Q3 2022 presentation

Gram Car Carriers ASA

4 November 2022

Disclaimer

THIS PRESENTATION IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OF AMERICA, ITS TERRITORIES OR POSSESSIONS, AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA OR TO ANY RESIDENT THEREOF, OR ANY JURISDICTION WHERE SUCH DISTRIBUTION IS UNLAWFUL. THIS PRESENTATION IS NOT AN OFFER OR AN INVITATION TO BUY OR SELL SECURITIES.

This presentation (the "Company Presentation") has been prepared by Gram Car Carriers ASA (the "Company", and together with its consolidated subsidiaries, the "Group").

This Company Presentation has been prepared for information purposes only, and does not constitute or form part of, and should not be construed as, any offer, invitation or recommendation to purchase, sell or subscribe for any securities in any jurisdiction, and neither the issue of the information nor anything contained herein shall form the basis of or be relied upon in connection with, or act as an inducement to enter into, any investment activity. This Company Presentation does not purport to contain all of the information that may be required to evaluate any investment in the Company or any of its securities and should not be relied upon to form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. This presentation is intended to present background information on the Company, its business and the industry in which it operates and is not intended to provide complete disclosure upon which an investment decision could be made.

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This Company Presentation is current as of 4 November 2022. Neither the delivery of this Company Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. This Company Presentation may contain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. Any forward-looking statements contained in this Company Presentation, including assumptions, opinions and views of the Company or cited from third party sources, are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. The Company provides no assurance that the assumptions underlying such forward-looking statements are free from errors and does not accept any responsibility for the future accuracy of the opinions expressed in this Company Presentation or the actual occurrence of the forecasted developments.

The distribution of this Company Presentation by the Company in certain jurisdictions is restricted by law. Accordingly, this Company Presentation may not be distributed or published in any jurisdiction except under circumstances that will result in compliance with any applicable laws and regulations. This Company Presentation does not constitute an offer of, or an invitation to purchase, any securities.

IN RELATION TO THE UNITED STATES AND U.S. PERSONS, THIS PRESENTATION IS BEING FURNISHED ONLY TO INVESTORS THAT ARE "QIBs", AS DEFINED IN RULE 144A UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"). THE SHARES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER U.S. SECURITIES ACT OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION IN THE UNITED STATES, AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES, OR TO OR FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON, EXCEPT PURSUANT TO AN APPLICABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS.

This Company Presentation is subject to Norwegian law, and any dispute arising in respect of this Company Presentation is subject to the exclusive jurisdiction of Norwegian courts with Oslo District Court as first venue.

Key events

Board of Directors proposes dividend of USD 0.11 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
No open capacity for reminder of 2022
Total revenue backlog of USD 563 million at 30 September, up 109% from end of Q2 2022
Positioned to capture a historically strong market with 14%/38% open days in 2023/24
Favourable market outlook with continued high charter rates and long contract durations
Agreement to acquire the mid-size vessel Paglia to support increased dividends and capture accretive growth opportunities

Strongest market fundamentals ever

Significant shortage of vessels expected ¹ Positive development in one year TC rates

Strong demand drivers combined with capped supply side caters for favourable market outlook

20,000

40,000

60,000

80,000

100,000

120,000

Key figures

USD 31.5 million (Q2'22: USD 27.7 million)

USD 18.8 million (Q2'22: USD 16.2 million)

USD 6.5 million (Q2'22: USD 5.3 million)

USD 3.26 million (Q2'22: USD 2.7 million)

USD 19,960 (Q2'22: USD 17,770)

97% (Q2'22: 95%)

Net profit Q3'22 Planned/unplanned off-hire Q3'22 Open revenue days 20233 21/29 days (Q2'22: 71/5 days)

USD 15,840 (Q2'22: USD 15,000)

Revenue Q3'22 Average TC rate Q3'221 Revenue backlog added in Q3'22 USD 294 million (Q2'22: USD 118 million)

EBITDA Q3'22 Utilisation Q3'22 Revenue backlog end Q3'223 USD 563 million (Q2'22: USD 269 million)

940/14% (Q2'22: 2,670/41%)

Dividend proposed Q3'22 Average cashbreak-even2 Open revenue days 20243 2,488/38% (Q2'22: 4,572/69%)

1) On cash flow basis, revenue as per income statement are on straight-line basis in accordance with IFRS

2) Current break-even includes vessel running expenses, insurance and overheads based on 2022 budget. Capex not included. Debt servicing based on 3m US LIBOR implied forward rates as per 30 September 2022 and next 12 months' debt amortisation schedule.

3) As per 30 September 2022, assuming mid-point charter party redelivery date

Delivering on dividend policy

Dividend USD per share

18% increase from the second quarter
In line with stated policy of 50% of the quarterly profit
EGM on 8 November 2022 to approve dividend
- − Ex-date: 9 November 2022
- − On or about 21 November 2022

0.05

0.1

0.15

0.2

0.25

10%

20%

30%

40%

50%

60%

GCC in brief

The world's third largest car carrier tonnage provider

Gram Car Carriers (GCC) in brief Selected customers

Commercial manager of 24 car carriers 20 on water and 4 newbuilds
- − 18 owned and 6 managed on behalf of third-party owners
- − Average fleet age ~10 years vs. global fleet average of 14 years
Commercial manager of Global Auto Carriers (GAC)
- − Building 4x7,000 CEU multifuel PCTCs with 2+2 options in China
Strong industry name engaged in car carrier investments since 1982
Extensive and long history of chartering vessels to all major global operators and key regional operators worldwide
Offices in Oslo (HQ) and Singapore
Listed on Euronext Growth Oslo with ticker "GCC"
- − Preparing for transfer to the Oslo Stock Exchange's main market before year-end 2022

A critical link in one of the world's largest industries

Diversified fleet of 18 owned PCTCs

Fleet age of approx. 10 years vs. world fleet average of approx. 14 years

Capturing accretive growth opportunities

Acquisition of Paglia (5,000 CEU, built 2010) from F. Laeisz GmbH for USD 49 million
- − USD 39.2 million in cash (funded with debt) and USD 9.8 million in shares
- − Purchase price is set in accordance with recent market transactions and is entered into on arm's length terms
- − Completion expected in Q4 subject to financing and other customary conditions precedent
- − The vessel is on a timecharter until May 2028 at USD 33,300 per day
Accretive on earnings per share, adds approximately USD 70 million of backlog and is expected increase dividend distributions

Operational highlights

Strong operational performance across the fleet

Increased revenue for all vessel types
No revenue days open for reminder of 2022
Increased OPEX in Q3 due to more crew change activity
Revenue is set to continue to increase over the next quarters as vessels start on new contracts at higher dayrates
Increased revenue backlog materialising and expected to continue to expand, with upcoming fixings at attractive TC rates and longer durations

Open revenue	Open revenue	Revenue	Average cash
days3 2023	days3 2024	backlog3	break-even2
940/14%	2,488/38%	USD 563m	USD 15,840
(Q2'22: 2,670/41%)	(Q2'22: 4,572/69%)	(Q2'22: 269m)	(Q2'22: 15,000)

1) On cash flow basis, revenue as per income statement is on straight-line basis in accordance with IFRS

2) Current break-even includes vessel running expenses, insurance and overheads based on 2022 budget. Covid-19 provision (USD ~250 per day per vessel) and apex not included. Debt servicing based on 3m US LIBOR implied forward rates as per 30 September 2022 and next 12 months' debt amortization schedule.

3) As per 30 September 2022, assuming mid-point charter party redelivery date

Contract overview with new supportive data points

Long extensions at high rates providing good visibility on earnings and cash flow Additional USD 143 million in backlog added in Q4 2022

		Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	2024	2025	2027	2028
Viking Bravery	6,700	USD 18,000										FIRM CHARTER
City of Oslo	2,000	USD 12,000		USD 14,430						Positive news flow		LATEST FIXTURES
Viking Odessa	2,000	USD 12,000		USD 14,500						with contract renewals lined up near term
Viking Constanza	2,000	USD 11,500			USD 17,000
Viking Queen	7,000	USD 16,300
Viking Princess	1,000	USD 10,450									Increasing willingness
Viking Amber	4,200		USD 23,000									among operators to do longer forward fixings
Viking Passero	5,000	USD 21,250		USD 27,700
Hoegh Caribia	2,000	USD 12,000				USD 22,000
Viking Drive	3,500	USD 12,000		USD 26,550
Viking Coral	4,200	USD 14,600	USD 24,950						USD 35,000
Viking Emerald	4,200	USD 16,000	USD 28,000
Viking Sea	4,200	USD 25,500			USD 30,612
Viking Ocean	4,200	USD 16,500		USD 20,000		USD 35,000
Viking Diamond	4,200	USD 23,000				USD 35,000
Viking Destiny	6,700	USD 16,000				USD 65,000
Viking Adventure	6,700	USD 16,450					USD 60,000
Viking Passama	5,000	USD 17,000			USD 33,300
		Contract renewals expected well ahead of expiry of existing contracts						Enhanced earnings visibility with operators entering longer contracts		0%/14%/38% open revenue day for 2022/23/24		USD 563 million Backlog 30 September 2022

Backlog slide

Revenue backlog Revenue backlog by year of expected recognition

Q4'22 2023 2024 2025+

Financial review

Key figures for Q3 2022

Revenue and cashflow reflecting strong operations in the quarter
- − P&L covers the full period 1 January 30 September 2022, including Gram Car Carriers Holdings Pte. Ltd. With subsidiaries ('Old Group')
- − Vessels Viking Passero and Viking Passama included from acquisition date 25 January 2022
Q3 2022 net income of USD 6.5 million
In compliance with all financial covenants per 30 September 2022
Recent new charters at higher rates will start to impact from Q4 2022 and Q1 2023

In USD thousands1	Q3 2022	Q2 2022	Q1 2022	YTD 2022
Operating revenue	31,451	27,740	23,534	82,726
EBITDA	18,788	16,165	12,691	47,644
EBIT	11,887	9,294	5,906	27,088
Profit for the period	6,521	5,348	2,081	13,950
Cash flow from operating activities	16,804	19,162	8,955	44,919
Cash and cash equivalents	33,126	26,496	22,948	33,126
Interest-bearing debt	259,195	325,988	333,005	325,686
Equity ratio	40%	40%	39%	40%

Market opportunity

TC rate per day (one year)

Current market TC rates per day1 (one year)

Distribution	Mid-size	Panamax
USD 25,000	USD 85,000	USD 100,000
	Estimated open vessels in global fleet
Q4'22	Q4'22	Q4'22
-	1	-
Q1'23	Q1'23	Q1'23
-	4	2
Q2'23	Q2'23	Q2'23
2	1	6
Q3'23	Q3'23	Q3'23
-	2	10
Q4'23	Q4'23	Q4'23
1	1	5

1) TC development for Mid-size and Panamax from Clarksons.

TC rate Distribution vessels and no. of vessels open (tonnage providers global fleet) based on Company's own estimates

Favorable market fundamentals continue

120

Sep 30, 2022 Jun 30, 2022

Increasing global light vehicles sales US Inventory levels of import brands still at low levels

Inventory levels in Europe are recovering slightly but are still substantially lower than the 4.5 million cars prior to the coronavirus pandemic.

Global sales of electric vehicles, and Chinese vehicle export

China to play a major role exports now growing strongly

Electric cars increasing share of global car sales

• IEA expects global EV sales to reach 50% of total car sales by 2030.

Notes: High and heavy volumes carried by WALWIL. The Parker Bay Surface Mining Equipment Index is an indicator of mining equipment shipments1

Sources: Fearnresearch, Wallenius Wilhelmsen, Hoegh Autoliners, SEB., (1)MSI Q3 2022, UN, China Construction Machinery Association

High & heavy demand remains supportive for car carriers

USD billion

Strong H&H export in Q3, with volumes increasing to another all-time high

Agriculture Mining Construction

Food prices have come down from the peak in the first half of 2022.
Availability challenges have lead to robust backlog of agricultural machinery
Higher mining profits and positive capex outlook
Supportive machinery replacement cycle
Auto industry to require additional ~50 lithium mines, ~60 nickel mines and ~17 cobalt mines to meet estimated 2030 EV demand (Source: IEA)
- − ~92% of the world's lithium is mined in three countries: Australia, Chile and China

Global mining capital expenditure1 Agriculture index US housing starts ('000)

Record Machinery exports and decade-high order backlogs.
Chinese overseas construction machinery sales rose 5.5% YoY in September to 21,200 units, the largest monthly increase in 2022 (CCMA)
- − Excavator exports surged 73% from the same month last year
Höegh Autoliners reported a 12% increase YoY in export volumes in their Q3 report

Expected deliveries of car carriers well below replacement need

Car carrier fleet should continue to see negative growth with a natural phase out tonnage nearing end of life

Upcoming delivers will not meet replacement need Ageing fleet implies potential for increased scrapping # of vessels

Note: Replacement need estimated basis 750 vessels with an average economic lifetime of 28 years

New emission regulations supports favourable market outlook

Speed restrictions to further reduce supply

IMO speed restrictions implying further reduced supply side IMO CII and EEXI regulation effective from 2023

• Viking Constanza starts using biofuel from 5 November 2022

New ongoing initiatives Initiatives being considered

each vessel in cooperation with DNV
- − Possible initiatives;
- − Technical modifications / retrofits;
- − Bulb modifications 5-7%
- − Mewis duct 2-5%
- − Boss cap fin 2-5% (installed on 3 vessels)
- − Silicon paint 2-5%
- − Retrofit of alternative fuel capabilities
- − Shore power / Battery packs (pre-study completed)
- − Retrofit of carbon capture equipment
Operationally key to reduce emissions when vessels are in port/idle.

Combination of higher TC rates and increased contract lengths

Number of vessels coming open for re-chartering is getting shorter as operators fix longer to cover contracts. Total around 34 vessels coming open in 2023.

Closing remarks

Why invest in Gram Car Carriers?

Successfully capturing the strong market with 14%/38% open days in 2023/24
Steadily improving earnings with fleet rolling over on new contracts with further upside potential
Delivering on commitment of to distribute minimum 50% of EPS through quarterly dividends

Appendix

Seasoned management team and Board

6 -	可

Georg Whist, CEO

Previously CFO in Hafnia Tankers Aps in Copenhagen following 18 years with Nordea Bank as SVP and Head of Europe, Asia & Middle East of Nordea Bank's Shipping, Offshore and Oil Service. CEO of Gram Car Carriers from 2018.

Børre Mathisen, COO

Previously at Hoegh Autoliners from 1996 where he held various positions, including two periods in Japan in charge of Commercial Operations in East Asia. Joined Gram Car Carriers in 2013.

Gunnar Koløen, CFO

Previously CFO and MD at Dolphin Drilling (Singapore). GM of Gram Car Carriers (Singapore) 2009-11 and served as a Director of the Company from 2012 to 2020. Started his professional career with KPMG and qualified as a State Authorised Public Accountant from Norway

Mas Gram, Head of Projects

Previously at Pareto Securities (Corporate Finance) in Singapore and Tufton Oceanic (Asset Backed Investments) in London. Joined Gram Car Carriers in 2011.

Ivar Myklebust, Chair

Previously served as CEO and CFO of Höegh Autoliners, and CFO of D/S Norden. He has previously held board positions as chairperson of Havyard Ship Technology; board member of the Norwegian Shipowner's Mutual War Risk Insurance Association (DNK), and director of Euro Marine Logistics NV.

Nikolaus H. Schües , Vice Chair

Mr. Schües is the principal and CEO of F. Laeisz GmbH. He has long experience as Designated President of BIMCO, Vice Chairman of UK P&I Club and Member of the Presidential Committee of German Shipowners Association.

Christine Rødsæther, Board Member Mrs. Rødsæther has since 2002 been a partner in the law firm Simonsen Vogt Wiig AS and has extensive experience in banking and finance, contract law as well as shipping and offshore. She has previous experience from Wikborg, Rein & Co. and Andersen Legal ANS.

Nils Kristoffer Gram, Board Member

Mr Gram is currently Partner and Investment Director in Vanir Green Industries, an energy transition focused investment company. Between 2020 and 2022 he was CEO of ProCorp AS, a boutique SME focused investment bank. Mr Gram has a long and varied experience from capital markets and investments. Previously he worked as MD of Gram Shipping AS, and he was Partner - Corporate Finance at Pareto Securities.

Alasdair Locke, Board Member

Former executive Chairman of Abbot Group Plc, an oil services company which he founded in 1992. Currently Chairman of Motor Fuel Group, Well-Safe Solutions Ltd. and First Property Group Plc.

Dr. Gaby Bornheim, Board Member

Dr. Bornheim is Managing Director of Peter Döhle Schiffahrts KG. In the past she was inhouse councel for Deutsche Shell AG and MobilOil AG. Gaby is President of the German Shipowners Association.

Clivia Breuel, Board member

Mrs. Clivia Breuel (née Bunnemann) is a Partner of AL Capital Holding GmbH & Co. KG, a diversified shipowning group and parent company of AL Maritime Holding. She has long experience in both shipping and banking and holds a Master degree in Business Studies from the EBS Business School Oestrich-Winkel. She is Chairwoman of the Board of the PBS Foundation and member of the board of trustee of another foundation.

Nicolaus Bunnemann, Alternate Board Member

Mr. Nicolaus Bunnemann is the Managing Partner of AL Capital Holding GmbH & Co. KG; a diversified family owned shipowning group. He is the Founder and Managing Director of Atlantic Lloyd GmbH & Co. KG, the Group's operating arm in Hamburg, Germany. Mr Bunnemann is a member of the board of the German Shipowners' Defence Association as well as board member of a number of maritime investment companies and holds a Masters Degree in Shipping, Trade and Finance.

Strong shareholder base

• About 740 shareholders
-----------------------------

Including several international industrial and financial investors with deep industry knowledge
Over 50% free float

Shareholders1	No. shares	Shareholding
F. LAEISZ GMBH	7,321,011	25.49%
Al Maritime Holding Pte Ltd	2,486,706	8.66%
GLENRINNES FARMS LIMITED	1,938,782	6.75%
HM GRAM INVESTMENTS III LIMITED/HM GRAM ENTERPRISES/HMG AS	1,790,496	6.23%
J. LAURITZEN A/S	1,635,377	5.69%
HM GRAM INVESTMENTS III LIMITED	1,790,496	6.23%
CAR CARRIER PARTNERS L.P.	1,220,901	4.25%
AS STRAEN	817,688	2.85%
BNP Paribas	782,040	2.72%
BNP Paribas	710,122	2.47%
Larsson Shipping AB	589,658	2.05%
VERDIPAPIRFONDET DNB SMB	581,620	2.03%
Hamilton Carriers Ltd	499,638	1.74%
SURFSIDE HOLDING AS	450,000	1.57%
HESNES INVEST AS	414,136	1.44%
SVENSKA HANDELSBANKEN AB	386,015	1.34%
UNIVERSAL SEA CARRIERS LTD	330,687	1.15%
UBS Switzerland AG	323,689	1.13%
GALAXY CARRIERS CORPORATION	284,854	0.99%
VERDIPAPIRFONDET STOREBRAND NORGE	281,428	0.98%
Top 20 shareholders	24,635,344	85.77%
Total	28,721,804	100.00%

1) Shareholders as of 28 October 2022 Management/affiliated companies holds 7.23% of the shares

Fully committed to sustainable growth

Compliant with the SASB marine transportation standard (2018) and the Norwegian ship owners' association ESG reporting guidelines

Compliance, commitments and actions for a sustainable future

Environment • Adhere to the Poseidon Principles - a global framework for responsible ship finance • Biofuel trial on PCTC vessels City of Oslo and Viking Constanza – to reduce carbon emission of up to 90% • Adhere to IMO's Sulphur fuel content requirement, lowering upper limit from 3.5 to 0.5% • Adhere to EU ship recycling regulation and the Hong Kong convention for the safe and environmentally sound recycling of ships Social • Zero harm by maintaining a safe environment and protecting people's health • Investing in training and development, from onboarding to formal on-the-job training • Suppliers must adhere to labor conditions set by Gram's Human Rights Policy • Adhere to the Neptune Declaration - protecting workers' rights and establishes best-practices for crew changes through the global COVID-19 pandemic Governance • Adhere to Corporate Governance guidelines from the Norwegian Corporate Governance Board (NUES) • Adhere to Marine Anti-Corruption Network (MACN) – the leading anti-corruption initiative in the Maritime Industry • Adhere to EU's General Data Protection Regulation (GDPR) and the IMO Resolution on Maritime Cyber Risk Management

Long term sustainability goal

Consolidated interim financial statements (unaudited) Income statement and statement of financial position

USD thousands	Q3 2022	Q3 2021	YTD 2022
Operating revenues	30,683	20,050	81,957
Vessel operating expenses	(10,561)	(8,532)	(29,424)
Administrative expenses	(2,103)	(1,155)	(5,658)
EBITDA	18,019	10,363	46,875
Depreciation	(6,901)	(6,043)	(20,556)
Operating result (EBIT)	11,118	4,320	26,319
Financial income	15	288	420
Financial expenses	(5,380)	(4,750)	(13,558)
Profit for before tax (EBT)	5,753	(142)	13,182
Income tax expense	-	-	-
Profit for the period	5,753	(142)	13,182
Earnings per share	0.20		0.46
Dividend per share	0.10		0.23
Profit/ (loss) for the period	5,753	(142)	13,182
Exchange differences on translation of foreign operations	(71)	(14)	(23)
Total comprehensive income	5,682	(156)	13,159

USD thousands	30 Sep 2022	30 Jun 2022
Assets	564,942	562,161
Non-current assets	525,691	529,886
Vessels and other tangible assets	426,360	378,385
Right-of-use assets	99,000	151,171
Other non-current assets	331	330
Current assets	39,252	32,276
Fuel and lubrication oil	1,908	1,903
Trade and other receivables	2,436	1,592
Cash and cash equivalents	33,126	26,496
Other current assets	1,782	2,285

Equity and liabilities	564,942	562,161
Equity	225,800	222,463
Non-current liabilities	288,296	284,784
Interest-bearing debt (non-current)	227,496	197,417
Lease liabilities (non-current)	60,800	87,367
Current liabilities	-	54,915
Interest-bearing debt (current)	50,846	29,200
Lease liabilities (current)	31,699	12,004
Trade and other payables	5,691	9,558
Deferred income	8,181	4,153

Consolidated interim financial statements (unaudited) Statement of cash flows

In USD thousands	Q3 2022	Q3 2021	YTD 2022
Profit/ (loss) for the period	5,753	(142)	13,182
Financial (income)/ expenses	5,302	4,514	13,205
Depreciation	6,901	6,043	20,556
Cash flow from operating activities before changes in working capital	268	-	268
Changes in working capital:
Trade and other receivables	18,224	10,402	47,211
Fuel and lubrication oil
Other current assets	(845)	(15)	(597)
Other non-current assets	(4)	(55)	(170)
Trade and other payables	524	116	(1,249)
Deferred income	(829)		-
Cash flow from operating activities	(1,388)	527	(2,422)
Investment in vessels and other tangible fixed assets	1,122	63	2,146
Investment in right-of-use assets	16,804	11,038	44,919
Cash flow from investing activities	(2,634)	-	(69,653)
Dividend paid	(92)	(1,574)	(2,808)
Proceeds from issue of shares	-	42,669
Proceeds from issue of debt	(171)	-	(171)
Proceeds from sale-lease-back financing	(2,896)	41,095	(72,633)
Repayment of debt	(2,605)	-	(3,662)
Repayment of lease liability	(9)	-	108,636
Interest paid on interest-bearing debt	39,610	-	271,856
Interest paid on lease liabilities	-	-	70,000
Other financial items	(7,300)	(2,207)	(340,110)
Cash flow from financing activities	(32,879)	(46,311)	(50,888)
Net change in cash and cash equivalents	(2,319)	(5,333)	(6,214)
Cash and cash equivalents at beginning of period	(1,874)	(744)	(4,810)
Cash and cash equivalents at end of period	98	(15)	71

Gram Car Carriers ASA

E-mail: [email protected]

gramcar.com

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