Grindrod completes sales of two of its medium-range tankers
By Edward West
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CAPE TOWN - GRINDROD Shipping Holdings, the JSE listed logistics group said yesterday that it had completed sales of the 2013-built medium-range tankers Leopard Moon and Leopard Sun.
In conjunction with the sales, approximately $24.7 million (R344.4m) debt remaining on the credit facility with NIBC Bank NV was repaid in full. The sales generated $17.9m in net proceeds after debt repayment with a further $2.7m release of restricted cash associated with the loan.
Last month’s sale of the 2009-built small tanker Breede, which constituted part of the security package for the group’s $100m senior secured credit facility and was released from the security package in connection with the closing of the transaction.
Sens announcement for GRINDROD SHIPPING HOLDINGS LIMITED – Completion of Tanker Sales and Related Debt RepaymentsTotaling Approximately $54.3 Million - SENS
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Is dry bulk shipping’s strange Q1 a sign of strength to come?
Small bulkers earning almost double large bulkers that carry five times the cargo Smaller bulk ships are outperforming (Photo: Shutterstock)
It has been a particularly strange Q1 for dry bulk shipping. Usually, the larger ships Capesizes with capacities of around 180,000 deadweight tons (DWT) that carry iron ore and coal do poorly all quarter. This year, they did better in January than they had in a decade before succumbing to their usual slump.
Then came another oddity: The smaller bulkers began earning much more money than the Capesizes. As of Tuesday, Handysize bulkers (up to 35,000 DWT) were earning $19,400 per day, according to Clarksons Platou Securities. That’s almost double the $11,700-per-day rate of Capesizes even though Capesizes carry five times the cargo.
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