Grindrod adds five Japanese ultramaxes

Grindrod adds five Japanese ultramaxes

South African shipping company Grindrod has revealed it is in the process of adding five more bulkers to its fleet.

The company has taken two 61,000 dwt Japanese newbuild resales due for delivery this quarter. The pair are costing $26.4m each, including $600,000 of upgrades per ship.

Grindrod has also revealed it is chartering in another three Japanese newbuilding ultramaxes upon delivery. One vessel is expected to be delivered this quarter and chartered-in for a minimum of three years with extension options. The remaining two vessels are expected to be delivered in Q3 2020 and chartered-in for a minimum of two years with extension options and include purchase options.

Martyn Wade, Grindrod Shipping’s CEO, suggested more Japanese bulkers are on the cards, while unveiling the company’s interim results.

“Looking ahead, we intend to leverage further our access to Japanese shipbuilding and financial and trading relationships to continue to expand our dry bulk fleet by focusing on Japanese built eco ultramax and larger handysize vessels, as we believe current asset prices continue to represent an attractive entry point to acquire quality vessels relative to historic averages,” Wade said.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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