Amalgamation and reflagging to Singapore
We are pleased to announce that the process of amalgamating our various single purpose companies into one single major company has been completed. The new asset owning company is named Gram Car Carriers Holdings Pte Ltd. (GCCH), and is located and managed in Singapore. We now have a company with 100% ownership of 15 vessels on water, and majority ownership in our 4 newbuildings currently under construction.
The new asset owning company is structured as a single platform, which gives a strong position for future growth as a tonnage provider.
The amalgamated company has been refinanced with a USD 400 mill loan syndicat with Nordea Bank, Deutsche Bank, SEB, HSH Nordbank, DVB and Credit Agricole participating. The new structure provides a competitive fleet financing helping us to offer competitive rates to our clients.
The process of moving vessels into GCCH has also involved reflagging of the 5 vessels Viking Drive, Viking Chance, Viking Princess, Hoegh Delhi and Eishun. All 15 vessels in GCCH are now sailing under the Singapore flag.