Norwegian shipowner Gram Car Carriers introduced it has refinanced the Viking Adventure with an undisclosed Japanese financial institution.
The new $41 million mortgage has a period matching the vessels present constitution ending in mid-2028 and a margin of SOFR +1.73%. This compares a margin of SOFR +4.26% below the earlier lease financing which was repaid earlier this 12 months, the corporate stated.
“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,” stated Georg A. Whist, CEO of Gram Car Carriers.
The 6,700 CEU Viking Adventure was constructed at Jinling Shipyard in 2015. The vessel is presently chartered at a median day fee of $60,000.
