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  • 2021 September 5 12:36

    Grindrod Shipping announces closing of IVS Bulk acquisition, IVS Pinehurst charter extension & share repurchases

    Grindrod Shipping Holdings Ltd. (“Grindrod Shipping”), a global provider of maritime transportation services predominantly in the drybulk sector, announced the following transactions. The previously announced acquisition of the remaining 31.14% equity stake in its IVS Bulk joint venture (“IVS Bulk”) and concurrent redemption of the IVS Bulk preference shares were concluded on September 1, 2021. The Company elected to close on the acquisition utilizing cash on hand but still intends to complete the $23 million upsizing of one of its exiting IVS Bulk credit facilities by September 30, 2021 to replace the working capital used to fund the transaction. The Company has received credit committee approval from its lenders and is in the process of completing definitive documentation, although there is no assurance that the financing will be completed as contemplated.

    The Company has exercised its option to extend the firm charter-in period of the 2015-built Supramax drybulk vessel IVS Pinehurst for 11 to 13 months at a pre-agreed fixed rate, starting from approximately January 3, 2022. The Company retains the existing purchase option to acquire the vessel at a fixed price up to the end of the charter-in period.

    Pursuant to the Company's previously approved share repurchase authority granted by shareholders at the last Annual General Meeting on May 20, 2021, the Company has acquired a combined total of 91,871 ordinary shares in the open market on NASDAQ and the JSE over the period from August 24, 2021 to August 30, 2021. The repurchased shares were acquired at an average price per share of $14.87, or ZAR 218.15 based on an assumed ZAR/USD exchange rate of 14.67, before costs. The timing and amount of any repurchases are in the sole discretion of the Company, and depend on legal requirements, market conditions, stock price, alternative uses of capital and other factors. Repurchases of ordinary shares may take place in privately negotiated transactions and/or open market transactions. The repurchase authority expires at the next Annual General Meeting, unless renewed or varied or revoked by the shareholders in a general meeting, and may be suspended or terminated by the Company at any time without prior notice

    Martyn Wade, the Company’s Chief Executive Officer, commented: “We are very pleased to announce the completion of the acquisition of the remaining shares in IVS Bulk and 100% ownership of all the owned vessels in the Grindrod Shipping fleet. We would like to thank the team at Bain Capital Credit for their strong partnership over the past eight years in IVS Bulk and wish them all the best in their future endeavors.”

    About Grindrod Shipping Holdings Ltd. Grindrod Shipping operates a fleet of owned and long-term and short-term chartered-in drybulk vessels predominantly in the handysize and supramax/ultramax segments. The drybulk business, which operates under the brand “Island View Shipping” (“IVS”), includes a Core Fleet of 31 vessels consisting of 15 handysize drybulk carriers and 16 supramax/ultramax drybulk carriers. The Company also owns one medium range product tanker on bareboat charter. The Company is based in Singapore, with offices in London, Durban, Tokyo, Cape Town and Rotterdam. Grindrod Shipping is listed on NASDAQ under the ticker “GRIN” and on the JSE under the ticker “GSH”.

    Grindrod Shipping announces closing of IVS Bulk acquisition, IVS Pinehurst charter extension & share repurchases

     

    Acquisition of the remaining shares in IVS Bulk and 100% ownership of all the owned vessels in the Grindrod Shipping fleet

     

    Grindrod Shipping Holdings Ltd. (“Grindrod Shipping”), a global provider of maritime transportation services predominantly in the drybulk sector, announced the following transactions.

     

    The previously announced acquisition of the remaining 31.14% equity stake in its IVS Bulk joint venture (“IVS Bulk”) and concurrent redemption of the IVS Bulk preference shares were concluded on September 1, 2021. The Company elected to close on the acquisition utilizing cash on hand but still intends to complete the $23 million upsizing of one of its exiting IVS Bulk credit facilities by September 30, 2021 to replace the working capital used to fund the transaction. The Company has received credit committee approval from its lenders and is in the process of completing definitive documentation, although there is no assurance that the financing will be completed as contemplated.

     

    The Company has exercised its option to extend the firm charter-in period of the 2015-built Supramax drybulk vessel IVS Pinehurst for 11 to 13 months at a pre-agreed fixed rate, starting from approximately January 3, 2022. The Company retains the existing purchase option to acquire the vessel at a fixed price up to the end of the charter-in period.

     

    Pursuant to the Company's previously approved share repurchase authority granted by shareholders at the last Annual General Meeting on May 20, 2021, the Company has acquired a combined total of 91,871 ordinary shares in the open market on NASDAQ and the JSE over the period from August 24, 2021 to August 30, 2021. The repurchased shares were acquired at an average price per share of $14.87, or ZAR 218.15 based on an assumed ZAR/USD exchange rate of 14.67, before costs. The timing and amount of any repurchases are in the sole discretion of the Company, and depend on legal requirements, market conditions, stock price, alternative uses of capital and other factors. Repurchases of ordinary shares may take place in privately negotiated transactions and/or open market transactions. The repurchase authority expires at the next Annual General Meeting, unless renewed or varied or revoked by the shareholders in a general meeting, and may be suspended or terminated by the Company at any time without prior notice

     

    Martyn Wade, the Company’s Chief Executive Officer, commented: “We are very pleased to announce the completion of the acquisition of the remaining shares in IVS Bulk and 100% ownership of all the owned vessels in the Grindrod Shipping fleet. We would like to thank the team at Bain Capital Credit for their strong partnership over the past eight years in IVS Bulk and wish them all the best in their future endeavors.”

     

    About Grindrod Shipping Holdings Ltd. Grindrod Shipping operates a fleet of owned and long-term and short-term chartered-in drybulk vessels predominantly in the handysize and supramax/ultramax segments. The drybulk business, which operates under the brand “Island View Shipping” (“IVS”), includes a Core Fleet of 31 vessels consisting of 15 handysize drybulk carriers and 16 supramax/ultramax drybulk carriers. The Company also owns one medium range product tanker on bareboat charter. The Company is based in Singapore, with offices in London, Durban, Tokyo, Cape Town and Rotterdam. Grindrod Shipping is listed on NASDAQ under the ticker “GRIN” and on the JSE under the ticker “GSH”.




2021 December 2

18:36 NRP buys handysize drybulk carrier
18:06 2M Alliance’s Far East liner service „AE 7/Condor“ calls at Hamburg again
17:54 Icebreaker assistance season starts in Big Port St. Petersburg on December 7
17:36 Vitol is first customer to approve completely digital inspection of cargo tanks
17:15 BIMCO launches new contract for employment of security escort vessels
16:45 GTT will design the tanks of four new LNG carriers ordered by Daewoo Shipbuilding & Marine Engineering to operate in Arctic waters
16:25 MOL announces delivery of next-generation coal carrier 'EeneX' series
16:05 PSA & ONE launch environmentally friendly barge service at Jurong Island Terminal
15:42 “K” Line conducts trial use of marine biofuel for decarbonization on car carrier
15:38 Wärtsilä wins order to supply cargo handling system for second LNG bunker vessel being built by Fincantieri Bay Shipbuilding
15:23 Verifavia launches industry’s first real-time carbon intensity indicator dashboard
14:55 Two more LK-60 icebreakers needed for regular year-round navigation on Northern Sea Route
14:28 Equinor and SSE reach financial close on the third phase of the world's biggest offshore wind farm
14:04 Nuclear-powered icebreaker Sibir to commence operation in Kara Sea in early January 2022 – Vyacheslav Ruksha
13:42 MABUX: Bunker Weekly Outlook, Week 48, 2021
13:02 European shipowners call for further action in the Gulf of Guinea
12:40 Rolls-Royce to supply eight mtu engines for new Svitzer tugs in Brazil
12:01 Throughput of Azov port in 11M’2021 climbed by 1% YoY
12:00 NORDEN simplifies business unit structure
11:36 Norway’s Eksfin tops NOK 10bn in offshore wind financing as Dogger Bank C reaches financial close
11:34 Annual throughput of Severnaya Zvezda project on Taimyr peninsula to exceed 7 million tonnes from 2026
11:10 MABUX: Uncertainty on Global bunker market to continue on Dec 02
10:00 Digital Twin Conference 2022 to be held virtually on 11-12 May 2022
09:33 Crude oil prices are rising in expectation of OPEC+ meeting
09:19 Baltic Dry Index as of December 1

2021 December 1

19:15 PortNews to hold Ship Repair, Modernization and Components Conference on 20 September 2022 in Saint-Petersburg
18:31 DP World celebrates 2,000 members of the Digital Freight Alliance
18:07 CMA CGM and Shell perform first Bio-LNG bunkering operation in Rotterdam
17:42 8 new fuel-efficient ships to join the X-Press Feeders fleet
17:26 Danish Smyril Lines Cargo starts second service between Iceland, the Faroe Islands and Rotterdam
17:06 Port of Antwerp invests in digitalisation of radar infrastructure
16:47 Western Australia and Port of Rotterdam to collaborate on renewable hydrogen
16:05 IMO moves ahead on GHG emissions, Black Carbon and marine litter
15:50 Diana Shipping announces completion of OceanPal spin-off
15:41 RF Federation Council approves Federal Law on Ratification of Nairobi Convention
15:04 Yang Ming adds the latest of its 9th 11,000 TEU ship to the Trans-Pacific service
14:07 SEA-LNG backs Europe’s goal-based, technology-neutral regulation for cleaner shipping
13:50 Liepaja SEZ Board appointed Uldis Hmieļevskis, Deputy CEO, as Acting Manager
13:14 Rolls-Royce extends TBO intervals of mtu Series 4000 engines for commercial marine application
13:03 Oil shipments via CPC Marine Terminal in 11M’21 climbed by 0.7% YoY
12:56 Valenciaport tenders the drafting of the urban development project for areas 2 and 5 of the Special Plan for zone 1 south of the Port of València
12:06 Mostotrest conducted 2,177 operations on raising bridges in Saint-Petersburg over navigation season of 2021
11:45 MABUX: Bunker prices may continue to decline on Dec 1
10:49 Russian Railways' network loading climbed by 3.3% in 11M’2021
10:15 Maersk Customs Services USA highlights trends and opportunities for U.S. importers
09:51 Port of Kiel receives funding for digital test field
09:30 Crude oil prices start rising
09:16 Baltic Dry Index as of November 30

2021 November 30

18:35 ICS urges WTO Director General to prioritise maritime transport in multilateral trade negotiations
18:14 First phase of Tuas Port reclamation works completes
17:53 Finnlines announces bunker surcharge for Malmö-Travemünde-Malmö
17:35 HDB, JTC and MPA, which issue over two-thirds of government invoices, offer e-invoicing through IMDA’s InvoiceNow
17:04 DNV supports world first large-scale testing of submerged CO2 pipelines
16:48 RF Navy’s large anti-submarine ship Vice Admiral Kulakov enters Barents Sea
16:34 Brittany Ferries takes delivery of Salamanca
16:04 Port of Oakland total cargo volume down 20 percent in October 2021
15:50 RF Navy's corvette Gremyashchy and two submarines of Varshavyanka project welcomed in Vladivostok
15:39 Abbey Heimensen appointed to VP of Marketing, MarineMax
15:34 The Port of Barcelona validates its Innovation Plan
15:19 Icebreaker Sibir of Project 22220 completed main part of shipbuilder’s sea trials