Grindrod Shipping Holdings Ltd., a leading global provider of maritime transportation services specializing in the dry bulk sector, has successfully concluded several significant transactions. Here’s a summary of the recent developments:
- Purchase of IVS Naruo: On November 13, 2023, Grindrod Shipping exercised the purchase option for the 2014-built supramax bulk carrier IVS Naruo, investing approximately $12.0 million. The delivery is anticipated on or before June 30, 2024, although it’s important to note that delivery is subject to uncertainties.
- IVS Merlion Delivery: On November 29, 2023, Grindrod Shipping delivered the 2013-built handysize bulk carrier, IVS Merlion, to its new owners.
- Share Capital Reduction and Distribution: On December 11, 2023, Grindrod Shipping completed the second tranche of the share capital reduction, distributing $0.63193 per ordinary share to all shareholders of record as of October 20, 2023.
- Charter Agreements for Ultramax Drybulk Vessels: On December 11, 2023, Grindrod Shipping entered into agreements to charter two ultramax dry bulk vessels, expected for delivery in Q1 2024 and Q2 2024, with a minimum charter duration of one year.
- Extension of IVS Crimson Creek Charter: On December 22, 2023, Grindrod Shipping extended the firm charter-in period for the 2014-built supramax bulk carrier IVS Crimson Creek by approximately 12 months.
- Sale of IVS Kingbird: On January 17, 2024, Grindrod Shipping entered into a contract to sell the 2007-built handysize bulk carrier, IVS Kingbird, for $10.4 million (before costs), representing a 1.5% premium to the carrying value. Delivery to the new owners is expected on or before February 29, 2024, with the understanding that uncertainties may affect the actual delivery date.
These strategic moves underline Grindrod Shipping’s commitment to optimizing its fleet and capital structure in the dynamic maritime industry.
About Grindrod Shipping
Grindrod Shipping predominantly owns and operates a diversified fleet of owned and long-term and short-term chartered-in dry bulk vessels. The dry bulk business, which operates under the brand “Island View Shipping” (“IVS”) includes a core fleet of handysize and supramax/ultramax dry bulk carriers. The Company is based in Singapore, with offices in London, Durban, Tokyo and Rotterdam. Grindrod Shipping is listed on NASDAQ under the ticker “GRIN” and on the JSE under the ticker “GSH”.