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.