Grindrod has taken delivery of the largest vessel built for the group to date – the new 180,000 dwt Capesize vessel named IVS Cabernet.
Built by Namura shipyard in Japan, IVS Cabernet has a maximum draught of less than 18 metres and is designed to carry coal and iron-ore, making her ideally suited to complement the Island View Shipping fleet. [Island View Shipping is 100% owned subsidiary of Grindrod Ltd]
Grindrod concluded the long-term charter deal with G-ACE in 2004, at rates determined by the market value at that time, which were around US$20,000 per day. They are currently almost double this amount.
“The strategy of ordering ships when markets have indicated a future shortage of a particular class of ship, has served us well,” said Grindrod CEO Alan Olivier. “We now have a modern, diversified fleet which will grow to 56 ships by the end of 2011.”
Olivier added that much of Grindrod’s fleet (89% in 2007, 58% for 2008 and 32% for 2009) has been contracted, meaning that a good portion of the company’s income and profits are locked-in and will not be affected by fluctuations in the shipping markets.
Eyefortransport
Login
