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Grindrod Shipping announces H1 2018 financial results

Logistic News - Published on Mon, 03 Sep 2018

Image Source: Sea News
Grindrod Shipping Holdings Ltd., a global provider of maritime transportation services in the drybulk and product tanker sectors, announced its H1 2018 earnings results for the period ended June 30, 2018.

2018 Half Year Financial Highlights
-Revenues of USD 150.8 million.
-Gross profit of USD 2.4 million.
-Adjusted EBITDA of USD (1.7) million.
-Loss for the Period of (USD 13.5) million or (USD 0.71) per ordinary share.
-Handysize and Supramax/Ultramax TCE per day of USD 8,997 and USD 11,092, respectively, outperformed BHSI TC Index benchmarks by 8.6% and 7.8% respectively. Handysize and Supramax/Ultramax fleet utilization of 98.3% and 99.4% respectively.
-MR Product Tanker TCE per day of USD 11,570 and Small Tanker TCE per day of USD 11,323; fleet utilization of approximately 98% for both segments.
-Cash and bank balances of USD 54.1 million and debt remains moderate with a low debt/book capitalization ratio.

2018 Half Year Operational Highlights
-On June 18, 2018, the Company completed the spin-off from Grindrod Limited, a company listed on the Johannesburg Stock Exchange. Following the spin-off, Grindrod Shipping became an independent, publicly traded company with separate public ownership with primary listing on NASDAQ and secondary listing on the Johannesburg Stock Exchange. Spin-off and listing were completed without raising new capital.
-During the first half of 2018, the Company concluded the sale of two non-core businesses, the container business held through the Ocean Africa Container Line (OACL) and the bunker subsidiary, Unicorn Bunker.
-In May 2018, the Company acquired the remaining 49% of Handysize vessels IVS Ibis and IVS Magpie as part of the mutual dissolution of a joint venture for $10.4 million (49% portion).
-In May 2018, the Company contracted to acquire two 61,000 dwt Ultramax “eco” newbuilding resales in Japan with delivery scheduled for Q3 2019 for $26.4 million each, including approximately $0.6 million of upgrades per vessel.
-In June 2018, upon completion of a 7-year charter-in, the Company redelivered the Supramax vessel IVS Beachwood. Until redelivery, IVS Beachwood was employed in the IVS Supramax Pool.
-In May 2018, the Company completed a $100 million debt refinancing with a syndicate of banks at favorable terms. The new facility contains periodic amortization with final maturity in August 2023. Net proceeds from the refinancing were used to retire $77.8 million of existing bank debt and added $20.5 million to our liquidity.

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Posted By : Joykumar Irom on Mon, 03 Sep 2018
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