Gram Car Carriers (GCC) has formed Global Auto Carriers for the purpose of ordering four 7,000 CEU dual fuel pure car truck carriers (PCTCs) from China Merchants Jinling Shipyard, with the option for an additional 2+2 vessels at the same yard.
The shipbuilding contracts for the initial vessels are expected to be entered into early Q2 2022, with delivery expected from the fourth quarter of 2025 through the fourth quarter of 2026. Three of the option vessels are expected to be delivered in 2027 and one in 2028.
Gram Car Carriers is the world’s third-largest tonnage provider within the car carrier segment with 18 owned vessels. The fleet is rolling off its current short to medium term contracts and the company is in the process of re-contracting its vessels on longer-term charters in a strong market.
Global Auto Carriers will be owned by F. Laeisz GmbH, AL Maritime Holding, AS Clipper and a subsidiary of Surfside Holding, all established international industrial and financial investors with deep shipping knowledge and all current shareholders of GCC.
GCC’s 100% owned subsidiary, Gram Car Carriers Management, has acted as commercial adviser during the formation of Global Auto Carriers and will receive warrants enabling an ownership stake of up to 7.5% in the new company. GCC Management will receive a 1% commission of the gross contract price for the vessels. Technical management and yard supervision will be provided by F. Laeisz GmbH.
Georg A. Whist, the CEO of GCC, commented: “We are proud to have supported the foundation of Global Auto Carriers by leveraging our market connections to create attractive additional revenue streams for GCC and the potential for a meaningful future equity stake. We have done so without adding any capital expenditure, true to our strategy of being a vessel owner with long-term contracts and without diluting our policy of returning a minimum of 50% of EPS to shareholders through quarterly dividends.”
