AsiaDry CargoTankers

Grindrod Shipping exits tanker sector with final sale

Singapore-based Grindrod Shipping is exiting the tanker sector and remains solely focused on dry bulk following the sale of the 2016-built MR2 product tanker, Matuku, for $30m.

The Nasdaq and Johannesburg-listed firm said it exercised the purchase option on the vessel under its existing lease financing arrangement for $25.4m after the expiration of the bareboat charter under which the vessel operated. Delivery to new owners is planned for on or about June 1, 2022.

In addition, Grindrod Shipping exercised the purchase option on the chartered-in 2015-built supramax bulk carrier, IVS Pinehurst, for an amount of $18m, with delivery set for June 18, 2022. The vessel will remain chartered-in at its original contract rate until delivery.

Furthermore, the company struck a deal to extend the long-term charter on the 2014-built supramax bulker, IVS Crimson Creek, for a period of 11 to 13 months at a net charter-in rate of $26,276 per day commencing on May 1, 2022.

Grindrod Shipping owns and operates a diversified fleet of owned and long-term and short-term chartered-in drybulk vessels. The drybulk business, which operates under the brand Island View Shipping (IVS), includes a core fleet of 15 handysize and 16 supramax/ultramax drybulk carriers. London-listed shipowner Taylor Maritime Investments recently took a leading stake of 26.6% in the company.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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