Monday, February 14, 2022

Grindrod Shipping (GRIN)
Results Out This Week – On Track for Strong 2022

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.

2021 Results out this week — AMC on Wednesday February 16th. Management will host a 8:00am EST call on Thursday, February 17th. The number is 877-553-9962 and the code is Grindrod. With a larger owned fleet, a consistent cargo focused strategy and solid financial position, GRIN is well positioned to benefit from attractive dry bulk market fundamentals in 2022. In addition, options to acquire five chartered-in vessels represent built in growth opportunities.


Expect strong finish to year.  No change to 4Q2021 and 2021 EBITDA estimates. Looking for 4Q2021 EBITDA of $67.3 million based on TCE rates of $30.3k/day for Supras/Ultras and $27.3k/day for Handys. The 4Q2021 forward cover of ~70% looked good with 1,579 Supra/Ultra operating days booked at $33.1k/day and 1,205 Handy days booked at $30.3k/day. Less days booked than 3Q2021, but at higher rates. Full …

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.