Grindrod Shipping Holdings Ltd, a global provider of maritime transportation services predominantly in the drybulk sector, announced two separate transactions with respect to its fleet, reports Yahoo Finance.
Sale of tanker trio
- On March 11, 2021, the Company contracted to sell the 2013-built medium range tankers Leopard Moon and Leopard Sun for a gross price of US$21.4 million each.
- On March 11, 2021, the Company also contracted to sell the 2009-built small tanker Breede for a gross price of US$6.8 million in a separate transaction from the aforementioned sales.
- The vessels are expected to be delivered to their new owners by April 30, 2021.
The current intention is to utilize the net proceeds of the sales after settling the debt associated with the vessels, together with cash on hand, to repay the $25.8 million remaining outstanding amount on the Senior Secured Credit Facility with Sankaty maturing in June 2021.
Upon completion, the Company will have completed the refinancing or repayment of all scheduled 2021 debt maturities.
Following these sales, the company’s Core Fleet will comprise of 15 handysize and 16 supramax/ultramax drybulk carriers, and one medium range product tanker currently on bareboat charter-out.
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Source: Yahoo Finance
