2022-1Q Results demonstrate leverage to shipping rates. Grindrod reported revenues of $110.3 million, up 61% over the same period last year on healthy Handysize and Supramax/Ultramax TCE rates. Operating costs rose only modestly leading the company to report gross profits of $40.7 million versus $12.6 million and adjusted EBITDA of $50.2 million versus $21.2 million. Adjusted net income for the quarter was $29.8 million ($1.60 per share) versus $2.4 million ($0.11 per share). Results were generally in line with expectations.Speaking of vessel acquisitions. One of Grindrod's strengths is its ability to exercise options to purchase chartered-in vessels at what has become very attractive pricing. It exercised the right to purchase the IVS Pinehurst for $18 million earlier this month. All told, the company can exercise options to acquire four more vessels over the next three years. Read More >>