Gram Car Carriers ASA: Q4 2022 results and proposed dividend

09 Feb 2023 06:30 CET

Oslo, 9 February 2023 - Gram Car Carriers ASA ('GCC'), the world's third largest
car carrier tonnage provider, today reported interim results for the fourth
quarter and proposed the company's fourth consecutive quarterly dividend.

Key events:

· Board of Directors proposes dividend of USD 0.169 per share for Q4 2022
· Fourth consecutive quarter with increased distribution, totalling USD 11.9
million for FY 2022
· Successfully listed on Oslo Børs' main market on 15 December
· Acquisition of mid-size vessel Paglia, supporting increased earnings and
dividend
· Q4 2022 revenue of USD 38.3 million and EBIT of USD 16.0 million
· Q4 2022 average TCE revenue: Panamax USD 26,590, Mid-size USD 25,900 and
Distribution fleet USD 13,680
· Total revenue backlog of USD 856 million, up 52% from end of Q3 2022
· Well positioned in historically strong market with 10%/31%/34% open days in
2023/24/25
· Favourable market outlook with high charter rates and long contract
durations

"Our up-listing to Oslo Børs' main market in December was the culmination of a
year where GCC made significant progress as a leading owner of modern car
carriers, delivering safe, efficient operations and high-quality logistics
services to our customers. We successfully captured a historically strong
market, rechartering our fleet with long durations and reported successively
increased quarterly profits and dividends in line with policy. Going into 2023,
we are guided by our vision to be a leader in sustainable transport solutions to
the global auto industry, supported by a strong foundation for continued growth
and attractive shareholder distributions," said Georg A. Whist, the CEO of GCC.

Fourth quarter 2022 operating revenue of USD 38.3 million reflected improved
average time charter rates across all segments compared to the prior quarter.
EBITDA was USD 23.0 million, an increase from USD 18.8 million in the third
quarter of 2022, and EBIT amounted to USD 16.0 million (USD 11.9 million). Net
financial expenses of USD 6.1 million reflected mainly interest expense on
vessel loans and leases. Net income for the quarter was USD 9.9 million, equal
to earnings of USD 0.34 per share.

During the fourth quarter, the Distribution vessel Höegh Caribia had 12 days off
-hire in connection with scheduled main engine overhaul. Viking Bravery went
through her planned first special survey in China for 21 days as budgeted. The
Mid-sized Viking Emerald completed insurance covered repairs for 19 days in
October, where the loss of hire insurance neutralized impact the quarterly
results.  The average fleet TCE was USD 22,720 in the fourth quarter, an
increase from USD 19,960 in the third quarter of 2022. The higher TCE was a
function of higher dayrates for all vessel types, Panamax at USD 26,590 (USD
18,520), the Mid-size fleet of USD 25,900 (USD 24,200) and the Distribution
fleet at USD 13,680 (USD 13,170). Daily earnings from the fleet are set to
increase further over the next quarters as vessels start on new contracts at
higher dayrates.

The Company estimates an average cash flow breakeven rate of USD 17,270 per day
per vessel going forward. The increase from the USD 15,840 per day communicated
in the third quarter report on 4 November 2022, reflects mainly higher interest
rates and vessel operating expenses due to general cost inflation and the war in
Ukraine. For 2023, GCC expects vessel operating expenses of around USD 6,000 per
day for the Distribution vessels and USD 7,000 for the Mid-size and Panamax
vessels before overhead and docking costs.

The Board of Directors has proposed a cash dividend of USD 0.169 per share for
the fourth quarter of 2022, equal to 50% of net income for the period. The
distribution shall constitute a repayment of the Company's paid in capital
subject to approval at the extraordinary general meeting (EGM) on 2 March 2023.
In November, GCC paid a dividend of USD 0.110 per share for the third quarter of
2022.

This will be the fourth consecutive quarterly distribution by the Company to
shareholders in line with dividend policy, amounting to a total of USD 0.408 per
share for the full year. The quarterly payment has sequentially increased each
quarter in line with increased earnings, reflecting the renewal of the contract
portfolio in a historically strong car shipping market in line with GCC's
strategy.

Presentation

The company will today at 10:00 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://invitepeople.com/events/c79c358836adb0bacae73098

Questions may be submitted online during the presentation.

The third 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: georg.whist@gramcar.com

CFO Gunnar S. Koløen

E-mail: gunnar.koloen@gramcar.com

Head of Projects and IR Mas Gram

E-mail: ir@gramcar.com

About Gram Car Carriers:

GCC is the world's third-largest tonnage provider within the Pure Car Truck
Carriers (PCTCs) segment with 19 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

581755_23_02_09_GCC_Q4_presentation.pdf
581755_23_02_09_GCC_Q4_2022_report.pdf