South African shipping company announces five more Ultramaxes are to be added to their fleet by 2020.
This year the company has taken two 61,000 dwt Ultramax eco newbuilding resales in Japan for USD 26.4 million each for delivery this quarter, and has agreed to charter-in three Ultramax eco vessels, with deliveries scheduled between 2019-2020.
“Looking ahead, we intend to leverage further our access to Japanese shipbuilding and financial and trading relationships to continue to expand our drybulk fleet by focusing on Japanese built eco Ultramax and larger Handysize vessels, as we believe current asset prices continue to represent an attractive entry point to acquire quality vessels relative to historic averages,” Martyn Wade, CEO of Grindrod Shipping, announced during company's interim results.
“Dry bulk fundamentals are positive given the reduced supply outlook combined with steady demand especially for minor bulks, which are typically carried by Grindrod vessels. We believe our strong balance sheet, coupled with our competitive positioning in the industry, underpin our growth strategy and prospects,” Wade commented.