Singapore’s Grindrod Shipping has booked a first-quarter profit of just over $29m, in what it describes as a historically strong start to 2022.
The bulker owner had 60% year-on-year growth in revenue to $110.2m as its handysizes and supramaxes/ultramaxes achieved average time charter equivalent 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 interim chief executive Stephen Griffiths.
