Grindrod Shipping has drawn down it's $31.4m newbuilding loan.
Thursday, the Singapore-based shipowner announced that it had taken delivery of the 61,000-dwt IVS Okudogo (built 2019) from Japan's Shin Kurushima Toyohashi shipyard.
The bulker accounts for $15.7m of the facility from IYO Bank and is repayable in quarterly installments with a balloon payment at the end. It comes with an interest rate of Libor plus 200 basis points per year and is secured, in part, by the ship itself.
The other half of the loan will go toward the 61,000-dwt IVS Prestwick (built 2019), set for delivery in September.
The two ships will bring Grindrod's fleet to 43 ships, 17 of which are supramax or ultramax bulk carriers.
Eight of those are owned outright, including the IVS Okudogo and the IVS Prestwick. The remainder are chartered-in.
