Grindrod Shipping has secured a financing arrangement for an $83 million loan with Nordea Bank and SEB Bank (Singapore). The deal will finance the Singapore-based bulk carrier management and operation firm’s strategy to refinance its current $114.1 million senior secured loan, which was initially provided by Crédit Agricole and Hamburg Commercial Bank. This new financial mechanism, a revolving credit facility, holds an option for expansion up to an additional $30 million. With a tenure of three years, it mandates a systematic reduction in the quarterly balance, ensuring the total due amount is fully settled upon reaching maturity. Under the leadership of Ed Buttery, Grindrod Shipping has announced that the interest on this loan will be calculated based on the Term SOFR plus a 2.65% annual rate. The loan is backed by collateral that includes, but is not limited to, mortgages on eight ships: MV IVS Phinda, MV IVS Sparrowhawk, MV IVS Thanda, MV IVS Tembe, MV IVS Sunbird, MV IVS Wentworth, MV IVS Swinley Forest, and MV IVS Gleneagles. Despite facing a $9.6 million loss in 2023 on a revenue backdrop of $387 million, Grindrod Shipping continues to push forward. Island View Shipping (IVS Bulk), a key division within Grindrod Shipping, is at the forefront of the drybulk sector. It boasts a fleet that currently encompasses 25 bulk carriers, 18 of which are owned outright by the company. IVS Bulk is renowned for its expertise in maritime logistics, offering comprehensive solutions that span across various bulk commodities transportations, such as coal, iron ore, and grains. This division is not only pivotal to Grindrod Shipping’s operational strategy but also exemplifies the company’s commitment to providing high-quality and efficient shipping services globally. The strategic management and operational excellence of IVS Bulk play a crucial role in strengthening Grindrod Shipping’s market position, enabling it to navigate through the industry’s cyclical nature and maintain competitiveness. Through strategic investments in its fleet and a focus on sustainability and customer service, Island View Shipping (IVS Bulk) continues to set industry standards and contribute significantly to Grindrod Shipping’s overall success. 11-March-2024
Grindrod Shipping is persisting with its strategy of selling off ships, announcing the forthcoming sale of yet another handysize bulk carrier from its fleet. The company, headquartered in Singapore and operating under the name Grindrod Shipping, has entered into an agreement to sell the 2012-constructed handysize bulk carrier, which has a deadweight of 28,000 tons and is named MV IVS Ibis, for an approximate sum of $11.5 million. The vessel, which was constructed at the Imabari shipyard, is expected to be handed over to an undisclosed purchaser by March 21, 2024, according to statements from Grindrod Shipping. Earlier, in January 2024, Grindrod Shipping completed the sale of the MV IVS Kingbird, a handysize bulk carrier built in 2007, for about $10.5 million. This vessel was acquired by a shipowning and operating company based in Istanbul and has been rechristened MV Mavi Vatan. Island View Shipping (IVS Bulk), a prominent brand under Grindrod Shipping’s dual-listed drybulk business, currently manages a diverse fleet of 25 bulk carriers, with 18 directly owned by the company. This includes several handysize and larger vessels, reflecting the brand’s strategic focus on optimizing its fleet composition through the acquisition of younger vessels and the divestment of older ones. Notably, Grindrod Shipping has recently divested several of its older handysize bulk carriers, while also integrating younger supramax and ultramax bulk carriers into its fleet through charter agreements. This strategic fleet management underscores Grindrod Shipping’s commitment to maintaining a modern, efficient fleet under the IVS Bulk brand, catering to the varied demands of the global shipping market. In the previous year, Grindrod Shipping reported a financial loss of $9.6 million, with revenues totaling $387 million. Despite these challenges, Ed Buttery, the CEO of Grindrod Shipping, expressed optimism for the future. He highlighted the company’s strong positioning to achieve its objectives in 2024, buoyed by a more favorable market outlook. Buttery’s statement reflects confidence in the company’s strategic direction and its ability to navigate the complexities of the shipping industry successfully. The IVS Bulk brand, in particular, represents a critical component of Grindrod Shipping’s operational and strategic framework, emphasizing the company’s focus on efficiency, modernization, and customer satisfaction in its drybulk shipping operations. 1-March-2024
Singapore-based shipowner and operator Grindrod Shipping acquired 2019 built ultramax bulk carrier 60K DWT MV IVS Phoenix for around $25 million. MV IVS Phoenix was chartered-in from Mitsui E&S Holdings for a minimum period of three (3) years from 2019, with options to extend for up to two (2) years and no purchase options. Grindrod Shipping bareboat charter the MV IVS Phoenix back for a period of up to 15 years and has the right, but not the obligation, to acquire the MV IVS Phoenix after the first two (2) years of the charter. MV IVS Phoenix will remain chartered-in on the original terms until closing the deal. Grindrod Shipping reported revenue of $160 million in Q2 2021 due to increasing dry bulk market conditions. Starting in Q3 2021, Singapore-based shipowner and operator Grindrod Shipping plans to return about 30% of its adjusted net income to shareholders through a blend of quarterly dividends. Grindrod Shipping’s (GRIN) bulker arm, which operates under the brand IVS Bulk (Island View Shipping), possesses a fleet of 17 handysize bulk carriers and 15 supramax-ultramax bulk carriers on the water with 2 chartered-in ultramax bulk carriers under construction in Japan due be delivered in 2020. Grindrod Shipping’s (GRIN) tanker business, which operates under the Unicorn Shipping brand, incorporates 7 MR tankers and 2 small tankers. 18-August-2022
CEO Martyn Wade led Grindrod Shipping 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
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 (GRIN) desires more ships under the company’s direct management. Previously, Singapore-based shipowner and operator Grindrod Shipping (GRIN) increased its fleet following the purchase of the outstanding portion of subsidiary company IVS Bulk. Grindrod Shipping (GRIN) takes control of IVS Bulk in a $44 million arrangement. New York-listed shipowner and operator Grindrod Shipping (GRIN) eventually seals the contract to buy out IVS Bulk’s bulk carriers. Singapore-based shipowner and operator Grindrod Shipping (GRIN) has signed a $44 million agreement to take over bulker joint venture IVS Bulk. Grindrod Shipping (GRIN) is acquiring about a 33.3% stake in IVS Bulk. Currently, IVS Bulk owns and controls 12 bulk carriers. That will bring Grindrod Shipping’s (GRIN) holding to solely under 66.8% as Grindrod Shipping (GRIN) resumes the company’s plan of moving bulk carriers under its complete control to enhance financial outcomes. At the beginning of 2020, Grindrod Shipping (GRIN) had expressed that the company planned to disburse $44.2 million for the shares. New York-listed shipowner and operator Grindrod Shipping (GRIN) had extended the deadline to close the agreement to 31 January. The contract with the remaining partner will be extended by one year, with Singapore-based tanker and bulker owner Grindrod Shipping (GRIN) now controlling critical parts of corporate management. The two other parties concerned are Sankaty European Investments III and Regiment Capital. The two current credit facilities of IVS Bulk will be refinanced with two new senior secured loans totaling $127 million, one to each partner. Singapore-based tanker and bulker owner Grindrod Shipping (GRIN) has arranged new financing of $35.8 million with an affiliate of the remaining partner. IVS Bulk deal means a paramount phase in the growth and development of Grindrod Shipping (GRIN). Currently, IVS Bulk controlled 12 bulk carriers are all modern, Japanese-built eco-ships. Singapore-based shipowner and operator Grindrod Shipping’s (GRIN) tanker arm is Unicorn Shipping which controls seven (7) MR tankers and a small product carrier. 11-February-2020
Singapore-based shipowner and operator Grindrod Shipping (GRIN) forked out $44.2 million for the IVS Bulk (Island View Shipping) stake. Grindrod Shipping (GRIN) increased its fleet following the purchase of the outstanding portion of subsidiary company IVS Bulk (Island View Shipping). Grindrod Shipping (GRIN) will acquire a 33.25% stake in IVS Bulk Pte. Ltd. Grindrod Shipping (GRIN) is set to spend $44.2 million for an unnamed partner’s stake in its IVS Bulk (Island View Shipping) joint venture. Singapore-based shipowner and operator Grindrod Shipping (GRIN) has extended the deadline to complete the deal to 31 January. Grindrod Shipping (GRIN) needs more time to conclude IVS Bulk (Island View Shipping) buyout. Grindrod Shipping (GRIN) stated the company was buying a 33.25% holding in the joint venture with IVS Bulk (Island View Shipping) which has 12 bulk carriers. Martyn Wade-led Grindrod Shipping (GRIN) intends to raise the company’s stake in Singapore-based shipowner and operator IVS Bulk Pte. Ltd. to 66.75%, with another partner retaining a 33.25% holding. The two other companies involved are Sankaty European Investments III and Regiment Capital. New York-listed shipowner and operator Grindrod Shipping (GRIN) expressed the company is advancing negotiations to obtain all of the 33.25% ordinary and preference shares of Singapore-based shipowner and operator IVS Bulk Pte. Ltd. by the end of the month. Grindrod Shipping (GRIN) prepares to consolidate Singapore-based shipowner and operator IVS Bulk’s (Island View Shipping) financial results into its own. Currently, New York-listed shipowner and operator Grindrod Shipping (GRIN) owns and operates 17 handysize bulk carriers, 15 supramax-ultramax bulk carriers, with 2 chartered-in ultramax bulk carriers under construction in Japan due to being delivered in 2020. Furthermore, Grindrod Shipping (GRIN) owns and operates 7 MR tankers and 2 small tankers. Grindrod Shipping (GRIN) is terminating the charter and declining the purchase option on 2015 built supramax bulk carrier 57K DWT MV IVS Augusta in March 2020 from Singapore-based shipowner and operator IVS Bulk (Island View Shipping). On the other hand, Grindrod Shipping (GRIN) keeps a purchase option on 2015 built supramax bulk carrier 57K DWT MV IVS Pinehurst which is controlled by subsidiary company IVS Bulk. 7-January-2020
Singapore-based tanker and bulker owner Grindrod Shipping (GRIN) has rejigged the company’s chartering exposure after extending a chartered-out MR tanker. Furthermore, Grindrod Shipping (GRIN) has opted not to extend chartered-in supramax bulk carriers. Grindrod Shipping (GRIN) controlled 2016 built 50K DWT MT Matuku has been extended for a further two years until May 2022 at an increased charter rate to New Zealand’s Coastal Oil Logistics Ltd (COLL). On the other hand, Singapore-based tanker and bulker owner Grindrod Shipping (GRIN) opted not to extend the charter of 2015 built supramax bulk carrier 57K DWT MV IVS Augusta. 2015 built supramax bulk carrier 57K DWT MV IVS Augusta is controlled by sistership company Singapore-based shipowner and operator IVS Bulk (Island View Shipping). Grindrod Shipping (GRIN) expressed the overall charter for MV IVS Augusta includes a fixed period ending March 2020. The agreement comprises extension options covering a further two (2) years at pre-determined charter rates and a purchase option on either the MV IVS Augusta or MV IVS Augustas sistership 2015 built supramax bulk carrier 57K DWT MV Pinehurst. As a consequence, Grindrod Shipping (GRIN) anticipates MV IVS Augusta to redeliver to Singapore-based shipowner and operator IVS Bulk Pte. Ltd. in Q1 2020. Nevertheless, Grindrod Shipping (GRIN) keeps the purchase option on 2015 built supramax bulk carrier 57K DWT MV Pinehurst which is controlled by Singapore-based shipowner and operator IVS Bulk (Island View Shipping). 19-December-2019
New York-listed Singapore-based shipowner and operator Grindrod Shipping (GRIN) requires more time to conclude IVS Bulk (Island View Shipping) buyout. Grindrod Shipping (GRIN) states discussions resume on financing IVS Bulk (Island View Shipping) acquisition of around 33.25% stake. Grindrod Shipping (GRIN) has extended the deadline to take over the IVS Bulk’s (Island View Shipping) stake in its IVS Bulk joint venture. Grindrod Shipping (GRIN) has until 31 December to conclude the contract, from 30 November previously. In August, Grindrod Shipping (GRIN) stated the company was purchasing a 33.25% holding in IVS Bulk (Island View Shipping). Currently, Singapore-based shipowner and operator IVS Bulk Pte. Ltd. owns and operates 12 bulk carriers. Grindrod Shipping (GRIN) is in negotiations with lenders to refinance all of the current debt of Singapore-based shipowner and operator IVS Bulk (Island View Shipping) and deliver Grindrod Shipping (GRIN) adequate funds to acquire the additional 33.25% stake. New York-listed shipowner and operator Grindrod Shipping (GRIN) owns and operates 17 handysize bulk carriers, and 15 supramax-ultramax bulk carriers, with 2 chartered-in ultramax bulk carriers under construction. Furthermore, Grindrod Shipping (GRIN) owns and operates 7 MR tankers and 2 small tankers. 4-December-2019
New York-listed shipowner and operator Grindrod Shipping (GRIN) approves the third-handysize sale and leaseback agreement with Japanese shipowners. On the other hand, Grindrod Shipping (GRIN) reduced the length of the charter for the chartered-in supramax bulk carrier. Grindrod Shipping (GRIN) signed the third-handysize sale and leaseback agreement for 2011 built handysize bulk carrier 28K DWT MV IVS Magpie for around $10.3 million with a Japanese shipowner. 2011 built handysize bulk carrier 28K DWT MV IVS Magpie is controlled by sister company Singapore-based shipowner and operator IVS Bulk (Island View Shipping). New York-listed shipowner and operator Grindrod Shipping (GRIN) will then take the MV IVS Magpie back on a bareboat charter of up to 12 years at an undisclosed rate. Singapore-based tanker and bulker owner Grindrod Shipping (GRIN) will have the right, but not the obligation, to buy 2011 built handysize bulk carrier 28K DWT MV IVS Magpie from the end of the second year of the charter. Likewise, the Japanese shipowner will have the right, but not the obligation, to sell 2011 built handysize bulk carrier 28K DWT MV IVS Magpie back to Grindrod Shipping (GRIN) at the end of the charter period. 2011 built handysize bulk carrier 28K DWT MV IVS Magpie constitutes part of Grindrod Shipping’s (GRIN) security package for its $100 million senior secured credit facility. MV IVS Magpie will be released from the security package in association with the closing of the sale and leaseback transaction. The sale of MV IVS Magpie is anticipated to yield around $5.4 million of cash for Grindrod Shipping (GRIN) after recompensing the debt associated with the MV IVS Magpie. MV IVS Magpie is controlled by Grindrod Shipping’s (GRIN) sister company Singapore-based shipowner and operator IVS Bulk Pte. Ltd. Furthermore, Singapore-based tanker and bulker owner Grindrod Shipping (GRIN) has recently completed similar deals in respect of 2010 built handysize bulk carrier 33K DWT MV IVS Knot and 2011 built handysize bulk carrier 33K DWT MV IVS Kingle. MV IVS Knot and MV IVS Kingle are also managed by Grindrod Shipping’s (GRIN) sister company Singapore-based shipowner and operator IVS Bulk Pte. Ltd. Grindrod Shipping (GRIN) also confirmed that the company had shortened the charter period on the chartered-in eco supramax MV IVS Crimson Creek from sister company IVS Bulk (Island View Shipping). MV IVS Crimson Creek’s charter contract incorporated a fixed period ending December 2019, with extension options covering a further two years at pre-determined charter rates. New York-listed shipowner and operator Grindrod Shipping (GRIN) owns and operates a mixed fleet of owned and long-term and short-term chartered-in bulkers and product tankers. Grindrod Shipping’s (GRIN) bulker arm, which operates under the brand IVS Bulk (Island View Shipping), possesses a fleet of 17 handysize bulk carriers and 15 supramax-ultramax bulk carriers on the water with 2 chartered-in ultramax bulk carriers under construction in Japan due be delivered in 2020. Grindrod Shipping’s (GRIN) tanker business, which operates under the Unicorn Shipping brand, incorporates 7 MR tankers and 2 small tankers. 30-October-2019
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. 5-September-2019
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. 1-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