The latest news from the world of shipping points to significant changes afoot at the Singapore-based bulker proprietor, Grindrod Shipping. The company appears to be pushing ahead with its vessel sell-off, having now confirmed the sale of two ultramax vessels and agreements for two sets of handysize units.
Under the leadership of Ed Buttery, Grindrod verified previous reports suggesting an en-bloc agreement concerning Japanese-built ultramaxes. Two vessels, the 2016-born IVS Hayakita, and the slightly older, 2015-constructed, IVS Bosch Hoek have been successfully offloaded.
Entering a New Chapter with Significant Sales
The pair fetched an impressive total amount of $46.5 million, having been transferred last month. This transaction allowed an approximate $10 million debt to be offset against the company’s more substantial $114.1m senior secured loan.
Further to this, the late 2013-made, a handysize unit known as IVS Merlion has also found a new owner. A selling price of $11.6 million has been disclosed for the vessel, which is free from existing burdens. Current plans anticipate that this ship will change ownership by December 15 of this year.
Establishing New Connections and Exploring New Waters
The handysize vessel IVS Raffles, also launched in 2013, is projected to leave the fleet by November’s end for a similar figure of $11.6 million. It’s a busy time for Grindrod as a new chapter opens. Earlier in the month, the company sealed the deal to take control of two ship management businesses from the Taylor Maritime Group.
Being part of this exciting evolution, Grindrod has taken the helm of Taylor Maritime Management and Tamar Ship Management. A substantial deal, this movement of power is set at an impressive $11.75m in cash and shares.
Stepping Towards a Bright Future
Contributing to the deal was Temeraire Holdings, which had a hand in the sale of Tamar. At present, Grindrod has 27 ships registered in its fleet, 21 of which it outright owns. This total already accounts for the handysize units that have been sold.
This flurry of activity underlines the ever-changing nature of the shipping world. Grindrod’s strategic vessel sales and expansion into management show the company’s ambition to stay ahead in a volatile landscape. With this vibrant shaking of its structure and expansion into new territories, Grindrod Shipping looks set to sail strong into a bright future.
