Bulker owner Grindrod Shipping has extended its ship sale campaign with an en-bloc deal for a pair of ultramaxes, according to market sources.
London brokers are featuring the 60,200-dwt IVS Bosch Hoek (built 2015) and 60,400-dwt IVS Hayakita (built 2016) among the latest sale-and-purchase transactions in the secondhand market.
The two Japanese-built vessels, which are among the oldest ultramaxes in the Grindrod fleet, are going to Greek interests for a combined $46.5m.
Brokers and Greek market sources are identifying Thanassis Martinos’ Eastern Mediterranean Maritime as the buyer.
Both the IVS Bosch Hoek and IVS Hayakita are currently trading under Grindrod’s Island View Shipping dry bulk brand.
Grindrod did not actually own the IVS Hayakita until May, when it exercised a purchase option for the chartered-in, Japanese-owned vessel.
In its latest earnings report, Singapore-based Grindrod valued that purchase option at $21.6m. This is below the $23.9m at which Grindrod is flipping the ship to Eastmed now, according to VesselsValue.
Again, according to VesselsValue, the price for the IVS Bosch Hoek is a bit lower at $22.6m. The price gap between the two ships is most likely due to the fact that the IVS Bosch Hoek is one year older than the IVS Hayakita and that it also has a dry-dock survey due.
Fleet reshuffling with Taylor Maritime
The divestment of the two ships comes on top of five confirmed Grindrod ship sales so far this year that have earned the company a combined $86.1m in gross proceeds.
When announcing a $4.3m loss for the first quarter in May, Grindrod said that it was selling vessels as part of a commitment to reduce debt.
Its vessel sale proceeds have also helped fund a capital reduction and cash distribution plan to shareholders such as Taylor Maritime Investments (TMI) — a London-listed shipowner that owns 83.2% of Grindrod.
On 10 August, Grindrod shareholders approved the capital reduction and cash distribution plan of up to $45m.
Grindrod and TMI are also reshuffling and optimising their combined fleets. As part of that process, TMI last month sold two handysizes to Grindrod “on an “arm’s-length” basis.
As TradeWinds reported at the time, the two ships are the 38,500-dwt Steady Sarah (built 2011) and a 40,000-dwt, ammonia-ready newbuilding under construction in Japan that is due for delivery in early 2024.
The latest sales to Eastmed are bringing Grindrod’s fleet to 14 owned handysizes, seven owned supramaxes and ultramaxes, as well as six chartered-in supramaxes and ultramaxes.
As for Eastmed, the acquisition of the two Grindrod ships marks its return on the S&P scene as a bulker buyer after nearly three years.
Some London brokers have linked the major, diversified Greek owner to another bulker that TradeWinds has reported as sold to Greeks recently — the 82,800-dwt Lord Star (built 2013).
It is still unclear, however, if a deal for that vessel has indeed taken place. The S&P Global shipping data platform is still listing the scrubber-fitted kamsarmax with Japan’s Nissen Kaiun, its last known registered owner.
