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Grindrod Shipping announces sale of three tankers

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Dry Bulk,

Grindrod Shipping Holdings Ltd, a global provider of maritime transportation services predominantly in the dry bulk sector, announced two separate transactions with respect to its fleet.

On 11 March 2021, the Company contracted to sell the 2013-built medium range tankers Leopard Moon and Leopard Sun for a gross price of US$21.4 million each. The vessels are expected to be delivered to their new owners by 30 April 2021, though the company can provide no assurances that the deliveries will take place by that time or at all.

On 11 March 2021, the Company also contracted to sell the 2009-built small tanker Breede for a gross price of US$6.8 million in a separate transaction from the aforementioned sales. The vessel is expected to be delivered to her new owners by 30 April 2021, though the company can provide no assurances that the delivery will take place by that time or at all.

The current intention is to utilise the net proceeds of the sales after settling the debt associated with the vessels, together with cash on hand, to repay the US$$25.8 million remaining outstanding amount on the Senior Secured Credit Facility with Sankaty maturing in June 2021. Upon completion, the Company will have completed the refinancing or repayment of all scheduled 2021 debt maturities.

Following these sales, the company’s Core Fleet will comprise of 15 Handysize and 16 Supramax/Ultramax dry bulk carriers, and one medium range product tanker currently on bareboat charter-out.

Martyn Wade, the Company’s Chief Executive Officer, commented: “We are very pleased to announce the sales of our last three spot trading product tankers for an aggregate gross amount of US$49.6 million. These sales will enable us to significantly reduce our debt and interest expense while positioning the Company to further focus on our core Handysize and Supramax/Ultramax dry bulk segments which are currently enjoying strong freight market conditions.”

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Dry bulk shipping market Handymax news Supramax news