Singapore-based Grindrod Shipping has booked a first-quarter profit of just over $29m in what it has described as a historically strong start to 2022.
The bulker owner saw a 60% year-on-year growth in revenue to $110.2m as its handysize and supramax/ultramax bulkers achieved average time charter equivalent (TCE) rates per day of $22,201 and $24,385, respectively.
“The quarter was the strongest first quarter for charter rates for our ship types in over a decade and lays a solid foundation for the rest of the year,” said Grindrod Shipping interim chief executive Stephen Griffiths.
