Grindrod to up stake in IVS Bulk

Grindrod to up stake in IVS Bulk

Singapore-based Grindrod Shipping is buying out the 33.25% stake of one of its two joint venture partners in IVS Bulk in a move that will give Grindrod a 66.75% stake in the bulk company. Top management at Grindrod declined to identify the name of the joint venture partner when contacted by Splash today.

Grindrod said in a release it is currently in advanced discussions with lenders to refinance all of the existing debt of IVS Bulk, as well as provide it sufficient capital to acquire the additional 33.25% stake.

The remaining partner intends to retain its 33.25% stake in IVS Bulk, Grindrod 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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