GRINDROD SHIPPING HOLDINGS LTD.
ABBREVIATED NAME: GRINSHIP
Registered in Singapore with registration number 201731497H
JSE Share code: GSH
ISIN: SG9999019087
Primary listing on NASDAQ Global Select Market
Secondary listing on the JSE Main Board


Grindrod Shipping Holdings Ltd. Announces Ship Sales

On 24 October 2023, Grindrod Shipping Holdings Ltd. (NASDAQ: GRIN) (JSE: GSH) (“Grindrod Shipping” or
"Company" or “we” or “us” or “our”), a global provider of maritime transportation services predominantly
in the drybulk sector, announced the completion of the following transactions.

On May 25, 2023, we exercised the purchase option on the chartered-in 2016-built supramax bulk carrier,
IVS Hayakita. On August 24, 2023, we entered into an en-bloc deal to sell the 2015-built ultramax bulk
carrier, IVS Bosch Hoek and the 2016-built ultramax bulk carrier, IVS Hayakita, for $46.5 million (before
costs). The vessels were delivered to the new owners on September 19 and September 25, 2023,
respectively and approximately $10.0 million debt was repaid on the Company’s $114.1 million senior
secured credit facility.


On September 14, 2023, we entered into a contract to sell the 2013-built handysize bulk carrier, IVS
Merlion, for $11.6 million (before costs) with delivery to her new owners planned on or about December
15, 2023.This vessel is unencumbered. We can provide no assurances that the delivery will take place by
that time or at all.


On September 27, 2023, we entered into a contract to sell the 2013-built handysize bulk carrier, IVS Raffles,
for $11.6 million (before costs) with delivery to her new owners planned on or about November 30,
2023.This vessel is unencumbered. We can provide no assurances that the delivery will take place by that
time or at all.


About Grindrod Shipping

Grindrod Shipping predominantly owns and operates a diversified fleet of owned and long-term and short-
term chartered-in drybulk vessels. The drybulk business, which operates under the brand “Island View
Shipping” (“IVS”) includes a core fleet of handysize and supramax/ultramax drybulk carriers. The Company
is based in Singapore, with offices in London, Durban, Tokyo and Rotterdam. Grindrod Shipping is listed on
NASDAQ under the ticker “GRIN” and on the JSE under the ticker “GSH”.
Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities
Litigation Reform Act 1995 with respect to Grindrod Shipping’s financial condition, results of operations,
cash flows, business strategies, operating efficiencies, competitive position, growth opportunities, plans
and objectives of management, and other matters. These forward-looking statements, including, among
others, those relating to our future business prospects, revenues and income, are necessarily estimates
and involve a number of risks and uncertainties that could cause actual results to differ materially from
those suggested by the forward-looking statements. Accordingly, these forward-looking statements should
be considered in light of various important factors, including those set forth below. Words such as “may,”
“expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates,” and variations of such words
and similar expressions are intended to identify forwardlooking statements. These forward-looking
statements are based on the information available to, and the expectations and assumptions deemed
reasonable by Grindrod Shipping at the time these statements were made. Although Grindrod Shipping
believes that the expectations reflected in such forward-looking statements are reasonable, no assurance
can be given that such expectations will prove to have been correct. These statements involve known and
unknown risks and are based upon a number of assumptions and estimates which are inherently subject
to significant uncertainties and contingencies, many of which are beyond the control of Grindrod Shipping.
Actual results may differ materially from those expressed or implied by such forward-looking statements.
Important factors that could cause actual results to differ materially from estimates or projections
contained in the forward-looking statements include, without limitation, Grindrod Shipping’s future
operating or financial results; the strength of world economies, including, in particular, in China and the
rest of the Asia-Pacific region; the effects of the COVID-19 pandemic on our operations and the demand
and trading patterns for the drybulk market, and the duration of these effects; cyclicality of the drybulk
market, including general drybulk shipping market conditions and trends, including fluctuations in charter
hire rates and vessel values; changes in supply and demand in the drybulk shipping industry, including the
market for Grindrod Shipping’s vessels; changes in the value of Grindrod Shipping’s vessels; changes in
Grindrod Shipping’s business strategy and expected capital spending or operating expenses, including
drydocking, surveys, upgrades and insurance costs; competition within the drybulk industry; seasonal
fluctuations within the drybulk industry; Grindrod Shipping’s ability to employ its vessels in the spot market
and its ability to enter into time charters after its current charters expire; general economic conditions and
conditions in the oil and coal industries; Grindrod Shipping’s ability to satisfy the technical, health, safety
and compliance standards of its customers; the failure of counterparties to our contracts to fully perform
their obligations with Grindrod Shipping; Grindrod Shipping’s ability to execute its growth strategy;
international political and economic conditions including additional tariffs imposed by China and the United
States; potential disruption of shipping routes due to weather, accidents, political events, natural disasters
or other catastrophic events; vessel breakdowns; corruption, piracy, military conflicts, political instability
and terrorism in locations where we may operate, including the recent conflicts between Russia and
Ukraine and tensions between China and Taiwan; fluctuations in interest rates and foreign exchange;
changes in the costs associated with owning and operating Grindrod Shipping’s vessels; changes in, and
Grindrod Shipping’s compliance with, governmental, tax, environmental, health and safety regulations
including the International Maritime Organization, or IMO 2020, regulations limiting sulfur content in fuels;
potential liability from pending or future litigation; Grindrod Shipping’s ability to procure or have access to
financing, its liquidity and the adequacy of cash flows for its operation; the continued borrowing availability
under Grindrod Shipping’s debt agreements and compliance with the covenants contained therein;
Grindrod Shipping’s ability to fund future capital expenditures and investments in the construction,
acquisition and refurbishment of its vessels; Grindrod Shipping’s dependence on key personnel; Grindrod
Shipping’s expectations regarding the availability of vessel acquisitions and its ability to buy and sell vessels
and to charter-in vessels as planned or at prices we deem satisfactory; adequacy of Grindrod Shipping’s
insurance coverage; effects of new technological innovation and advances in vessel design; and the other
factors set out in “Item 3. Key Information-Risk Factors” in our Annual Report on Form 20-F for the year
ended December 31, 2022 filed with the Securities and Exchange Commission on March 23, 2023. Grindrod
Shipping undertakes no obligation to update publicly or release any revisions to these forward-looking
statements to reflect events or circumstances after the date of this press release or to reflect the
occurrence of unanticipated events except as required by law.


Company Contact:                                 Investor Relations / Media Contact:
Edward Buttery
CEO
Grindrod Shipping Holdings Ltd.                  Grindrod Shipping Holdings Ltd.
1 Temasek Avenue, #10-02 Millenia Tower          1 Temasek Avenue, #10-02 Millenia Tower
Singapore, 039192                                Singapore, 039192
Email: ir@grindrodshipping.com                   Email: ir@grindrodshipping.com
Website: www.grinshipping.com                    Website: www.grinshipping.com



 By order of the Board
 25 October 2023
 Sponsor: Grindrod Bank Limited