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GRINDROD SHIPPING HOLDINGS LIMITED - Announces Sale of Matuku, Acquisition of IVS Pinehurst, and Charter Extension for IVS Crimson Creek

Release Date: 18/05/2022 08:00
Code(s): GSH     PDF:  
Wrap Text
Announces Sale of Matuku, Acquisition of IVS Pinehurst, and Charter
Extension for IVS Crimson Creek

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 Sale of Matuku, Acquisition of IVS Pinehurst, and Charter
Extension for IVS Crimson Creek

Grindrod Shipping Holdings Ltd. (NASDAQ: GRIN) (JSE: GSH) (“Grindrod Shipping” or “Company” or “it” or “we”),
a global provider of maritime transportation services predominantly in the drybulk sector, announced the
following transactions.

We entered into a contract to sell the 2016-built medium range product tanker, Matuku, for $30.0 million
(before costs). In anticipation of the sale, we have exercised the purchase option for Matuku under her existing
lease financing arrangement at a cost of $25.4 million following the expiration of the bareboat charter under
which the vessel operated. Delivery to us is expected on or about May 30, 2022 before onward delivery to her
new owners planned on or about June 1, 2022.

We exercised the purchase option on the chartered-in 2015-built supramax bulk carrier, IVS Pinehurst, for an
amount of $18.0 million with delivery planned on or about June 18, 2022. The vessel will remain chartered-in at
her original contract rate until delivery to us.

We agreed to extend the long-term charter on the 2014-built supramax bulk carrier, IVS Crimson Creek, for a
period of 11 to 13 months at a net charter-in rate of $26,276 per day commencing on May 1, 2022.

About Grindrod Shipping Holdings Ltd.

Grindrod Shipping predominantly owns and operates a diversified fleet of owned and long-term and short-
term chartered-in drybulk vessels. The drybulk business, which operates under the brand “Island View
Shipping” (“IVS”) includes a Core Fleet of 15 handysize drybulk carriers and 16 supramax/ultramax drybulk
carriers. The Company also owns one medium range product tanker on bareboat charter. The Company is
based in Singapore, with offices in London, Durban, Tokyo, 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:
 Stephen Griffiths                                       Nicolas Bornozis / Paul Lampoutis
 Interim 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:                          Fax: (212) 661-7526
 Website:                           Email:

 By order of the Board

 18 May 2022
 Sponsor: Grindrod Bank Limited


Date: 18-05-2022 08:00:00
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