- Maritime transportation services provider Grindrod Shipping (NASDAQ:GRIN) has exercised its option to extend the firm charter-in period of IVS Pinehurst supramax drybulk vessel for 11 to 13 months at a pre-agreed fixed rate, starting from ~January 3, 2022.
- Grindrod will retain the existing purchase option to buy the vessel at a fixed price up to the end of the charter-in period.
- Additionally, the company has announced the closing of the previously announced acquisition of the remaining 31.14% equity stake in its IVS Bulk joint venture and the concurrent redemption of the IVS Bulk preference shares. It used cash on hand to complete the transaction, but still plans to complete the $23M upsizing of one of its exiting IVS Bulk credit facilities by September 30, 2021 to replace the working capital used to fund the deal.
- Furthermore, Grindrod announced that it repurchased 91,871 ordinary shares in the open market on NASDAQ and the JSE between August 24, 2021 and August 30, 2021, at an average price per share of $14.87.
- GRIN -3.31% AH