Grindrod Shipping has struck a deal for an $83m loan with Nordea Bank and SEB Bank (Singapore). The Singapore-based bulker owner and operator is using the proceeds to refinance the existing $114.1m senior secured loan with Crédit Agricole and Hamburg Commercial Bank.
The new revolving credit facility, which may be increased by an optional $30m, has a three-year term and reduces quarterly with payment of the outstanding amount on the maturity date.
The Ed Buttery-led Grindrod said the loan bears interest at a rate of Term SOFR plus 2.65% per annum and is secured by, amongst other things, a mortgage over eight vessels: IVS Phinda, IVS Sparrowhawk, IVS Thanda, IVS Tembe, IVS Sunbird, IVS Wentworth, IVS Swinley Forest and IVS Gleneagles.
Grindrod booked a loss of $9.6m in 2023 on revenues of $387m. The company’s drybulk business operates under the brand Island View Shipping and currently includes 25 vessels, of which 18 are owned.
