Earnings Release • Nov 4, 2022
Earnings Release
Open in ViewerOpens in native device viewer
Gram Car Carriers ASA: Q3 2022 results and proposed dividend
Oslo, 4 November 2022 - Gram Car Carriers ASA ('GCC'), the world's third largest
car carrier tonnage provider, today reported interim results for the third
quarter and proposed the company's third consecutive quarterly dividend after
listing on Euronext Growth in January 2022.
Key events:
· Board of Directors proposes dividend of USD 0.110 per share for Q3 2022
· Q3 2022 revenue of USD 31.5 million and EBIT of USD 11.9 million
· Q3 2022 average TCE revenue: Panamax USD 18,520, Mid-size USD 24,200 and
Distribution fleet USD 13,170
· Total revenue backlog of USD 563 million, up 109% from end of Q2 2022
· USD 143 million of additional revenue backlog signed to date in Q4 2022
· Positioned to capture a historically strong market with 14%/38% open days in
2023/24
· Favourable market outlook with high charter rates and long contract
durations
· Agreement to acquire mid-size vessel Paglia to support increased dividend
distributions and capture accretive growth opportunities
"We continue to deliver on our strategic priorities by signing new long-term
contracts at historically high dayrates and by providing safe, efficient
operations and high-quality logistics services to our customers. This has led to
a significant increase in our backlog during in the second half of 2022 which
supports future earnings growth and visibility on continued increased dividend
payments in line with our stated policy of distributing at least 50% of net
profit on quarterly basis. We are on track for the planned up-listing to
Euronext Oslo Børs later this year which is expected to further broaden our
investor base," said Georg A. Whist, the CEO of GCC.
Third quarter 2022 operating revenue of USD 31.5 million reflected improved
average time charter rates across all segments compared to the prior quarter,
with an increase of USD 1,410 for Distribution vessels, USD 2,500 for Mid-size
vessels and USD 1,830 per day for Panamax vessels. EBITDA was USD 18.8 million,
an increase from USD 16.2 million in the second quarter of 2022, and EBIT
amounted to USD 11.9 million (USD 9.3 million). Net financial expenses of USD
5.4 million reflected mainly interest expense on vessel loans and leases. Net
income for the quarter was USD 6.5 million, equal to earnings of USD 0.23 per
share.
The entire GCC fleet was in operation in the third quarter, except for the
Viking Emerald that went through the planned second special survey and repairs.
The average fleet TCE was USD 19,960 in the third quarter, an increase from USD
17,770 in the second quarter of 2022. The higher TCE was a function of higher
dayrates for all vessel types, Panamax at USD 18,520 (16,690), the Mid-size
fleet of USD 24,200 (USD 21,700) and the Distribution fleet at USD 13,170 (USD
11,760). Daily earnings from the fleet are set to increase over the next
quarters as vessels start on new contracts at higher dayrates.
The Company estimates a cash flow breakeven rate of USD 15,840 per day per
vessel going forward. The increase from the USD 15,000 per day communicated in
the second quarter report on 19 August 2022, reflects higher interest rates.
The Board of Directors has proposed a cash dividend of USD 0.110 per share for
the third 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 8 November
2022. In September, GCC paid a dividend of USD 0.093 per share for the second
quarter of 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://invitepeople.com/events/1fc0b7444525c904
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: [email protected]
CFO Gunnar S. Koløen
E-mail: [email protected]
Head of Projects and IR Mas Gram
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.
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.