Gram Car Carriers ASA repays lease debt for Viking Adventure
Oslo, 25 January 2024: Gram Car Carriers ASA ("GCC"), the world’s third-largest car carrier tonnage provider, has repaid the lease debt for the Viking Adventure (6,700 CEU, 2015) to optimise the Company’s capital structure.
GCC paid USD 30.5 million, using available liquidity, for the vessel which has been financed with leasing debt. The Company is in the process of establishing new competitively priced debt financing compared to the lease margin of SOFR + 4.26%.
“We continuously seek to optimise our capital structure and cost base to maximise profit and shareholder returns. Lower cost of debt, combined with a near record revenue backlog built in a historically strong car shipping market, support long-term cash flow visibility and continued attractive dividend distributions,” said Georg A. Whist, the CEO of GCC.
https://publish.ne.cision.com/Release/ViewReleaseHtml/15E676932753E8E2
GCC paid USD 30.5 million, using available liquidity, for the vessel which has been financed with leasing debt. The Company is in the process of establishing new competitively priced debt financing compared to the lease margin of SOFR + 4.26%.
“We continuously seek to optimise our capital structure and cost base to maximise profit and shareholder returns. Lower cost of debt, combined with a near record revenue backlog built in a historically strong car shipping market, support long-term cash flow visibility and continued attractive dividend distributions,” said Georg A. Whist, the CEO of GCC.
https://publish.ne.cision.com/Release/ViewReleaseHtml/15E676932753E8E2