Grindrod Shipping

CEO Martyn Wade led Grindrod Shipping Grindrod has gained full control of IVS Bulk. Singapore-based Grindrod Shipping has acquired the remaining shares of IVS Bulk from Bain Capital Credit for around $46 million. Nasdaq-listed tanker and dry bulk shipowner Grindrod Shipping has acquired the remaining 31.14% equity stake of IVS Bulk. Grindrod Shipping gets full control of the twelve (12) bulk carriers of IVS Bulk. Grindrod Shipping announced that the company will receive around $18 million from the redemption and Bain Capital Credit will gain around $9 million. The acquisition is a significant step in the growth and expansion of Grindrod Shipping at a time of really robust freight rates in dry bulk shipping. In February 2020, Nasdaq-listed Grindrod Shipping agreed to a $44million contract to acquire an approximately 33% stake in IVS Bulk in a move that took Grindrod Shipping’s stake in IVS Bulk around 69%. Currently, Grindrod Shipping operates 31 bulk carriers. 25-July-2021

 

South African tanker and dry bulk shipowner Grindrod Shipping is formally out of tanker ownership. After closing the sales of two (2) MR tankers at the beginning of 2021, Singapore-based Grindrod Shipping paid off more than $50 million in debt. Grindrod Shipping concentrates on handysize and supramax dry bulk segments. Grindrod Shipping sold 2013 built 50K DWT MT Leopard Moon and 2013 built 50K DWT MT Leopard Sun for around $21 million. Furthermore, Grindrod Shipping sold 2019 built 17K DWT MV Breede for around $7 million. New York and South Africa-listed Grindrod Shipping reduced total loans by around $66 million. Grindrod Shipping is strengthening the company’s liquidity. Currently, South African tanker and dry bulk shipowner Grindrod Shipping owns 23 bulk carriers. 23-May-2021

 

Singapore-based Grindrod Shipping’s administrators revealed their disappointment at the Grindrod Shipping’s weak share price. Currently, New York and Singapore listed bulker and tanker shipowner Grindrod Shipping’s shares are trading at less than half of its Net Asset Value (NAV). CEO Martyn Wade led Grindrod Shipping appears to experience a more prominent discount. Bulk shipping markets are up 50% in the last few months, but shipping companies’ share prices have gone depressed. Grindrod Shipping has been striving to clarify the Grindrod Shipping’s story in order to completely present the Grindrod Shipping’s financial accomplishment. South African tanker and dry bulk shipowner Grindrod Shipping has the option to buy back shares and might be examining in the near future. Grindrod Shipping’s top executives are confident that Grindrod Shipping’s efforts to clean up the structure of the company will ultimately pay dividends. Grindrod Shipping has completed the Leopard Tankers and Petrochemical Shipping joint ventures while allowing the company to obtain control of IVS Bulk. Consequently, capital structure and operations would be easy for investors to appraise. Grindrod Shipping is corresponding to the installation of exhaust gas scrubbers on its fleet and will use IMO 2020 compliant fuels. Grindrod Shipping has not been indoctrinated that the financial gain on the scrubber installation cost will be adequately attractive in the handy, supramax, and ultramax segments. 2-September-2019

 

South African tanker and dry bulk shipowner Grindrod Shipping has been contemplating to spin off its shipping business in an international IPO (Initial Public Offering). Grindrod Shipping’s BOD (Board of Directors) proposes to make its ultimate verdict about IPO in early 2018. In August 2017, South African Johannesburg listed Grindrod Shipping estimated that its share price did not reproduce the amount of the shipping business. Grindrod Shipping has a fleet of 42 dry bulk carriers, tankers, and barges. 18-January-2018