Grindrod Shipping benefiting from robust commodity demand

GRINDROD Shipping Holdings, the Nasdaq and JSE-listed global provider of mainly dry-bulk maritime transport services, has declared an interim quarterly cash dividend of $0.72 (R10.76) per ordinary share, the results for the three months and year to December 31, 2021 showed yesterday. File Image: IOL

GRINDROD Shipping Holdings, the Nasdaq and JSE-listed global provider of mainly dry-bulk maritime transport services, has declared an interim quarterly cash dividend of $0.72 (R10.76) per ordinary share, the results for the three months and year to December 31, 2021 showed yesterday. File Image: IOL

Published Feb 18, 2022

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GRINDROD Shipping Holdings, the Nasdaq and JSE-listed global provider of mainly dry-bulk maritime transport services, has declared an interim quarterly cash dividend of $0.72 (R10.76) per ordinary share, the results for the three months and year to December 31, 2021 showed yesterday.

Some $10.2 million of shares were repurchased in the quarter, equivalent to $0.55 a share, which means the company will return capital equivalent to a total of $1.27 per ordinary share to shareholders.

For the full 2021, cash dividends totalling $1.44 per ordinary share were declared, and shares worth $11.9m were repurchased.

Chief executive Martyn Wade said 2021 was a transformational year for Grindrod Shipping, as it recorded financial results in the fourth quarter and full year overall, while concluding several important initiatives.

“We completed the acquisition of the remaining shares in our IVS Bulk joint venture, divested nearly all of our product tankers which allowed us to further expand our dry-bulk operations, transitioned to quarterly reporting, increased our float and share liquidity in the US market… Materially strengthened our balance sheet, and initiated a flexible capital return policy during the third quarter, rewarding our shareholders,” he said.

Looking ahead, the outlook for the dry-bulk sector was positive. Healthy demand for minor-bulk commodities coupled with the smallest new building order book in decades, and continued supply chain disruptions had translated into a tight supply/demand balance and strong freight rates.

BUSINESS REPORT

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