GRIN - Grindrod Shipping offloads three tankers for $49.6M

Grindrod Shipping (GRIN) contracted to sell the two 2013-built medium range tankers for a gross price of $21.4M each on Mar.11; vessels are expected to be delivered to new owners by Apr.30.Also, it contracted to sell the 2009-built small tanker for a gross price of $6.8M in a separate transaction; vessel is expected to be delivered by Apr.30.Net proceeds of the sales along with cash on hand will be used to repay the $25.8M remaining outstanding amount on the Senior Secured Credit Facility with Sankaty maturing in June 2021.On completion, the company will have completed the refinancing or repayment of all scheduled 2021 debt maturities.Post the 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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Grindrod Shipping offloads three tankers for $49.6M