MSC Group’s SAS Shipping Agencies Services purchases Gram Car Carriers for $700 million.
In a strategic move, MSC Group’s subsidiary, SAS Shipping Agencies Services, has finalised the acquisition of Norway’s Gram Car Carriers (GCC) for a substantial sum of $700 million. This acquisition marks a significant milestone for MSC Group, propelling it into a leading position in the global shipping industry.
GCC, renowned as the third-largest tonnage provider worldwide, boasts a modern fleet of car carriers. Acting as the commercial manager for 22 car carriers, including dual-fuel LNG carriers under construction, GCC demonstrates a robust capacity ranging from 2,000 to 7,000 units.
Despite a slight decline in revenue and EBITDA in the first quarter of 2024 compared to the previous quarter, GCC remains a strong player in the market. With a reported revenue backlog of $794 million at the end of Q1 2024, GCC’s financial outlook appears promising. The acquisition is expected to further strengthen MSC Group’s foothold in the maritime sector and drive future growth opportunities.
