Four ships sold for over $75m
Grindrod Shipping announces ships sales
The sale of four ships to the value of just over $75m will see Grindrod Shipping Holdings undertake significant debt repayments including the repayment of the $7.5 million remaining outstanding amount on the Company’s $100.0 million senior secured credit facility, which is scheduled to mature in May 2023
On April 6, 2023, the sale of the 2010-built handysize bulk carrier, IVS Sentosa for a price of $10.9 million (before costs) was finalised. Approximately $1.6 million debt was repaid on the company’s $100.0 million senior secured credit facility, and the sale generated net proceeds of $8.9 million after the debt repayment.
On March 22, 2023 Grindrod entered into a contract to sell the 2015-built supramax bulk carrier, IVS Pinehurst for $23.3 million (before costs) with delivery to her new owners planned on or about May 31, 2023. The vessel is unencumbered.
On March 23, 2023, the company entered into a contract to sell the 2014-built handysize bulk carrier, IVS Kestrel for $17.3 million (before costs) with delivery to her new owners planned on or about April 30, 2023.
On March 16, 2023, the sale of the 2015-built ultramax bulk carrier, IVS Hirono for a price of $23.8 million (before costs) was completed. Approximately $10.5 million debt was repaid on the $114.1 million senior secured credit facility, and the sale generated net proceeds of $13.3 million after the debt repayment.
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