Gram Car Carriers Refinances Viking Adventure

Norwegian shipowner Gram Car Carriers announced it has refinanced the Viking Adventure with an undisclosed Japanese bank.

The new $41 million loan has a duration matching the vessels current charter ending in mid-2028 and a margin of SOFR +1.73%. This compares a margin of SOFR +4.26% under the previous lease financing which was repaid earlier this year, the company said.

“We are pleased to welcome one of the premier banks in Japan in our banking group as we optimize our capital structure and cost base to maximize profit and shareholder returns. Lower cost of debt, combined with a near record revenue backlog built in a historically strong car shipping market, support long-term cash flow visibility and continued attractive dividend distributions,” said Georg A. Whist, CEO of Gram Car Carriers.  

The 6,700 CEU Viking Adventure was built at Jinling Shipyard in 2015. The vessel is currently chartered at an average day rate of $60,000.