, efficient and punctual shipment
of vehicles for a network of clients comprising of major global and regional
PCTC operators. To lean more, please visit gramcar.com.

This information is subject to the disclosure requirements pursuant to Section 5
-12 the Norwegian Securities Trading Act.

More information:
Access the news on Oslo Bors NewsWeb site

560279_GCC_Q1_2022_presentation_final.pdf
560279_GCC_Q1_2022_report_final.pdf

Source

Gram Car Carriers ASA

Provider

Oslo Børs Newspoint