Grindrod Shipping has cut a deal to finance two newbuildings and sell two ships.
The Singapore-based, New York-traded bulker and tanker owner announced after the close Monday that IYO Bank had approved a $31.4m loan to finance the IVS Okudogo and IVS Prestwick.
Both ships are 61,000-dwt, under construction at Shin Kurushima Toyohashi shipyard in Toyko and set to be delivered in the third quarter according to VesselsValue.
The loan comes with an interest rate of Libor plus 200 basis points per year and is secured by the two vessels.
"We are pleased to have agreed [to] an indicative term sheet to expand our relationship with IYO Bank, a leading Japanese financial institution, on competitive financing terms that demonstrate our continued access to attractive sources of capital," said chief executive Martyn Wade.
"Our long-standing relationships with and access to Japanese shipyards, financial markets and trading houses is one of our key competitive strengths," he said.
The company also said it sold the 32,600-dwt IVS Kawana (built 2005) for $7.8m and the 16,500-dwt Umgeni (built 2011) for $8.875m. The sales were made in separate transactions to unaffiliated third parties.
The Umgeni will be delivered to its new owners 30 June.
