Tuesday, June 29, 2021

Grindrod Shipping (GRIN)
CEO Comments and EBITDA Revisions Impact Price Target

Grindrod Shipping, originated in South Africa with roots dating back to 1910. The company is based in Singapore, with offices around the world including, London, Durban, Cape Town, Tokyo and Rotterdam. Its primary listing is on Nasdaq and secondary listing on the JSE.

Grindrod Shipping owns and operates a diversified fleet of owned, long-term chartered and joint-venture dry-bulk and liquid-bulk vessels across the globe.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Positive CEO comments from last week’s dry bulk panel at Marine Money Week bolsters outlook. CEO Martyn Wade confirmed that dry market fundamentals have stayed better than expected. Consistent with Wade’s comments earlier this year, shippers are focusing on “just in case” as opposed to “just in time”. Also, Commodore Research & Consultancy has highlighted low coal inventories in China and limited Atlantic basin spot Cape availability as two factors that could help Capes, which would positively impact the entire dry bulk market.


Dry bulk market thesis intact.  Supply/demand fundamentals appear favorable and 1H2021 TCE rate performance has been better than expected. The order book and supply growth remain historically low due to rate volatility, regulatory uncertainty and declining capital availability, while demand should rebound on the back of global stimulus packages and solid secular minor bulk trends. While we still …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision.