Grindrod Shipping Holdings has taken delivery of the IVC Okudogo, the first of two utlramax “eco” newbuildings it agreed to acquire in May 2018. Photo: Supplied

CAPE TOWN – Grindrod Shipping Holdings has taken delivery of the IVC Okudogo, the first of two utlramax “eco” newbuildings it agreed to acquire in May 2018.

The NASDAQ and JSE-listed global provider of maritime drybulk and tanker services said on Monday it has also completed a drawdown of a portion of the $31.4 million (R485m) newbuild financing with IYO Bank, for the vessel.

Grindrod shares traded 1.2 percent lower at R5.75 Monday morning.

The $15.7 million facility relating to the IVS Okudogo, which has a seven-year term, is repayable in quarterly installments with a balloon payment at the end of the schedule.

Some $15.7 million remains available to buy the IVS Prestwick, which Grindrod expects to take delivery of next month.

Grindrod’s fleet of owned and long-term and short- term chartered-in drybulk vessels and product tankers operate under the “Island View Shipping” (IVS) brand and includes 17 handysize drybulk carriers and 14 supramax/ultramax drybulk carriers, including IVS Okudogo.

There are three ultramax drybulk carriers under construction in Japan due to be delivered in 2019 and 2020. 

Grondrod Shipping’s tanker business, which operates under the “Unicorn Shipping” includes seven medium range tankers and two small tankers. 

Business Report