Grindrod Shipping Secures Loan for Two New Ultramaxes


Singapore-based Grindrod Shipping receives approval for a new term loan facility to finance a portion of the purchase price for its two Ultramax eco newbuild vessels, reports Glory Logistics.

What is the financing for?

With the proceeds of the new USD 31.4 million loan, agreed with Japanese financial institution IYO Bank, the company would finance the IVS Okudogo and IVS Prestwick vessels on their delivery in the third quarter of 2019.

The facility is expected to have a seven-year term, repayable in quarterly installments with a balloon payment at the end of the repayment schedule, to bear interest at a rate of LIBOR plus 200 basis points per annum and to be secured by, amongst other security, the two newbuild vessels, Grindrod Shipping explained.

Handysize dry bulker sale agreement

Additionally, the shipowner has reached an agreement to sell its 2005-built handysize dry bulk carrier IVS Kawana for USD 7.8 million and the 2011-built small product tanker Umgeni for USD 8.8 million in two separate transactions.

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Source: Gloryjsc



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