Grindrod Shipping Holdings Ltd. Announces Completion of Previously Announced Sale of Rhino and Re-Delivery of Doric Pioneer

Grindrod Shipping Holdings Ltd., a global provider of maritime transportation services in the drybulk and product tanker sectors, announced two transactions with respect to its fleet.

On June 25, 2020, the previously announced sale of the 2010-built medium range tanker Rhino was completed, with the vessel delivering to her new owners.

On June 26, 2020, the Company re-delivered the 2013-built chartered-in medium range tanker Doric Pioneer to her owners at the conclusion of her charter. The vessel had been on charter to Grindrod Shipping for the past seven years.

Martyn Wade, the Company’s Chief Executive Officer, commented:

“We are very pleased that notwithstanding the operational and logistical difficulties presented by the coronavirus pandemic affecting crew changes and the execution of sale and purchase transactions, we have recently successfully completed the sales of the medium range tankers Rhino and Inyala, as previously disclosed, taking advantage of the recent strength in the product tanker market. These transactions have reduced our debt and enhanced our liquidity.

We want to thank all of our seafarers, not just those on Rhino and Inyala, for their commitment and service during these difficult times.”

Source: Grindrod Shipping Holdings Ltd.