To view the PDF file, sign up for a MySharenet subscription.

GRINDROD SHIPPING HOLDINGS LIMITED - Grindrod Shipping Holdings Ltd. Announces Delivery of IVS Okudogo and Signing of Previously Announced $31.4 Million

Release Date: 12/08/2019 07:45
Code(s): GSH     PDF:  
 
Wrap Text
Grindrod Shipping Holdings Ltd. Announces Delivery of IVS Okudogo and Signing of Previously Announced $31.4 Million

GRINDROD SHIPPING HOLDINGS LTD.
ABBREVIATED NAME: GRINSHIP
Registered in Singapore with registration number 201731497H
JSE Share code: GSH
ISIN: SG9999019087
Primary listing on NASDAQ Global Select Market
Secondary listing on the JSE Main Board




Grindrod Shipping Holdings Ltd. Announces the Delivery of IVS Okudogo and Signing
of Previously Announced $31.4 Million Newbuild Loan Facilities

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 it took delivery of the IVS Okudogo on 8 August
2019, the first of the two owned ultramax “eco” newbuildings that it agreed to acquire in May
2018. In conjunction with the delivery, the Company is also pleased to announce the
completion of a drawdown of a portion of the previously announced $31.4 million indicative
newbuild financing with IYO Bank for the vessel. The $15.7 million facility relating to the IVS
Okudogo has a seven-year term, is repayable in quarterly installments with a balloon payment
at the end of the repayment schedule, bears interest at a rate of LIBOR plus 200 basis points
per annum and is secured by, amongst other security, the IVS Okudogo. Following this
drawdown, $15.7 million remains available for the purchase of the IVS Prestwick, which the
Company expects to take delivery of in September 2019.


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, including IVS Okudogo, with three
ultramax drybulk carriers under construction in Japan due be delivered in 2019 and 2020. The
tanker business, which operates under the brand “Unicorn Shipping” (“Unicorn”) includes a
fleet of seven medium range tankers and two small tankers. 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
                                               1
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. Furthermore, there can be
no assurance that the term loan facility described above will be obtained on the terms
described or ultimately entered into. 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:                                 Investor Relations / Media Contact:
 Martyn Wade / Stephen Griffiths                  Nicolas Bornozis / Judit Csepregi
 CEO / CFO                                        Capital Link, Inc.
 Grindrod Shipping Holdings Ltd.                  230 Park Avenue, Suite 1536
 200 Cantonment Road, #03-01 Southpoint           New York, N.Y. 10169
 Singapore, 089763                                Tel.: (212) 661-7566
 Email: ir@grindrodshipping.com                   Fax: (212) 661-7526
 Website: www.grinshipping.com                    Email: grindrod@capitallink.com




By order of the Board
12 August 2019
Sponsor: Grindrod Bank Limited




                                              2

Date: 12/08/2019 07:45:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Email this JSE Sens Item to a Friend.

Share This Story