GRIN - Earnings call transcript Q4 2020 | Grindrod Shipping Holdings Ltd.

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Operator

Thank you for standing by, ladies and gentlemen. And welcome to the Grindrod Conference Call on the Second Half and Full Year 2020 Financial Results.

We have with us Mr. Martyn Wade, Chief Executive Officer; and Mr. Stephen Griffiths, Chief Financial Officer of the company. participants a all mode. time, this are listen-only in At a presentation, There a by question-and-answer will be followed session. I this recorded conference Instructions] is [Operator must being today. advise you that of We speakers to the now one pass today, Mr. floor your Wade. sir. ahead, go Please

Martyn Wade

our Thank you, Operator. XXXX. XXXX the everyone. And year half full December call for and thank second ended for you Welcome, joining XX,

statements our we drybulk two future include based including statement disclaimer. today. forward-looking of information me by start These other the statements, for performance. operating referring Let and forward-looking this regarding expectations financial future you time of are charter and operating contracts, outlooks will call, on statements and These and with as the the beliefs statements certain tanker markets to regarding slide management number matters. make On

may as materially read our other our factors the or update slide and law. annual expectations. revise the of a required Investors results risks uncertainties whether as except press or actual today’s assume the statements well new in our differ as to filings result We otherwise, release, described should with report and from as by risk presentation future in the carefully obligation forward-looking events no in within Our included -- information, SEC. and

In call, non-GAAP addition, certain we during this financial measures. will discussing be

the measures, of to with the see XX yesterday’s filings financial disclosures to and our deck, measures, GAAP XX website non-GAAP directly posted these on and comparable please our Additional the press relating including which SEC. a most and reconciliation pages is release slide

of in decreased XXXX of EBITDA to half Adjusted Gross half XXXX. the was to XXXX $XX to full in compared Revenue million of in from second of in to highlights. the to previous second to XXXX. declined results compared owners year share the million, second to of in XXXX, half compared loss $XX.X Coronavirus XXXX of increased half of million, million of to $XX.X due second million second the the half second turn Loss half the Net slide the second the in financial for share in per in profit million to half XXXX. second please million was attributable the XXXX. of XXXX market million XXXX the Financial half four, half of start, the half impacts. $XX.X to and in $XXX.X second declined second in the So the and to $X.XX compared $X.X $XXX.X year loss second the of company XXXX XXXX. per of half $XX.X $X.XX second the of half

profit full EBITDA adjusted year, while net gross loss revenue improved the For declined, year-over-year. and and

our extensive continue and we streamlining and structure Despite taking favorable caused exceptionally markets, advantage the drivers affected been of our opportunities. corporate managed pandemic our of the operational me effects navigating continuing our has that discuss market second Let the now focus the this the XXXX, pandemic, performance of half the In challenges the drybulk to of COVID-XX outperformance. period. by key completing commercial during weak refinancing the on while

materially further IVS delivery Atsugi are June the the of vessels, unconsolidated new-built Ultramax of with corporate our modernized With streamlining the under when went was held of half Triview Japanese our XXXX transaction refinance credit secured transaction All we average remaining XXXX repay Beach consummation tankers. structure terms XXXX. with vessels leading IVS Bulk and participants, facilities, rate impending an we reducing completed. leaseback disposal sale two maturities Leveraging the our thereby and of for longstanding November ventures and of materialism concluded relationship of to during loan older in two under enabled the $XX in the initially December XXXX, our consolidated our the drybulk product to vessels. in on our in attractive IVS long-term interest transaction of a first joint million vessels disposing charters-in with us purchase options We industry compared the This and senior in our one fleet XX and Pebble XXXX Japanese of reducing early maturity public. while scheduled one IVS -- eco currently Handysize

XXrd, in the a the on a Atsugi, and for fleet December of two to to took drybulk growth the carrier, for long-term a a delivery extend chartered November drybulk which purchase and IVS slide years million. extend and July for a the to Pebble we minimum Beach long-term for in to the of vessel Ultramax options agreed future. a a was Nightjar, years and Ultramax retain gross for price for the we further two charter Xth, up of extend a to and sold fleet carrier, months we and owned XXth, The XXXX-built modernization eco our the in to period On XXth, Let’s we development option. additional sold additional Japanese-built a relating to two built turn purchase IVS range and party at November future. months Japanese minimum period XX IVS price we September vessel delivered Doric XX extend months to to year. of XX Triview, XX% with a gross million. X, Xnd, months XXXX we built options Breeze. the for IVS years tanker of delivery for an IVS charter the XXXX drybulk of half the $X.X a the vessel, Handysize of On $X.X purchase XX up joint in venture drybulk five XXXX, long-term took of On held charter drybulk period vessel, years to and we to by option eco Pinehurst continue vessel share. in Handysize second two medium of the December look built

financial slide to please Now highlights the company’s Steve? of turn six discuss developments. to

Stephen Griffiths

loan parties X, shareholding IVS in On million $X a Shipping Bulk Thanks, thereby the to initially from owed converted senior under agreement secured facility, entered from Grindrod with not exceed provided assets XXXX, debt in XX.XX% IVS the $XXX not XXXX transaction ship X.XX% affecting XXst as covenant market with December for the vessel to $XXX $XX.X was net facility million of Bulk by than of loan million increasing XX.XX%. current the Sankaty our senior senior Martyn. loan fixed September Sankaty. The million to range current debt $XX.X calculated XXXX, of The exclude our the from senior be into the the December secured secured the to $X.X XXXX million to to our our net amount Martyn. testing relating worth the I liabilities December owner equity, seven credit of to over and together XXst and by XXXX. book million to slide to with covenant of a tangible the to built will that industry December credit December of our facility, Matuku, product leveraging hand plus the of back tanker, on relationships XX, to credit reduce after reason completed purposes assets arrangement -- $XX.X medium XX, cash to facility XXXX, value associated at the relevant On on Japanese respectively, adjusted requires developments. current amendments cash million. for credit leading secured we go facility proceeds LIBOR participants, proceeds to credit interest $XXX of longstanding will million XX, million. were received On generated the tested as we with December over our to senior provided XXXX we financing Japanese recent XX, from and XX% with more secured to determination utilized of liabilities than $XXX.X million with XX% the repaid XXXX, as $XX.X $XX more We increased of the was covenant hand, our X.X%. On which of from million

Martyn Wade

Thanks, Steve.

months the Index on built TC of a both eco floor ceiling. with to of a and the variable agreed Creek, to BSI-XX period Supramax at XX Japanese a April XXXX, based have vessel, XXXX for XX a from months IVS the We extend the Crimson rate charter-in X,

turning slide to per historical A commercial Handysize Supramax/Ultramax and a half slide XX%. in day day the or day an segments, illustrates of core This our $X,XXX Supramax/Ultramax eight. outperformance sectors. our Now TCE versus a outperformance for XXXX was both BSI-XX, second $XX,XXX of the $X,XXX day per

fleet, Baltic Our XXXX note the XX%. X, for BSI-XX, XXXX, a per that to the an benchmark new year or The Exchange Index. ship TC Handysize-XX outperformance no and a Baltic do full the reflects day publishing $X,XXX comparable $XX,XXX, $X,XXX believe TC Please with January a the appropriate not our was it Handysize TC day longer an forward. Handysize-XX therefore, types day Baltic is it the discontinued posted of and of going we fleet Supramax/Ultramax as Index Handysize-XX TCE Index for our

Sorry. Excuse me.

Griffiths, pass financial and Financial Officer, over Steve again Steve? floor go will our of second highlights to the will Chief I for over Now who the performance half XXXX.

Stephen Griffiths

Martyn. Thanks,

months was the XXXX, for for the six market day months same same Aiming of XXXX, increase revenue million December $X.X of the $XX.X $XXX.X $X,XXX ended the to equated due change stock in Loss of six reduce of period months of expense million $XXX.X XXst every during $XX.X in XXXX. XXXX, XXst the same in the to sales million ended TCE XXXX. were was same and to of to for XXXX. in in XXXX. $X.X million period same million volatility December for million to primarily XXXX, half compared Interest to turn our expenses able XXXX. the profit freight slide months months December on February to XXXX the of from was period impacts XXXX. ended Revenue the We for $XX.X XX, six of six for TCE XXXX. XX, XXst the six from effect the ended $XXX.X for in million the million in the XX, IVS XXXX, million ended the $XX.X administrative performance, period the months and the six for $XX.X months of $XXX.X Let’s XX. in six Gross same per was period consolidation XXXX, was in December $X.X declined million second from million the XXXX. December December for million to for for December ended Cost period for million XXst down our $X.X ended The

complete to slide and the $XX.X increased XX. were $XXX.X borrowings million, the year Considering are of to much the while to balances the bank markets other million. the respect end we cash loans cash, With restricted Now XXXX, of and XXXX. for we balance with pleased turning finished to relative year with of liquidity sheet, bank weak

you As statements On a reminder, $XX the payments Matuku IVS the amortization to of the secured that credit in on with XXXX slide and consolidation debt remaining includes XXXX maturities profile refinancing our the of financial second Sankaty reduce like remind net repayment half remaining XX, Bulk. XXXX. include would enabled also of scheduled our senior of and to the due $XX.X debt repayments in million million early us expense facility. I amount materially of of Sankaty the reduced the scheduled of and our interest facility

XX. to turn slide let’s Now

in achieved for day ended $X,XXX for now for $X,XXX the $XX,XXX the months per and $XX,XXX per the tanker day. drybulk will per of while $XX,XXX the costs day fleet in for was XXXX TCE operating We business, with per XX.X% a of half utilization a to long-term XXXX. businesses. the charter-in per XXXX day per Handysize second expected per discuss achieved XXXX in operating fleet day XX.X% In costs period We drybulk average in and for for per Supramax/Ultramax the December day months the XX, per day half per $X,XXX the of was the the December six costs half ended were day of fleet TCE day. costs first day, of XX, be Vessel briefly the The Supramax/Ultramax as utilization second long-term is day period $X,XXX six were in charter-in same XXXX. per We same Vessel results and XXXX. $XX,XXX per approximately XXXX. day.

XX, contracted February have the TCE day. XXXX, As per following of we

in at December of of On operational days per at period day. approximately approximately per XXX% $XX,XXX tankers utilization of a $X,XXX and costs fleet TCE operating for and Vessel XXXX slide day, for second is operating $X,XXX ended operating segment’s the days for business, Handysize, X,XXX the half months in was XXXX. six TCE $XX,XXX XX an We of TCE performance. day of Supramax medium For per tankers, the average day were In $XX,XXX XXst average for the XXXX. the day. X,XXX per same an range achieved tanker per day per

As update, with currently we redelivery costs XXth, mentioned July the segment. long-term in the the charter-in on in the Breeze previous tanker have of Doric no

December For operating for same small day costs the We tankers, per XXXX, per $XX,XXX XX.X% of utilization the ended was six fleet and day. XXXX. of months $X,XXX per XX, per day a at day achieved vessel with TCE period second for $XX,XXX the in XXXX half in

breakeven This our average cash which shows days February tankers, XXX excludes for of approximately XXXX, XX, full you slide XXXX. owned $XX,XXX Passing XX. we the for per at an operating analysis fleet Matuku. year As of have the the booked slide TCE day to

owned per day, was and per core day the charter-in was vessel $XX,XXX cash per fleet per fleet. per for breakeven is vessel breakeven the vessel drybulk Our entire drybulk rate per long-term $XX,XXX $XX,XXX period day breakeven for

Our breakeven $XX,XXX $XX,XXX of net per tanker $XX,XXX and fleet. per breakeven vessel includes day vessel day the per expenses, rate was core and operational G&A, breakeven year cash debt breakeven for for repayments. interest owned long-term per tanker vessel day, tanker day rate expense cash was The per the charter-in per per fleet

to So, the call I’d with like turn that, to back Martyn.

Martyn Wade

And Thanks, to slide to XX. please you I Steve. ask turn

enough The supporting the raw Chinese since hit measures they Let’s by stimulus rebounded ore annual XXXX make countries, trade the to Chinese demand drybulk more severe up both minor resilient, China hardest and and their market in and sector continue expected drybulk to was to look other how a then, global against earlier the crop and on due activity fundamentals trade developing the an there’s pandemic cargoes been bulks, overall in to declines once drybulk basis. recovery been demand. environment. of be activity to coal lead economic new have lockdown Pent-up figures shortages to while than the lifted not respectively due demand shipping robust and for iron to flooding. have still more is in in grains

Now slide to we turn XX.

-- China. also As of early trade slide XXXX. COVID-XX rebounded faster was trade the declines than significantly iron from declined by Coal depicts, expected in most XXXX also ore caused it through

rebound However, Grain projected originally further in is robust growth demand to rebound XXXX, projected flows with to expected enjoy were a XXXX. in bulk solid less minor XXXX. on in contracted than is expected materially and

bulks, the minor tied the business key originally for closely at less GDP segment Looking to global and growth. expected is contracted the demand Grindrod, was than

to recent increased XXXX, minor estimates As bulk the so have has that sector. growth in

to particular have chart Now since on weeks have spot the left few Handysize increased levels and the highest summer the steadily The decade. to indicates rates risen TC rates now in XX. Supramax a the slide in last over

sign XX is books drybulk rebounding to XX% drybulk X.X% along treatments larger age appear charter vessel turn Supramax an or ballast Please is in Fleet as the and older, respectively. environmental book drybulk should over multi-decade such IMO X% The fleet and XX% combined shrink of the is the to Handysize/Supramax/Ultramax new order values are drybulk encourage rates. older years only X.X%, the and years While slide of increased fleet sizes. Handysize at the in water than and XXXX lows regulations, which of the fleet estimated order with to the and XX declined with scrapping. smallest the or favorable and be to of positive profile more a continues of fleet. order continue XX. XXXX, asset book prices to course be

be flows, recent to the constrained Taken fleet market together going should growth positive demand the with outlook supportive forward.

Finally, our to and please turn conclusions slide XX strategy. for

understand. to Looking story simplify our core Grindrod to track with the for focus structure to XXXX, at since easier and and capital make been has listing Shipping investors the investors operations

enjoyed economies of in which Chinese April, Product during of in our cash we world the appears with half tankers last measures first of and freight now strong the along to flow rates reducing JV Bulk during unconsolidated control now of able tanker materially The emerging May XXXX, driven We acquired our temporary have exposure. early stimulus market terms ability many high tankers have while dry lockdowns. bottomed by being and is all global the joint in charter late year our and concluded to monetize take year from were IVS the strong advantage to cargo ventures of market.

looking start to maximize cargoes. open and Turning to would off to constriction as And With Chinese commercial iron environment, including modern advantages, reporting has to year, continues Grindrod COVID-XX’s The demand and in-house over you with New far forward progress ability supported our across In in for smallest qualities have due that far Shipping Grindrod in on more to commodities, high from pools growth with order coal. decade, recovering joining muted thank Japanese questions. Strong slowdown in leveraging and positioned like the starts this supply decades XXXX, our quality recovery believe this to high we I as eco today in that, through to up competitive further recover. to our demand that, a revenue XXXX together newbuilding wide ore is Shipping. fleet rallied benefit, in been and we our -- well XXXX drybulk vessel commodity Operator? rebounding call the market destruction. are swap a Year and has global thus of freight economy demand one of best rates supports pricing been traditional by thus book the grains, and including

Operator

of go Capital question [Operator comes Fratt Poe Markets. Your from ahead. from first you. Noble the line Instructions] Thank Please

open. line Your

Poe Fratt

trying to looks first just in recent cover morning. looks forward Can for you and XX year you you like the move? above on capture the how that of to the are move capture market how ask I’d Supramax. your some and Handy the the it’s reasonable are like Good TC the how that just spot move trying to are half closer about you in you about with and context it both approaching the Can with that put you And of the talk $XX,XXX Handysize and XX. equivalent, market just to

Martyn Wade

one, you because it’s industry of as bullish had November, go, Thanks, basically straight climbed interesting beginning quite a market. from the take January. December Poe, and into some and if the very are year, we hi. Yes, obviously, obviously, we of we But a an in ships have the covered of the lot line,

three ships come the cover, January as February. bit a months to four of those I volatile, When as I what months, never you shipping, open, months while five traders, we capitalize we little small as are know, we are market believer, forward to So cover, our know market because we was with might on also secure forward And to a of we while in cover. are a months say so it happen. element looking contract ix am it’s into spot

what are reporting of said, have earnings as increasing XXnd the of been figures is now we doing are up So the obviously, February. we until, the have been we ships, Steve

what capitalize the on look we substantially into as we are going doing again March and the into market. fixtures higher April, and they you If are at

good. have yes, Index been the very Supramax like of combination but $XX,XXX is, spot, the period hand also a of rates So

are months, on if we on one on offered being a we we we averaging eye fix as months to are three very So levels can on much are and five one those doing forward. just while two averaging also having up, $XX,XXX you what keep for you of at of got is as spot, and now say out up $XX,XXX, thank go Handy -- capitalizing or as to have them kind you much

years it in, today, no doubt as trying paper position So a there we and after people will think talk from be seeing nice off selling down. an I bit be the owner’s that to XX a little are perspective, it’s to and wonderful there and out it’s

but So and of it’s ever table being a higher I times, we also levels off the taking forward. combination money go supremely think some as bullish fixing

Poe Fratt

driven I paper a then, be would that, And mentioned guess, have by lot movement It the second like market. a you Martyn, been might upward of the the market. seems question paper on

are stress little as longer what you think rate just environment, and you a you gotten standpoint, from over been last and think the how can whether about Dam Coronavirus your positive little the it’s somewhat the have a how of event that long you durability of years, black gotten you last? talk more of much this think how but talked this sort high So the year you some about two But Shifting it -- you that durability do have the a what can trends Vale will chartering or before. about, just macro and -- secular bit, just will the last? maybe you cyclical, you strategy the swan thinking just it’s year are

Martyn Wade

caught short-term, the it digits, is physical would think argue the curve that in forward actually backwardation is -- the forward, I up. always don’t we even But and as on is we paper I came the Supramax had backwardation. in that very into very course, And which course, it’s paper it has, on Well, of if of of even happened, positive. the was was I double think the now are that course, and looking led much pure year what’s severe interesting, you

that levels. owners think been looking have paper as their taking increase pay So forced I risks it’s the used their to to on paper, up minimizing at charters are by trips the

just been in in perspective, days, a From had -- in old a the we lead we the that dictate rates market physical had have it are for while, than the But So, -- so to what the macro is a we time time the in far will saying those vast just are have I we position I had where stockpiles. think freight. way. yes, and that papers huge market, ultimately recently bigger the or will freight

after happened China on I Now are world has floods Obviously, case positive. we countries said, massive U.S. been record very the last in a what’s up. grain Russians been have after let to the stockpiles and just stockpiles with throughout buying in year amounts as afford of getting par can’t dry as -- what had actually did they we have

trade add and China the China coal, between Australian in to Australia with spat You buy where refusing coal.

they Canada, the buying Black meantime, U.S. became In very are Australian and So Colombia, from Sea. the cheap. the coal

it began South Australia which normal market. Africa’s India, was So importing into

a South coal particular, is winter, now which in Europe. in on So that China of short world Europe, is Africa of and Korea shipping coal. to and has overlay going Japan, Nina this weather time with China, your saw that and recently brutally cold which throughout with you and up La and has the caught as course, year part to in the of effects, you And them ended

X%. quite growing So year fleet growth sure declined we at a and in No obviously then catch very back at is if And playing grow from that still couple respect up. it’s up it against percent, and X% catch this been seaborne X%, last the X% going if of The perfect play of of we again or storm. positive. trade was we year, are forward, it’s the figures

older going ESG bring congestion to for growing. is some with The add-in You the is that owners ships. issues

years, the steaming. slow don’t demand can XX to, very, anything. what’s the supply going outlook, never after We you positive in you all, have the yes, have but President that we it’s which positive, which for hope will for very and then Black jinx as of very a starts infrastructure means to think know, exciting. of And we I very I spending, think it’s bunker Biden all And scrubbers, is it Swan all time again. get drybulk and us, some not at shipping now and the high figures, want say, we entitled it are in But that rest on is I on events now world prices,

Poe Fratt

you out order then in is limited of mute a the see the that fact talk growth you Great. book book have Can factors and couple just that growth that order that years? about looking the should

Martyn Wade

auto has new There regulations. fact Yes. that out XX market, awful an any one cash are the rules, -- orders It’s no the allied after Obviously, very positive. no is with years there. to of

in to delivery redundant, two with for as going XX could that, years, whether in oil And ships it got insurance have effect to a which owner going be trade on be well you be in we years, long state, You months, order building burning a issues. for you add new brave engine, be a if XX XX with fuel are now XX countries, could as to redundant port, years. problems there’s years,

can’t So that of capacity yards to to lot, reduced is are there has allied afford eastern of a the lot build fact a natural a that cap, our future. the ships the

the being, I it. cap Is that, to is XX LNG. years ammonia, are mean, it time ships side, going for not our market biofuels, it be. for be to even actually think natural at order keep it’s ships hydrogen the is going it’s and to I in a and go So on kind a what going us of chicken and need and better is owners we it egg, to the

very lemmings hot the be time, market, the will for on. existing seriously next two in we have technology to yards, of of I will is But be years world that order the positive, get is can’t terms to that moved flow if a Now what’s where change in no the and book and again, regulation, going that, couple positive doubt. is years’

we wait if much secondhand. see ships very and so out buy there, And can enough it’s think anyone attitude. I So a they have wants ships,

Poe Fratt

your the course of little at of then cost talk And idea potential more that XXXX? could your operating bit might you of year? looks we micro, Understood. sort any downtime half give us a an over if Thank the the first the structure about you. highlight over cost Can -- have of structure you how

Martyn Wade

Steve?

Stephen Griffiths

Yeah. take I this. Martyn, will yes, Yeah.

have reduced clearly, XXXX, sale be Just reduced by our have Since total costs have G&A background. around up we costs those of with, our XX%, our XX%, XX%. makes of net salary by once done been three reduced a admin reductions bulk And in salary what terms bit tankers, of there further in by expenses already the Yes, from expenses expenses. we let’s also our will December XX% say, related Poe, the our have XXXX vessels XXXX, have sold. in in of

reducing So, down $X,XXX from as we that XXXX. G&A and to come in $X,XXX I say, has see further

Poe Fratt

Great. And any downtime?

Martyn Wade

were had or and were that of We obviously year. aware -- obviously by January. issues goes planning, We middle in we of COVID corona are we with where certain actually Yeah. last still we corona on, living Asia,

of ships kind forward into But we survival sure there credit with I couple ships low a sulfur give delays there I where was is out. going like of think We to need have from went There marine staff fuel -- well. of and of oil we what ships a got to the heavy do an changeover it’s operations. actually that to with couple our should issues think handled now, where with three the there the mode pretty and all I crew crews So to planning were that and -- to forward be whatever and to with the us for the was making downtime which minimized. are with couple and a changes panning perennial us and COVID months would issue took that engines, sort okay, we

Poe Fratt

Okay. Great.

Stephen Griffiths

XX% have add brought sectors. of And as utilization close ourselves has can that, that to And I this as close to on of can discussed, being Martyn that. if our I can We possible. I just -- all if sorry, fleet that been to add the reasons to in Yeah. at if because XXX% we three just year as

back XXX% over coming the look So we gap at year. to do towards close the

Poe Fratt

Great. you $XX off going maturity paid million address talk just And address are you are you of to you going about can roughly subordinated this you on if the, $XX about the could year? and then how talk million just the to how that debt

Martyn Wade

Sure. Yeah.

Stephen Griffiths

tankers. about talking are You

Martyn Wade

Tankers.

Stephen Griffiths

that think and As Obviously, realistic. still have months we tanker the few dry XX people you But we appalling wrote a so bottom and MRs the S&P been business, get on writes pretty $XX,XXX. have is The everyone have ago. market in in as tanker is price quickly values. market there crawlers exit X of serious tanker off there the that The the but in terms market mind they which off are interested market. a we cargo the MRs we is

the I months tanker say be now, -- that. a from are should just very think different. we months XX is realizing six Maybe be could smarter owners maybe the or it of some going it to tough

which the can those sell will also cargo that pay this is ships down we way be that cash, going, generating use market to debt. well. pay off it will as will So we debt surplus we And dry which

Poe Fratt

$XX mean, the how you that beyond I and end highlight year additional liquidity? do at Yeah. have much have capacity can facilities credit you just $XX the any you about million talk million what -- and under the of your total

Martyn Wade

Steve?

Stephen Griffiths

on have that is desired No. date, said prize execute, Martyn have extra We until our to if is to sell we I price there’s we first if -- that there wanted is this an back don’t and to while one got our these on add I which and what prize, these no It’s read, on a is facility yeah, the get our option to not extend. capacity ships loan, we first we flexibility tankers. thing pay just to XXXX current have got maturity it our

because is to it but we way a we extent need we negotiated need flexibility that really that quite haven’t from will there, the use and are the to. So But if we already. pushed the we that still have away button

Poe Fratt

you. your appreciate Great. really and I Thank answers. your time

Martyn Wade

Poe. it. Thanks, Appreciate

Operator

you. Thank going just I and Mr. to again. Wade am Just Griffiths to reconnect advise, Instructions] Mr. [Operator

Martyn Wade

Okay.

Operator

now. Instructions] it... [Operator will back sir. hand Stephen is Griffiths I And Sorry,

Stephen Griffiths

Yeah.

that. about Sorry

Operator

Thank hand remarks. you. closing for sir. back Thank very much, you I will Oh!

Martyn Wade

appreciate Well, say finally. thank things you it, you, think positive, attending more Thank that, and everyone, are looking hopefully and I you. I yeah,

Stephen Griffiths

Yeah. Thanks, everyone.

Operator

for you. conclude Thank for conference participating. Thank you. That our today. Thank does you

You disconnect. may all

Grindrod Shipping (GRIN) 28 Feb 212020 Q4 Earnings call transcript