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Grindrod Shipping

TMI secured a controlling stake in Grindrod Shipping in December 2022 through a voluntary cash offer which increased TMI’s ownership to 83.23%. 
Grindrod Shipping owns and operates a diversified fleet of owned, long-term and short-term chartered-in dry bulk vessels in the Handysize and Supra/Ultramax segments which are highly complementary to TMI’s existing fleet.  Grindrod is based in Singapore, with offices in London, Durban, Tokyo and Rotterdam and is listed on NASDAQ under the ticker “GRIN” and on the JSE under the ticker “GSH”.

A transformational acquisition for TMI, the combined fleet now numbers 49 vessels, majority Japanese built, with a carrying capacity of over 2 million dead-weight tonnes, significantly increasing TMI’s footprint in the geared dry bulk segment and increasing overall earnings power.

Since December 2022, TMI has brought about changes to the Grindrod Board and TMI and Grindrod Shipping have been making good progress in jointly evaluating next steps to capitalise on available synergies from the combined fleet across insurance, commercial management, technical management and corporate activities.

For more information on Grindrod Shipping please consult their website www.grinshipping.com.