FREIGHT AND FINANCIAL SERVICES
Global trade boom gallops to Grindrod’s rescue
Freight and financial services group Grindrod, which returned to profitability in the first half of 2018 after it separately listed its loss-making shipping business, is expecting to benefit from an improvement in the global economy and growth in commodity shipments. Grindrod, which reported an interim profit of R2.4bn for the six months to end June, compared with a restated loss of R48.8m in the 2017 period, expects its freight services business to benefit from improved volumes in chrome, ferrochrome and coal shipments, it said. While economic growth in SA remains "poor", the group is benefiting from a strong world economy, with global output estimated to grow by 3.2% in 2018, which bodes well for the commodity market. "Commodity demand is at more sustainable levels and world seaborne trade continues to grow," the group said on Friday. Grindrod, which has operations in 30 countries, focuses on two key divisions following the spin-off of its shipping division: freight and financial ...
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