A subsidiary of the Company, Grindrod Shipping Pte. Ltd., or GSPL, has agreed to acquire the 33.25% ordinary and preferred equity shares held by one of its two JV partners in IVS Bulk for a total consideration of $44.1 million, thereby increasing its stake to 66.75%. The ordinary equity portion will be acquired for $35.0 million while the preferred equity component will be $9.1 million representing that partner’s 33.25% share of the $27.3 million  preferred share capital in IVS Bulk.

Grindrod Shipping Holdings Ltd. (GRIN) (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. 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 the end of the 12 year charter period. At closing, which is anticipated to take place in November 2019, the sale is expected to generate approximately $5.4 million of cash for the Company after settling the debt associated with the vessel.

SINGAPORE, Aug. 28, 2019 -- Grindrod Shipping Holdings Ltd. (NASDAQ: GRIN) (JSE: GSH) (“Grindrod Shipping” or “Company” or “we” or “us” or “our”), a global provider of maritime.

Grindrod Shipping Holdings Ltd. (GRIN) (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 today, the first of the two owned ultramax “eco” newbuildings that the Company 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.

Grindrod Shipping Holdings Ltd. (GRIN) (GSH) (“Grindrod Shipping” or "Company" or “it” or “we”), a global provider of maritime transportation services in the drybulk and product tanker sectors, announced a number of transactions for the purpose of modernizing its fleet and increasing its financial flexibility and liquidity. On June 3, 2019, the Company took delivery of the IVS Phoenix, a Japanese-built eco ultramax drybulk carrier newbuilding.  As previously disclosed, the vessel has been chartered-in from its owner for a minimum period of three years with options to extend for up to two additional years, at Grindrod Shipping’s election. On June 13, 2019, Grindrod Shipping and its joint venture partners agreed to the further extension of the termination date of the IVS Bulk joint venture from June 30, 2019 to September 30, 2019.  The Company remains in discussions with its joint venture partners regarding strategic alternatives for IVS Bulk.

Grindrod Shipping is progressing negotiations to acquire all of the 33.25% ordinary and preference shares in IVS Bulk held by one of its two JV partners for approximately $44.2 million, thereby increasing our stake in the JV to 66.75%. In the event the transaction is implemented as anticipated, we will consolidate IVS Bulk’s financial results into our financial results going forward.

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.

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Grindrod Shipping has extended the termination date of its IVS Bulk joint venture from November 30, 2019 to December 31, 2019 as we continue to progress the transaction agreed in principle with the joint venture partners whereby the Company would acquire an additional 33.25% stake from one of the partners with the other partner retaining its 33.25% stake, as well as the negotiations with lenders to refinance all of the existing debt of IVS Bulk and provide us sufficient capital to acquire the additional 33.25% stake. Further to the previous announcement regarding an agreed financing arrangement in respect of IVS Magpie, we are pleased to confirm that the transaction closed on November 20, 2019.

Taking the occasional loss comes part and parcel with investing on the stock market. Anyone who held Grindrod Shipping...

Grindrod Shipping Holdings Ltd. (GRIN) (GSH) (“Grindrod Shipping” or "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 the extension of its IVS Bulk joint venture, implementation of a financing arrangement and a fleet update. Grindrod Shipping has extended the termination date of its IVS Bulk joint venture from September 30, 2019 to November 30, 2019. On September 20, 2019, the Company closed the previously announced financing arrangement with a Japanese shipowner relating to the 2011-built handysize drybulk carrier, IVS Kinglet, for a cash amount of $12.5 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 the end of the 12 year charter period.

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SINGAPORE, Aug. 22, 2019 -- Grindrod Shipping Holdings Ltd. (NASDAQ: GRIN) (JSE: GSH) (“Grindrod Shipping” or "Company"), a global provider of maritime transportation services.