2024-04-11 09:59:26 ET
Summary
- Grindrod reported declining FY23 revenue and profits due to weak rates for Handysize and Ultra/Supramax vessels.
- The company maintains a clean balance sheet with $59.3 million cash and $176 million total debt.
- Taylor Maritime proposed to buy minority shareholder shares for $14.25/share. Given its failure in 2022 to convince the shareholder with a $26/share tender offer, I doubt the deal will pass.
- GRIN stock trades at 89% PNAV, which is too expensive for its (lack of) qualities and negatively skewed risk-reward.
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Grindrod Shipping: Still Not My Favorite Dry Bulk Stock