Grindrod Shipping to sell tanker for $30m

18th May 2022 By: Darren Parker - Creamer Media Contributing Editor Online

Grindrod Shipping to sell tanker for $30m

JSE- and Nasdaq-listed global maritime transportation services company Grindrod Shipping has entered into a contract to sell its 2016-built medium-range product tanker Matuku for $30-million.

Grindrod Shipping predominantly 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 drybulk carriers and 16 supramax/ultramax drybulk carriers.

In anticipation of the sale of the tanker, Grindrod Shipping said on May 18 that it had exercised the purchase option for the vessel under its existing lease financing arrangement at a cost of $25.4-million following the expiration of the bareboat charter, under which the vessel operated.

Grindrod Shipping said it expected to receive delivery of the vessel on about May 30 before forwarding the vessel on to the new owner on about June 1.

Moreover, Grindrod Shipping has also exercised the purchase option for the chartered-in 2015-built supramax bulk carrier IVS Pinehurst for $18-million, with delivery planned for June 18.

The vessel will remain chartered-in at its original contract rate until delivery is effected.

Further, Grindrod Shipping said it had also agreed to extend the long-term charter on the 2014-built supramax bulk carrier IVS Crimson Creek for 11 to 13 months at a net charter-in rate of $26 276 a day, beginning on May 1.