AsiaDry CargoTankers

Grindrod offloads tanker trio to increase focus on bulkers

Singapore-headquartered Grindrod Shipping Holdings has announced the sale of three tankers via two separate transactions.

The 2013-built MR2 tankers Leopard Moon and Leopard Sun have been sold for $21.4m each, with delivery expected by April 30. The vessels are valued at $21.52m and $22.18m according to VesselsValue, which lists the buyer as Norway’s Sole Shipping.

Grindrod has also contracted to sell 2009-built small tanker Breede for $6.8m, again with delivery scheduled by April 30.

The sales leave Grindrod with 15 handysize bulkers and 16 supramax/ultramax bulkers, along with one MR product tanker currently out on bareboat charter.

Martyn Wade, CEO of Grindrod Shipping, commented: “We are very pleased to announce the sales of our last three spot trading product tankers for an aggregate gross amount of $49.6m. These sales will enable us to significantly reduce our debt and interest expense while positioning the company to further focus on our core handysize and supramax/ultramax drybulk segments which are currently enjoying strong freight market conditions.”

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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