Grindrod is looking to grow its $320m shipping business following a listing in the US planned for this summer.
The South African owner announced on Friday that it was seeking to float its shipping fleet on the Nasdaq by the end of June.
Grindrod’s shipping business has been run under IVS and Unicorn but will continue under Singapore registered Grindrod Shipping Holdings.
In a presentation today, shipping division boss Martyn Wade said the new division would focus on the sector’s where IVS and Unicorn were already active.
He added the company planned to “facilitate consolidation within these sectors” and would consider equity raises to increase the fleet at the right time.
Grindrod presently has a fleet of 21 owned handysize bulkers, alongside two capesizes and 13 supramaxes. It also has 12 medium range tankers and a handful of smaller tankers and bunker vessels.
The Mike Hankinson-led company on Friday posted a 2018 loss of ZAR 507.9m ($43.3m), down from a ZAR 1.8bn a year ago. Revenue fell to ZAR 3.06bn from ZAR 3.29bn in 2016.
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