Grindrod Shipping to repay $7 million of revolver debt with vessel-sale proceeds

By Wendy Van Sickle

Columbus, Ohio, July 27 – Grindrod Shipping Holdings Ltd. plans to repay about $7 million under its $114.1 million senior secured credit facility with proceeds of the sale of a 2014-built handysize bulk carrier, according to a news release.

The sale of the IVS Kestrel for $17.3 million will net about $10.3 million to the company after the debt repayment.

Based in Singapore, Grindrod Shipping predominantly owns and operates a diversified fleet of owned and long-term and short-term chartered-in drybulk vessels.

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