IVS Bulk

Singapore based shipowner and operator Grindrod Shipping’s subsidiary IVS Bulk Pte Ltd sold 2004 built handysize bulk carrier 32K DWT MV IVS Nightjar for around $5 million. This is the fourth vessel that Grindrod Shipping’s subsidiary IVS Bulk Pte Ltd sold in 2020. According to CEO Martyn Wade led Grindrod Shipping, dry bulk shipping demand is anticipated to recover in 2021. In Q2 2020, Grindrod Shipping reported a net loss of $12.3 million. In Q2 2020, Grindrod Shipping reported revenue of $167 million and a gross profit of $8.9 million. According to CEO Martyn Wade led Grindrod Shipping, reported results are satisfying due to unexpected difficulties after the post-coronavirus recession. Grindrod Shipping’s subsidiary IVS Bulk Pte Ltd was struggling with historically poor weakness in freight rates in Q2 2020. However, Grindrod Shipping’s subsidiary IVS Bulk Pte Ltd has offset the weak markets by cargo contracts and active freight hedging in Q2 2020. Dry bulk shipping experts anticipate shipping demand to improve in 2021. On the other hand, dry bulk order-book in shipyards resumes shrinking. Currently, Grindrod Shipping’s subsidiary IVS Bulk Pte Ltd controls 31 bulk carriers. On the tanker side, Grindrod Shipping’s subsidiary Unicorn Shipping controls 4 tankers. 26-August-2020

 

Martyn Wade led Grindrod Shipping has been planning with subsidiary IVS Bulk (Island View Shipping). Singapore listed Grindrod Shipping endeavored to boost up the fleet. On 3 June 2019, Grindrod Shipping took control of 2019 built 60K DWT bulk carrier MV IVS Phoenix. Grindrod Shipping is chartering in MV IVS Phoenix from subsidiary IVS Bulk (Island View Shipping) for at least 3 years with 2 years extra option. Grindrod Shipping has also acquired 2010 built handysize bulk carrier 33K DWT MV IVS Knot for around $13 million in a bareboat sale-and-leaseback deal serving up to 11 years. On 30 April 2019, IVS Bulk (Island View Shipping) has also sold 2005 built bulk carrier MV IVS Kawana for around $8 million. According to Grindrod Shipping’s executives, the sale-and-leaseback deal supplements a distinct dimension to Grindrod Shipping’s longstanding connection within the Japanese market. Grindrod Shipping believes that the latest transaction would attach an implied to leverage. Singapore listed Grindrod Shipping Holdings owns and operates 32 dry bulk carriers under the brand name VS Bulk (Island View Shipping). Grindrod Shipping Holdings also operates 10 tankers under the brand name Unicorn Shipping. 7-April-2020

 

Singapore based shipowner and operator Grindrod Shipping commenced increasing its stake in IVS Bulk. Grindrod Shipping has agreed to buy out one of its two joint venture partners of IVS Bulk. CEO Martyn Wade led Grindrod Shipping would increase IVS Bulk ownership percentage to 66.75%. Two joint-venture partners in IVS Bulk are Sankaty European Investments III and Regiment Capital Ltd. Furthermore, Grindrod Shipping is aiming to acquire the additional 33.25% stake of IVS Bulk. However, New York-listed shipowner and operator Grindrod Shipping emphasized that the remaining partner intends to retain its 33.25% stake in IVS Bulk. Grindrod Shipping’s takeover of the additional IVS Bulk stake would allow Grindrod Shipping to consolidate its 12 bulk carriers. Grindrod Shipping was publicly listed in June 2018. Grindrod Shipping has reported a loss of $19 million in Q2 2019. Grindrod Shipping’s loss indicates softer dry bulk markets, somewhat compensated by a more effective tanker market. Grindrod Shipping strives to outperform the associated shipping industry benchmarks in both dry bulk and tanker segments. Grindrod Shipping has reported Handysize TCE (Time Charter Equivalent) $7,030 per day while the Baltic Handysize Index (BHSI) was $5,753 per day in H1 2019. Grindrod Shipping’s top executives conclude that a weakened ship supply forecast coupled with constant ship demand will have a positive impact on the company. Additionally, the International Maritime Organization (IMO) 2020 sulfur regulations may have a positive impact on all shipping markets. 2-September-2019

 

South African tanker and bulker shipowner and operator Grindrod Shipping has been scraping its elderly fleet. Since 2014, shipowner and operator Grindrod Shipping has taken delivery of more than ten (10) vessels. South African tanker and bulker owner and operator Grindrod Shipping has 11 handysize and 4 supramax bulk carriers owned by third parties. These bulk carriers are operated by sister company IVS Bulk (Island View Shipping). Grindrod Shipping has 36 vessels in oceans. In 2016, South African tanker and bulker owner and operator Grindrod announced a net loss of $145 million. 4-March-2017