Grindrod Shipping Holdings Ltd. Announces Completion of Previously Announced Sale of Rhino and Re-Delivery of Doric Pioneer
Grindrod Shipping Holdings Ltd. (NASDAQ: GRIN) announced the completion of two fleet transactions on June 25-26, 2020. The sale of the 2010-built medium range tanker Rhino was finalized, contributing to reduced debt and increased liquidity. Additionally, the 2013-built chartered-in medium range tanker Doric Pioneer was returned to its owners after a successful seven-year charter. CEO Martyn Wade highlighted the company's ability to navigate operational challenges due to the coronavirus pandemic, emphasizing their focus on capitalizing on the strong product tanker market.
- Successful sale of medium range tanker Rhino enhances liquidity.
- Reduction of company debt improves financial stability.
- Completion of transactions despite challenges posed by the coronavirus pandemic.
- None.
SINGAPORE, June 26, 2020 (GLOBE NEWSWIRE) -- Grindrod Shipping Holdings Ltd. (NASDAQ: GRIN) (JSE: GSH) (“Grindrod Shipping” or "Company" or “it” or “we”), a global provider of maritime transportation services in the drybulk and product tanker sectors, announced two transactions with respect to its fleet.
On June 25, 2020, the previously announced sale of the 2010-built medium range tanker Rhino was completed, with the vessel delivering to her new owners.
On June 26, 2020, the Company re-delivered the 2013-built chartered-in medium range tanker Doric Pioneer to her owners at the conclusion of her charter. The vessel had been on charter to Grindrod Shipping for the past seven years.
Martyn Wade, the Company’s Chief Executive Officer, commented:
“We are very pleased that notwithstanding the operational and logistical difficulties presented by the coronavirus pandemic affecting crew changes and the execution of sale and purchase transactions, we have recently successfully completed the sales of the medium range tankers Rhino and Inyala, as previously disclosed, taking advantage of the recent strength in the product tanker market. These transactions have reduced our debt and enhanced our liquidity.
We want to thank all of our seafarers, not just those on Rhino and Inyala, for their commitment and service during these difficult times.”
About Grindrod Shipping Holdings Ltd.
Grindrod Shipping owns and operates a diversified fleet of owned and long-term and short-term chartered-in drybulk vessels and product tankers. The drybulk business, which operates under the brand “Island View Shipping” (“IVS”) includes a fleet of 17 handysize drybulk carriers and 14 supramax/ultramax drybulk carriers on the water with two chartered-in ultramax drybulk carriers under construction in Japan due be delivered in 2020. The tanker business, which operates under the brand “Unicorn Shipping” (“Unicorn”) includes a fleet of four medium range tankers and one small tanker. 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”.
Forward-Looking Statements
The statements in this press release that are not historical facts may be forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The forward-looking statements in this press release are based upon various assumptions, including, without limitation, Grindrod Shipping management's examination of historical trends, data contained in the Company's records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company's control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those discussed in the forward-looking statements. These risks and uncertainties include, among others, those discussed in Grindrod Shipping's public filings with the SEC. Except as required by law, Grindrod Shipping undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.
| 40%; width: Martyn Wade / Stephen Griffiths CEO / CFO Grindrod Shipping Holdings Ltd. 200 Cantonment Road, #03-01 Southpoint Singapore, 089763 Email: ir@grindrodshipping.com Website: www.grinshipping.com | 60%; width: Nicolas Bornozis / Judit Csepregi Capital Link, Inc. 230 Park Avenue, Suite 1536 New York, N.Y. 10169 Tel.: (212) 661-7566 Fax: (212) 661-7526 Email: grindrod@capitallink.com |
FAQ
What recent fleet transactions did Grindrod Shipping complete?
How does the sale of <b>Rhino</b> impact Grindrod Shipping's financial health?
When was the <b>Rhino</b> sold, and to whom?
What is the significance of the <b>Doric Pioneer</b> in Grindrod Shipping's fleet?
What challenges did Grindrod Shipping face during these transactions?
