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GrinShip Announces Completion of Previously Announced Sale of Rhino and Re-Delivery of Doric Pioneer
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 Completion of Previously Announced Sale of Rhino and Re-
Delivery of Doric Pioneer
Grindrod Shipping Holdings Ltd. (NASDAQ: GRIN) (JSE: GSH) (“Grindrod Shipping” or "Company" or “it” or “we”),
a global provider of maritime transportation services in the drybulk and product tanker sectors, announced two
transactions with respect to its fleet.
On June 25, 2020, the previously announced sale of the 2010-built medium range tanker Rhino was completed,
with the vessel delivering to her new owners.
On June 26, 2020, the Company re-delivered the 2013-built chartered-in medium range tanker Doric Pioneer to
her owners at the conclusion of her charter. The vessel had been on charter to Grindrod Shipping for the past
seven years.
Martyn Wade, the Company’s Chief Executive Officer, commented:
“We are very pleased that notwithstanding the operational and logistical difficulties presented by the
coronavirus pandemic affecting crew changes and the execution of sale and purchase transactions, we have
recently successfully completed the sales of the medium range tankers Rhino and Inyala, as previously disclosed,
taking advantage of the recent strength in the product tanker market. These transactions have reduced our debt
and enhanced our liquidity.
We want to thank all of our seafarers, not just those on Rhino and Inyala, for their commitment and service
during these difficult times.”
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 14 supramax/ultramax drybulk carriers on
the water 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 four
medium range tankers and one small tanker. 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
29 June 2020
Sponsor: Grindrod Bank Limited
2
Date: 29-06-2020 08:00:00
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