Norway’s Gram Car Carriers (GCC) has slashed the cost of debt on one of its ships through a buyback deal.

The Oslo-listed company said it has arranged a new “attractively priced” $35m term loan with Germany’s DekaBank Deutsche Girozentrale to repurchase the 6,700-teu Viking Bravery (built 2015).

The world’s third-largest vehicle carrier tonnage provider said the debt is priced at the secured overnight financing rate (SOFR) plus 1.65%.