Grindrod Shipping says ahoy to IVS Okudogo


Grindrod Shipping says ahoy to IVS Okudogo

Published Date: 2019-08-13 | Source: Stephen Gunnion | Author: Stephen Gunnion

Grindrod Shipping says ahoy to IVS Okudogo

The shipping group expects to take delivery of the IVS Prestwick vessel next month as it bulks up its fleet.

Grindrod Shipping has taken delivery of the IVS Okudogo, the first of the two owned ultramax "eco" new buildings that it agreed to buy last May. The shipping group says it's also completed the drawdown of a portion of the previously announced $31.4 million newbuild financing it raised with IYO Bank for the vessel.

Grindrod Shipping was unbundled by Grindrod last June and listed on NASDAQ in the US and the JSE. It provides maritime transportation services in the drybulk and product tanker sectors. Its drybulk business includes a fleet of 17 handy size dryybulk carriers and 14 supramax/ultramax drybulk carriers on the water, including IVS Okudogo. It has three ultramax drybulk carriers under construction in Japan due be delivered this year and next year.

It said the $15.7 million facility relating to the IVS Okudogo had a seven-year term and was repayable in quarterly instalments with a balloon payment at the end of the repayment schedule.

Following the drawdown, it said $15.7 million remained available for the purchase of the IVS Prestwick, which it expects to take delivery of next month.

Its shares fell 3.5% to R81 yesterday.

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