Grindrod Shipping Holdings Ltd. Announces Fleet Update – Extension of IVS Pinehurst
Grindrod Shipping Holdings Ltd. (NASDAQ: GRIN) announced an extension of the charter-in period for its supramax drybulk vessel IVS Pinehurst for 11 to 13 months starting November 15, 2020. This extension allows the company to maintain its operational capacity in the drybulk sector while retaining the option to extend the charter further and a purchase option at a fixed price. This strategic decision is aimed at enhancing Grindrod's fleet utilization and market positioning amidst ongoing demands in maritime transportation.
- Extension of charter-in period for vessel IVS Pinehurst enhances operational capacity.
- Options to extend charter and purchase vessel at fixed price provide strategic flexibility.
- None.
SINGAPORE, Dec. 03, 2020 (GLOBE NEWSWIRE) -- Grindrod Shipping Holdings Ltd. (NASDAQ: GRIN) (JSE: GSH) (“Grindrod Shipping” or "Company" or “it” or “we” or “our”), a global provider of maritime transportation services in the drybulk and product tanker sectors, announced that the Company has agreed to extend the firm charter-in period of the 2015-built supramax drybulk vessel IVS Pinehurst for 11 to 13 months, starting from November 15, 2020. The Company has a further option to extend the charter for an additional 11 to 13 months and retains the existing purchase option to acquire the vessel at a fixed price in the future.
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 15 handysize drybulk carriers and 15 supramax/ultramax drybulk carriers on the water with one chartered-in ultramax drybulk carrier under construction in Japan due to be delivered between 4Q 2020 and 1Q 2021. The tanker business, which operates under the brand “Unicorn Shipping” (“Unicorn”) includes a fleet of three 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.
| Company Contact: 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 | Investor Relations / Media Contact: Nicolas Bornozis / Daniela Guerrero 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 is Grindrod Shipping's recent charter agreement regarding vessel GRIN?
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