AsiaDry Cargo

Grindrod buys Bain’s stake in bulk JV

Grindrod Shipping is finally buying out the remaining 31.14% equity stake in its IVS Bulk joint venture, paying Bain Capital Credit a total of $46.3m for its share in the venture that controls 12 bulk carriers.

Martyn Wade, Grindrod’s CEO, commented: “The acquisition of the remaining shares in IVS Bulk represents a critical step in the growth and development of Grindrod Shipping at a time of very strong freight rates in the dry bulk industry.”

The protracted buyout of IVS Bulk has taken around two years for Singapore-headquartered Grindrod to complete.

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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