Gram Car Carriers ASA

Earnings Release • Apr 28, 2022

Gram Car Carriers ASA: Q1 2022 results and proposed dividend

Gram Car Carriers ASA: Q1 2022 results and proposed dividend

Oslo, 28 April 2022 - Gram Car Carriers ASA ('GCC'), the world's third largest

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

quarter of 2022 and proposed the company's initial quarterly dividend after

listing on Euronext Growth in January 2022.

Key events:

· Gram Car Carriers ASA established as a leading car carrier tonnage provider

and listed on Euronext Growth Oslo in late January 2022

· Board of Directors proposes dividend of USD 0.036 per share for Q1 2022

· Q1 Revenue of USD 23.5 million and EBIT of USD 5.9 million

· Q1 2022 average TCE revenue: Panamax USD 16,690, Mid-size USD 17,410 and

Distribution fleet USD 11,590

· New contracts for Viking Passero, Viking Emerald and Viking Drive at higher

dayrates and with longer durations

· Total revenue backlog of USD 176 million

· Positioned to capture a historically strong market with 15%/60% open days in

2022/23

· Favourable market outlook with continued high charter rates and long

contract durations

· Creating attractive new revenue streams by supporting foundation of Global

Auto Carriers (GAC)

First quarter operating revenue of USD 23.5 million reflected improved average

time charter rates compared to prior periods, high vessel utilisation and the

addition of two vessels to the fleet during the period.  EBITDA was USD 12.7

million, and EBIT amounted to USD 5.9 million in the quarter. Net income for the

quarter was USD 2.1 million, equal to earnings of USD 0.07 per share.

The GCC fleet was fully operational during the first quarter of 2022, with the

exception of Viking Queen that went through her third special survey in January.

The average fleet TCE was USD 15,640 in the first quarter, an increase from USD

14,200 in the fourth quarter of 2021. The higher TCE was mainly a function of

higher dayrates for the Mid-size fleet of USD 17,410 (USD 15,110) and the

Distribution fleet at USD 11,590 (USD 10,540). The daily TCE for the Panamax

fleet was stable at USD 16,690.

"Gram Car Carriers holds a leading position in a historically strong car carrier

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

is reflected in new charter agreements with higher dayrates and longer durations

which support future earnings growth and direct shareholder returns through

attractive dividends. We are therefore pleased to announce our initial dividend

equal to 50% of our net profit for the first quarter of 2022, in accordance with

our stated policy," said Georg Whist, the CEO of Gram Car Carriers.

The company estimates a cash flow breakeven rate of USD 14,600 per day per

vessel going forward. The increase from the USD 13,420 per day communicated in

the company update on 18 February 2022, reflects higher interest rates and an

impact from refinancing.

The Board of Directors has proposed a cash dividend of USD 0.036 per share for

the first quarter of 2022. The dividend will be paid as a reduction to share

premium subject to approval at the annual general meeting on 12 May 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://channel.royalcast.com/landingpage/hegnarmedia/20220428_15/

Questions may be submitted online during the presentation.

The first 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.