Gram Car Carriers ASA

Earnings Release • Feb 9, 2023

Gram Car Carriers ASA: Q4 2022 results and proposed dividend

Gram Car Carriers ASA: Q4 2022 results and proposed dividend

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

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.