A group of investors in Gram Car Carriers has formed a new company to order dual-fuel vessels and focus on future forms of propulsion.

Global Auto Carriers (GAC) has been set up by German shipowner F Laeisz and other backers of Oslo-listed Gram.

The group is ordering four 7,000-ceu pure car truck carriers at China Merchants Jinling Shipyard in China, with options for four more units.