GRIN - Grindrod Shipping stock gains ~13% after Q2 results beat says dry bulk market healthy

• Shares of Grindrod Shipping ( NASDAQ: GRIN ) rose 13.2% to $21.71 in Thursday mid-day trading, after the drybulk vessel operator reported Q2 results that beat estimates.
• Singapore-based GRIN has a core fleet of 31 vessels consisting of 15 handysize drybulk carriers and 16 supramax/ultramax drybulk carriers.
• GRIN after hours on Wednesday posted Q2 non-GAAP EPS of $2.74 which beat estimates by $0.82 . Its revenue of $161.58M gained 47.1% Y/Y and beat by $40.98M .
• The company reported quarterly handysize and supramax/ultramax time charter equivalent per day, a key revenue metric, of $27,479 and $31,021, respectively.
• “The dry bulk market remained healthy in the second quarter 2022, despite the ongoing Russian-Ukraine conflict and disruptions in traditional trade routes," GRIN interim CEO Stephen Griffiths said in the earnings report .
• "As we head into the second half of the year, more macroeconomic concerns have emerged as the global economy grapples with elevated inflation levels and rising interest rates. Thus far the impact on the dry cargo market has been minimal...," Griffiths added.

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