Gram Car Carriers ASA

Earnings Release • Aug 19, 2022

Gram Car Carriers ASA: Q2 2022 results and proposed dividend

Gram Car Carriers ASA: Q2 2022 results and proposed dividend

Oslo, 19 August 2022 - Gram Car Carriers ASA ('GCC'), the world's third largest

car carrier tonnage provider, today reported interim results for the second

quarter and first half year of 2022 and proposed the company's second

consecutive quarterly dividend after listing on Euronext Growth in January

Key events:

· Board of Directors proposes dividend of USD 0.093 per share for Q2 2022, up

2.6x from Q1 2022

· Q2 2022 revenue of USD 27.7 million and EBIT of USD 9.3 million

· H1 2022 revenue of USD 51.3 million and EBIT of USD 15.2 million

· Q2 2022 average TCE revenue: Panamax USD 16,690, Mid-size USD 21,700 and

Distribution fleet USD 11,760

· No open capacity for 2022 after new contracts for Viking Drive, Viking

Passama, Viking Odessa, Viking Constanza and City of Oslo at higher dayrates and

with longer durations

· Total revenue backlog of USD 269 million, up 53% from end of Q1 2022

· Positioned to capture a historically strong market with 41%/69% open days in

2023/24

· Favourable market outlook with high charter rates and long contract

durations

"We deliver safe and efficient high-quality logistics services to our customers

while optimising our contract portfolio in a historically strong car carrier

market with favourable demand fundamentals and a predictable supply side. We

continue to sign new charter agreements with higher dayrates and longer

durations and have no more open capacity for the remainder of 2022. This is

reflected in a growing contract backlog which supports future earnings growth

and dividends. We are therefore pleased to propose a dividend equal to 50% of

our net profit for the second quarter of 2022, in accordance with our stated

policy," said Georg A. Whist, the CEO of GCC.

Second quarter operating revenue of USD 27.7 million reflected improved average

time charter rates compared to prior periods, especially for the mid-size

vessels with several vessels delivered to new charters with higher earnings.

Utilisation was impacted by the extended drydocking periods for three vessels

during the quarter due to strict Covid-19 protocols at Chinese shipyards.

EBITDA was USD 16.2 million, up from USD 12.7 million in the first quarter of

2022, and EBIT amounted to USD 9.3 million (USD 5.9 million). Net financial

expenses of USD 3.9 million reflected mainly interest expense on vessel loans

and leases. Net income for the quarter was USD 5.3 million, equal to earnings of

USD 0.19 per share.

The GCC fleet was fully operational during the second quarter of 2022, except

for Viking Passama, Viking Passero and Viking Destiny which went through their

planned special surveys in May and June. The average fleet TCE was USD 17,770 in

the second quarter, an increase from USD 15,640 in the first quarter of 2022.

The higher TCE was mainly a function of higher dayrates for the Mid-size fleet

of USD 21,700 (USD 17,410) and the Distribution fleet at USD 11,760 (USD

11,590). The daily TCE for the Panamax fleet was stable at USD 16,690.

The company estimates a cash flow breakeven rate of USD 15,000 per day per

vessel going forward. The increase from the USD 14,600 per day communicated in

the first quarter report on 28 April 2022, reflects increased interest rates.

The Board of Directors has proposed a cash dividend of USD 0.093 per share for

the second 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 26 August

2022. In June, GCC paid a dividend of USD 0.036 per share for the first 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/7093e79be5154be3

Questions may be submitted online during the presentation.

The second 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

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.