Picture: BLOOMBERG
Picture: BLOOMBERG

Grindrod Shipping, which is based in Singapore and listed in the US and Johannesburg, has reported its loss narrowed in its half-year to end-June, when marketing activity and staff travel decreased. 

The group, which operates a fleet of dry bulk carriers and tankers, said calculating the effects of Covid-19 would require a number of assumptions, but the pandemic did delay crew changes, and reduce cargo flows from some customers.

The group reported a loss of $12.3m (R207m), a decrease from $19m previously, though revenue was little changed at $167.1m.

Administrative expenses decreased by $1.1m, or about 8.3%, primarily due to decreased staff and travel costs during its first half, the group said. Impairment losses on ships also decreased, to $3.66m from $4.3m previously.

In morning trade on Friday Grindrod Shipping’s share was up 4.81% to R66, giving the group a market capitalisation of R1.25bn.

The group’s share has fallen 31.96% so far in 2020.

gernetzkyk@businesslive.co.za

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