GRIN - Grindrod Shipping to sell Matuku tanker charter-in supramax bulk carrier

Grindrod Shipping (NASDAQ:GRIN) has announced the sale of 2016-built medium range product tanker, Matuku, for $30M. In anticipation of the sale, the company exercised the purchase option for Matuku under its existing lease financing arrangement at a cost of $25.4M following the expiration of the bareboat charter under which the vessel operated. Delivery is expected around May 30, 2022 before onward delivery to its new owners planned on or about June 1, 2022. Grindrod (GRIN) also exercised the purchase option on the chartered-in 2015-built supramax bulk carrier, IVS Pinehurst for $18M; delivery is scheduled on or about June 18, 2022. The vessel will remain chartered-in at its original contract rate until delivered back. Furthermore, Grindrod extended its long-term charter on IVS Crimson Creek for a period of 11 to 13 months at a net charter-in rate of $26,276/day commencing on May 1, 2022.

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Grindrod Shipping to sell Matuku tanker, charter-in supramax bulk carrier