Norwegian transportation company Gram Car Carriers ASA (GCC) has established Global Auto Carriers (GAC), a unit focused on next-generation multifuel vessels, to order 7,000 CEU pure car truck carriers (PCTCs) from China.
Specifically, GAC was formed for the purpose of ordering four dual-fuel PCTCs from China Merchants Jinling Shipyard and will hold options for an additional 2+2 vessels at the same yard.
GCC’s current shareholders F. Laeisz GmbH, AL Maritime Holding Pte. Ltd, AS Clipper and a subsidiary of Surfside Holding AS will own the new unit while GCC Management will serve as the commercial manager for the GAC fleet.
As disclosed, the shipbuilding contracts for the initial four vessels are expected to be signed in early Q2 2022, with delivery to take place from the fourth quarter of 2025 through the fourth quarter of 2026.
Three of the option PCTCs are expected to be delivered to GAC in 2027 and one in 2028.
“We are proud to have supported the foundation of GAC by leveraging our market connections to create attractive additional revenue streams for GCC and the potential for a meaningful future equity stake “, said Georg A. Whist , CEO of Gram Car Carriers.
“We have done so without adding any capital expenditure, true to our strategy of being a vessel owner with long-term contracts and without diluting our policy of returning a minimum of 50% of EPS to shareholders through quarterly dividends.”
In 2021, GCC decided to issue a $110 million equity private placement and begin trading on Euronext Growth.
The net proceeds from the private placement are meant to fund the acquisition transfer of the fuel-efficient fleet, strengthen the company’s balance sheet through repayment of debt and for general corporate purposes.
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