Gram Car Carriers was able to move one of its ships for what it reckons is the price of a newbuilding.

The Oslo-listed car carrier lessor sold the 4,200-ceu Viking Amber (built 2010) for $64.6m earlier this week, even though it was not initially looking to sell.

“We have discussions on chartering and discussions on sale price,” said chief executive Georg Whist. “When they’re out of sync, there are prices we sell at. And there are prices we buy at, too.

“This one was quite an easy decision for us.”

The company expects to make $36.6m in cash on the sale. The buyer was only described as “a European-based vehicle logistics company”.

The $64.6m price tag was a big premium to VesselsValue’s $57.2m valuation, but cheaper than the $76.7m it estimates a newbuilding of similar specifications would cost.

“From a risk/reward [perspective] we thought this was a fantastic deal,” Whist told an earnings call. “For us, that’s good risk management and for you, the shareholder, it’s good risk/reward.”

For the quarter, Gram Car Carriers made $37.8m in profit, up from $9.9m for the same period in 2022.

Revenue jumped from $38.3m to $56.4m, with the panamax fleet earning time charter equivalent rates of $50,570 per day, its midsize ships $29,840 per day and its smaller distribution ships $21,620 per day.

In late trading on Thursday and following earnings, its stock jumped NOK 11.50 ($1.09) to NOK 244.50.