Singapore-based bulker owner Grindrod Shipping has seen earnings decline as it prepares to be taken over by Taylor Maritime Investments (TMI).
The US-listed company said net profit in the quarter was down at $22.1m from $49.3m a year ago.
Interim chief executive Stephen Griffiths, who is also the chief financial officer, said results were quite strong overall, but lower than in the second quarter as charter rates fell continuously.
