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Grindrod Shipping Holdings Ltd. Announces Fleet Updates and Further Share Repurchases
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 Fleet Updates and Further Share Repurchases
Grindrod Shipping Holdings Ltd. (NASDAQ: GRIN) (JSE: GSH) (“Grindrod Shipping” or the "Company" or “it” or
“we”), a global provider of maritime transportation services in the drybulk and product tanker sectors,
announced a number of transactions relating to its fleet and further share repurchases.
The prevailing charter agreement for our long-term bareboat chartered-out 2016-built Medium Range eco
tanker, Matuku, includes a fixed period ending May 2020, with extension options in favor of the charterer. The
Company and the existing charterer of the Matuku have mutually agreed to extend the period of the existing
bareboat charter for a further two years until May 2022 at an increased charter rate.
The prevailing charter in agreement for our long-term chartered-in 2015-built Japanese eco supramax vessel,
IVS Augusta, includes a fixed period ending March 2020, with extension options covering a further two years at
pre-determined charter rates and a purchase option on either the IVS Augusta or its sistership the IVS Pinehurst,
which is also on charter to the Company. We have elected to not exercise our right to extend the charter or
exercise the purchase option on IVS Augusta. As a result, we expect the vessel to redeliver to her owners during
the 1Q 2020. We retain the purchase option on the IVS Pinehurst.
Pursuant to the Company’s previously approved share repurchase authority granted by shareholders at the last
Annual General Meeting on May 29, 2019, the Company has acquired ordinary shares in the open market in
addition to those detailed in our previous announcement on December 2, 2019. Over the period from and
including November 30, 2019 through and including December 11, 2019 a combined total of 66,398 ordinary
shares has been acquired on NASDAQ and the JSE. The repurchased shares were acquired at an average price
per share over such period of $6.79, or ZAR 99.61 based on an indicative ZAR/USD exchange rate of 14.68,
before costs.
As a result a combined total of 299,641 ordinary shares has been acquired on NASDAQ and the JSE over the
period from the end of the second fiscal quarter through and including December 11, 2019 at an average price
per share over such period of $6.62, or ZAR 97.13 based on an indicative ZAR/USD exchange rate of 14.68,
before costs. The timing and amount of any repurchases are in the sole discretion of the Company, and depend
on legal requirements, market conditions, stock price, alternative uses of capital and other factors. Repurchases
of ordinary shares may take place in privately negotiated transactions and/or open market transactions. The
repurchase authority expires at the next Annual General Meeting, unless renewed, and may be suspended or
terminated by the Company at any time without prior notice.
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 15 supramax/ultramax drybulk carriers on
the water including IVS Augusta with two chartered-in ultramax drybulk carriers under construction in Japan
due be delivered in 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 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: 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
17 December 2019
Sponsor: Grindrod Bank Limited
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Date: 17-12-2019 08:45:00
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