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Deka Bank refinances car transporters for Gram Car Carriers

Caption: The "City of Oslo" is part of the Gram Car Carriers fleet (© Port of Gothenburg)

Deka Bank finances the repurchase of the car carrier “Viking Bravery” for the Norwegian shipping company Gram Car Carriers.

Deka Bank remains active in ship financing. The latest transaction reported is a loan of 35 million dollars to Gram Car Carriers (GCC). According to a statement from the Oslo-listed company, it is intended for the car carrier “Viking Bravery” (built in 2015, 6,700 CEU).

Specifically, it concerns the repurchase of the freighter from a previously existing leasing agreement. The loan was granted with an interest rate of SOFR +1.65%. The term corresponds to the duration of the current time charter agreement.

Deka Bank new at Gram Car Carriers

“The refinancing of the ‘Viking Bravery’ shows that our solid financial position and credit quality is appreciated by leading financial institutions,” said Georg A. Whist, CEO of GCC. Deka Bank is a new member of the group of lenders.

According to Gram Car Carriers, it is the world’s third largest pure car carrier (PCC) tonnage provider with 20 vessels in the feeder, mid-size and Panamax segments. Revenue of USD 48.4 million and a profit (EBITDA) of USD 32.9 million were reported for the second quarter. Guaranteed charter income reached a record level of $826 million. The main shareholders are two German companies – Nikolaus H. Schües’ F. Laeisz shipping company and the Bunnemann family.

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