Grindrod Shipping Holdings Ltd. Announces New Financing Arrangement, Fleet Update and Share Repurchases
Grindrod Shipping Holdings Ltd. - Ordinary Shares (GRIN)
Company Research
Source: GlobeNewswire
SINGAPORE, Oct. 30, 2019 (GLOBE NEWSWIRE) -- 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 a new financing arrangement, its fleet and share repurchases. Further to the previously-announced financing arrangements in respect of IVS Knot and IVS Kinglet, we expect to enter into a similar financing arrangement with a Japanese shipowner in respect of the 2011-built handysize drybulk carrier, IVS Magpie, for a cash amount of $10.3 million (before commissions but net of charter pre-payments). The Company will bareboat charter the vessel back for a period of up to 12 years and has the right, but not the obligation, to acquire the vessel from the end of the second year of the charter, with the new owner having the right, but not the obligation, to sell the vessel to the Company at t
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