Movers and SHAKERS
Grindrod Shipping (GRIN)
IVS Bulk JV Interest Acquisition Closed and Added Buybacks Prior to Strong Stock Price Move
Grindrod Shipping, originated in South Africa with roots dating back to 1910. The company is based in Singapore, with offices around the world including, London, Durban, Cape Town, Tokyo and Rotterdam. Its primary listing is on Nasdaq and secondary listing on the JSE. Grindrod Shipping owns and operates a diversified fleet of owned, long-term chartered and joint-venture dry-bulk and liquid-bulk vessels across the globe.
Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
IVS Bulk joint venture interest acquisition closed. As expected the pending acquisition of the remaining 31.14% equity stake in the IVS Bulk joint venture and redemption of IVS Bulk preferred stock closed on September 1st. Existing cash was utilized to complete the acquisition since the upsizing of the existing IVS Bulk credit line is still in the finalization stage.
Charter-in update. The options to extend the firm charter-in period by 11—13 months on the IVS Pinehurst, a 2015-built Supra, was exercised. The added charter-in term at a fixed rate starts in early January 2022. The fixed price purchase option remains in place, which creates optionality. Assuming a charter-in rate of ~$13.0k/day and a TCE rate of $30.0k/day, the charter-in should generate cash ...
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.