Grindrod Takes Delivery of Ultramax

Maritime Activity Reports, Inc.

August 8, 2019

Image: Grindrod Shipping Holdings

Image: Grindrod Shipping Holdings

Grindrod Shipping Holdings announced that it took delivery of the IVS Okudogo, the first of the two owned ultramax “eco” newbuildings that the Company agreed to acquire in May 2018.

In conjunction with the delivery, the global provider of maritime transportation services in the drybulk and product tanker sectors, also announced 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 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, including IVS Okudogo, with three ultramax drybulk carriers under construction in Japan due be delivered in 2019 and 2020.

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