Grindrod Shipping in the dry bulk and tanker sectors has started as independent public trade company on Nasdaq. The spin-off of Grindrod Shipping from the South African group part of a business restructure. The shipping business has a net asset value of $320m.
“As a separate and independent entity, Grindrod Shipping will be able to pursue a growth strategy focusing only on the shipping business to maintain and enhance our position as a successful owner and operator of dry bulk carrier and tanker vessels,” said Martin Wayde, ceo of Grindrod Shipping.
“New York has been the destination of choice for the majority of global shipping companies and we are pleased to join the Nasdaq platform as we position the company for the next phase of its development.”
To celebrate its listing Grindrod Shipping rang the opening bell on Nasdaq on Monday.
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