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Grindrod Shipping Holdings Ltd. Announces Disclosure Update
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 Disclosure Update
On 28 July 2023, Grindrod Shipping Holdings Ltd. (NASDAQ: GRIN) (JSE: GSH) (“Grindrod Shipping” or
"Company" or “we” or “us” or “our”), a global provider of maritime transportation services predominantly
in the drybulk sector, provided the following update.
As previously announced, Taylor Maritime Investments Limited (LON: TMI) (“TMI”), through a wholly-
owned subsidiary, has acquired approximately 83.23% of the outstanding shares of Grindrod Shipping
Holdings Ltd. (NASDAQ: GRIN) (JSE: GSH) (“Grindrod Shipping”). TMI publishes from time to time annual
and quarterly financial information as well as other important information concerning its business on the
London Stock Exchange website, TMI’s website (https://taylormaritimeinvestments.com) and elsewhere.
Such information may include financial and other information concerning Grindrod Shipping. For example,
today, TMI published a quarterly NAV announcement and trading update, factsheet and investor
presentation on the London Stock Exchange and its website which included information regarding
Grindrod Shipping, including blended net time charter equivalent (“TCE”) and equivalent breakeven across
the TMI and Grindrod fleet. Such information is not included as part of, or incorporated by reference in,
this 6-K or any of Grindrod Shipping’s public filings or press releases.
TMI’s quarterly NAV announcement referenced above notes that the TCE across the TMI and Grindrod
fleet was $12,735 per day for the quarter (including Handysize and Supra/Ultramax vessels). The
equivalent blended breakeven levels (including financing costs) is approximately $11,700 per day across
the TMI and Grindrod fleet.
In addition, Grindrod Shipping has repaid approximately $28 million of debt from operations and proceeds
from vessel sales completed during the quarter, resulting in an estimated debt to gross assets ratio on a
‘look through’ basis at June 30, 2023 of 37.8% (38.9% as at 31 March 2023) (including TMI and Grindrod
debt).
A combined chartering strategy and integrated technical management is expected to result in economies
of scale and significant cost savings.
About Grindrod Shipping
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 handysize and supramax/ultramax drybulk carriers. 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”.
Company Contact: Investor Relations / Media Contact:
Edward Buttery
CEO
Grindrod Shipping Holdings Ltd. Grindrod Shipping Holdings Ltd.
1 Temasek Avenue, #10-02 Millenia Tower 1 Temasek Avenue, #10-02 Millenia Tower
Singapore, 039192 Singapore, 039192
Email: ir@grindrodshipping.com Email: ir@grindrodshipping.com
Website: www.grinshipping.com Website: www.grinshipping.com
By order of the Board
28 July 2023
Sponsor: Grindrod Bank Limited
Date: 28-07-2023 04:30:00
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