Grindrod Shipping Holdings Ltd. Announces Fleet Update – Sale of IVS Triview

Rhea-AI Summary

Grindrod Shipping Holdings Ltd. (NASDAQ: GRIN) has announced the successful sale of the 2009-built handysize drybulk vessel IVS Triview for approximately $7.85 million. This transaction involves a joint venture where Grindrod holds a 51% stake. The vessel was delivered to its new owners on November 2, 2020. Following this sale, the joint venture will wind up, enabling the return of shareholder capital after liabilities are settled. With this transaction, Grindrod Shipping reports that it no longer has any owned vessels in unconsolidated joint ventures.

Positive

• Successful sale of the IVS Triview vessel for approximately $7.85 million.
• Elimination of owned vessels in unconsolidated joint ventures enhances financial clarity.
• Return of shareholder capital anticipated post-settlement of liabilities.

Negative

• None.

SINGAPORE, Nov. 06, 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 that a joint venture in which the Company holds a 51% share has completed the sale of the 2009-built handysize drybulk vessel IVS Triview to an unaffiliated third party, for a gross price of approximately $7.85 million. The vessel was delivered to her new owners on November 2, 2020. The sale of the IVS Triview will result in the winding up of the joint venture and eventual return of shareholder capital once the associated liabilities have been repaid. Following the sale and windup, the Company is pleased to report it no longer has any owned vessels in unconsolidated joint ventures.

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 the recent sale announced by Grindrod Shipping (GRIN)?

Grindrod Shipping announced the sale of the IVS Triview vessel for approximately $7.85 million.

When was the IVS Triview vessel delivered to its new owners?

The IVS Triview vessel was delivered to its new owners on November 2, 2020.

What percentage of the joint venture does Grindrod Shipping own?

Grindrod Shipping holds a 51% share in the joint venture related to the IVS Triview vessel.

What will happen to the joint venture after the sale of the IVS Triview?

The joint venture will wind up and return shareholder capital after liabilities have been repaid.