One More Handy Bulker Offloaded by Grindrod

Bulk carrier at sunset seen from the bridge
Updated Published

Grindrod Shipping is proceeding with its strategy to offload ships, announcing the sale of another handysize vessel from its fleet.

The company, headquartered in Singapore, has arranged to sell the 2012-constructed IVS Ibis for $11.7 million.

The 28,200 deadweight tonnage (dwt) vessel, manufactured at the Imabari shipyard, is anticipated to be transferred to an undisclosed purchaser by March 21, according to the company's announcement.

Earlier in January, Grindrod disposed of the 2007-built handysize vessel IVS Kingbird for $10.4 million. Records from S&P databases indicate that the vessel has been acquired by Turkish entities and rechristened Mavi Vatan.

Grindrod's drybulk operation, which trades under the Island View Shipping brand, presently encompasses 25 ships, with 18 directly owned by the company.

Last year saw the departure of several aged handysize bulk carriers from Grindrod's collection, as the organization, led by Ed Buttery, decided to incorporate newer supramax and ultramax vessels through charter agreements.

For the year 2023, Grindrod reported a financial deficit of $9.6 million on a revenue base of $387 million. Ed Buttery commented on the future, stating, “There remains plenty to do in 2024 and I think we are well positioned to achieve our goals against a backdrop of a more favourable market outlook.”