Grindrod Shipping: Still Not My Favorite Dry Bulk Stock [Seeking Alpha]
Grindrod Shipping Holdings Ltd. - Ordinary Shares (GRIN)
Company Research
Source: Seeking Alpha
The company maintains a clean balance sheet with $59.3 million cash and $176 million total debt. Taylor Maritime proposed to buy minority shareholder shares for $14.25/share. Given its failure in 2022 to convince the shareholder with a $26/share tender offer, I doubt the deal will pass. GRIN stock trades at 89% PNAV, which is too expensive for its (lack of) qualities and negatively skewed risk-reward. Note: I previously covered Grindrod Shipping ( NASDAQ: GRIN ) in January 2024. I discussed the company's drawbacks, such as a lack of scrubber-fitted vessels and a large percentage of chartered-in ships compared to its own fleet. As reported in 3Q23 filling, GRIN had a healthy balance sheet with $71 million cash and $168 million total debt. At the time of the publication, its stock traded at a 41% discount to its PNAV, although those facts were not enough to compensate for the downsides. Today, I will review the last company earnings report for 2023, Taylor Maritime's proposal to
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GRIN
News
- Grindrod Shipping: Minority Shareholder Buyout Proposal Might Not Pass [Seeking Alpha]Seeking Alpha
- XXII, GRIN and XTIA are among mid-day movers [Seeking Alpha]Seeking Alpha
- Biggest stock mover today: Grindrod Shipping Holdings [Seeking Alpha]Seeking Alpha
- Grindrod Shipping Holdings Ltd. Announces Proposed Selective Capital Reduction [Yahoo! Finance]Yahoo! Finance
- Grindrod Shipping Holdings Ltd. Announces Proposed Selective Capital ReductionGlobeNewswire
GRIN
Analyst Actions
- 3/1/24 - TheStreet
GRIN
Sec Filings
- 4/26/24 - Form 6-K
- 4/25/24 - Form 6-K
- 4/8/24 - Form SC
- GRIN's page on the SEC website