Grindrod offloads another handy bulker – Splash247

Grindrod Shipping has continued its ship divestment campaign, with another handysize unit set to exit the fleet.

The Singapore-based bulker owner is selling the 2012-built
IVS Ibis for $11.7m.

The 28,200 dwt ship built at Imabari should be delivered to an unnamed buyer by March 21, the company said.

In January, Grindrod sold the 2007-built handy IVS Kingbird for $10.4m. According to S&P databases, the ship has been delivered to Turkish buyers and renamed Mavi Vatan.

The drybulk business, of dual-listed Grindrod operates under the brand Island View Shipping and currently includes 25 vessels, of which 18 are owned.

Several older handysize bulkers exited Grindrod’s fleet last year, while the Ed Buttery-led company agreed to bring in younger supramaxes and ultramaxes on charter.

Grindrod booked a loss of $9.6m in 2023 on revenues of $387m. “There remains plenty to do in 2024 and I think we are well positioned to achieve our goals against a backdrop of a more favourable market outlook,” Buttery said.