GRIN - Earnings call transcript Q2 2022 | Grindrod Shipping Holdings Ltd.

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Operator

Thank you for standing by, ladies and gentlemen and welcome to Grindrod Shipping Holdings Limited Second Quarter 2022 Financial Results Call.

We have with us, Mr. Stephen Griffiths, Interim Chief Executive Officer; and Mr. Carl Ackerley, Chief Operating Officer of the company. [Operator Instructions] I must advise you that this conference is being recorded today. the to pass speakers, of now Mr. will call one over your I ahead. please Griffiths, go

Stephen Griffiths

results. operator. you, call quarter XXXX the our and today second financial half first Thank and everyone on Welcome, thanks for joining

drybulk forward-looking outlook Let me please statements and certain are On information you market These to regarding make future for our call, will charter statements, and regarding management statement operating beliefs statements matters. with we performance. as operating Slide this forward-looking These disclaimer. on X today. based refer the and the contracts, including future of time expectations other financial of include statements the

future filings in the this of differ or risks yesterday's our our forward-looking with press statements, to presentation as SEC. We Our may materially actual information, the the our or release our as clearly reports because and well revise expectations. and results no factors obligation in Investors required as included by update described events annual read whether of law. and should otherwise, uncertainties risk in except other from X assume Slide new

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

website comparable measures segments. a quarterly our our with yesterday's resilient reflecting for handysize to of For to relating Grindrod half an these second X most quarter reported financial Slide non-GAAP drybulk supramax, and filings the slide overview second ultramax our in please of Please press of a Shipping performance and to XX with SEC. record posted various measures, and reconciliation additional quarter results. turn market XXXX our strong of was another the financial directly XXXX, on first release and disclosures XX the GAAP see including Pages which deck

and income respectively. $XX.X million adjusted per For quarter materially EBITDA or achieving $XX.X profit, $XX.X million share, XXXX, our increased and million, year-over-year, net the $X.XX adjusted second gross ordinary

to increased net million $XX.X adjusted gross ordinary $XXX.X million EBITDA and and per For or income half profit, our XXXX, first $X.XX million, the adjusted $XXX.X respectively. share,

options. equivalents the our restricted million, had an XXXX. to operational product presentation. as we look sector. December into was As in strengthened of tanker price our I to months moment rate of the Grindrod our complete rate and on a find provides which charter-in we from supramax XXXX to the carrier, per and Matuku million. XXXX, XX, remaining purchase our XX of opportunity ordinary and sale and XXXX, our $X.X bulk has at our bulk delivered XX, $XX Slide cash on policy amount date last or results. option share On Slide and an XXXX-built the original vessel XX, to strong June last is are X, charter recent pleased material exit at financials to tanker detail tanker XXXX, as a XXXX. $XX,XXX quarterly carrier, period in our the of to XXXX, of per $XXX XXXX, to go commencing day shareholders returning May until of chartered-in X, XX, about of million will represented dividend the charter gross initiated our in On X This of IVS on our and long-term sector shareholders June XX, the more XX markets. these a us product extend Pinehurst, On later we August this Crimson an fleet The increase interim we agreed options four XX, all to now at delivering on since of on September of exercised Please on vessels in we September July $XX of chartered-in QX which to the the on prices remained Board for information IVS presentation to Shipping asset cash for continue contract dividend Directors due May long-term robust from Creek, associated XXXX-built XXXX-built purchase record XXXX, us. XXXX. with million turn of and May this you XX highlights purchase highest in the will Supramax to X, declared we sold The to year our an in medium-range payable for developments. capital of On $X.XX cash

for and first quarter over go of performance Now, to financial will and XXXX. the half second I the highlights

drybulk to per second same period XXXX. quarter period quarter of company same slightly Slide short-term in to increased tanker, product XXXX. owners XXXX, the Matuku, $X.XX in to for million quarter offset of the profit the in due $XXX.X operations business in XXXX. $XX.X attributable $XXX.X reduction of quarter $XX.X a the Net increased Gross share which base XXXX $XX.X million of and for to was the compared per continuing [indiscernible] period or of the Turning compared million second of of X. the ordinary increased by XXXX improved medium-range the -- in same million XXXX. for share profitable $XX.X profit second to the to XXXX operating the $X.XX sale from to or second million in the quarter net increased conditions In revenues market ordinary second Revenue of in million to sorry, the

or half of $XX $X.XX to ordinary company $XXX.X million for profit period half XXXX increased increased revenue increased XXXX. the owners $XXX.X compared the the same per period share the million to from to For per of $X.XX first profit the half XXXX. $XX.X to the half $XXX.X million to or the million to $XX.X of Net share of XXXX attributable compared first XXXX, first in ordinary first million in million in XXXX. Gross for same of

X. Slide to Turning

cash a placed its and the We as partly sheet the of repaying XXXX, significantly in strong has debt quarter a reduced other position strategy a our On of repayment our balance [indiscernible] associated of building and to on have second strategy. finance sale positioned have return Matuku debt to XXXX. leaving result priority of while and while a healthy $XX.X million Slide capital our us well we X, growth bank at June This net loans and profile pursue borrowings maintained lease. provide our XX,

with is fleet until mainly comprised and into forward. value market you We combined consideration vessels. limited Japanese-built low eco flexibility continue amortization this take maturities a lower Slide with going which modern to debt turning us Overall, to sheet when provides we profile the of leverage have maintain even conservative is balance And which of XX. our XXXX

of briefly XXXX. TCE for TCE will same performance per per same XXXX, was operational period now XXXX. our ended Supramax/ultramax per three first day for and period We discuss $XX,XXX per day $XX,XXX quarter day was the XXXX. versus second for the $XX,XXX months the Handysize June months drybulk three ended XX, for day June for the XXXX, day the XX, versus $XX,XXX per half

half $XX,XXX day day XXXX. XX, XX, ended June For ended of June handysize months Supramax/ultramax the for $XX,XXX per $XX,XXX for same the day versus versus XXXX, for in day TCE six period XXXX. was first the was XXXX, per $XX,XXX TCE six for the per the same per months XXXX, period

for third the have TCE per XXXX, quarter XX, August day the of following contracted XXXX. we of As

an days contracted day per our X,XXX For $XX,XXX. operating we TCE handysize, at average of

XXXX For of supramax/ultramax, supramax\ultramax TCE The is the day $XX,XXX. quarter long-term contracted per for third expected per operating day per at the X,XXX be average charter-in $XX,XXX we days fleet of to approximately an costs average day. for

of sale freight the drybulk Now rates versus XX. results. our rise turning to historical in easily The demonstrated is Slide the

During on change in strong with cargo fleet. our short-term this the freight approximately TCE day XX% the million To context company full spot core market, charters, positioned And take during to the or of second time XXXX. revenue equated $X,XXX of predominantly the our that’s TCE fleet trading the quarter put XXXX, either for $XX.X into of well to per contracts, approximately in advantage index-linked rate environment. year was every leaving

indices. graph, the third the quarter for our lower are slightly pictures benchmark As the well see but you market quarter can second spot above on than

cash half per was G&A, long-term the first day XX. Now cost core net turning includes fleet day. was $XX,XXX for which to analysis Slide the charter-in It Breakeven vessel the per breakeven follows: as XXXX. the shows per

day. net combined total For the fleet was average The per $XX,XXX day. expense And debt increased breakeven the core operational and drybulk owned was rate per cash fleet, repayments. G&A, interest it for $XX,XXX per day expenses,

in to to that, call figures these drybulk to market. TCE to assess Carl contrast can daily would the profitability. With robustness of previous over the turn the our like rates the the discuss I to You slide

Carl Ackerley

Thank you, Steve.

afield. flat expectations in route examples X.X% tons buyers are this demonstrated drybulk commodities, are sector transported trade sourcing markets, the weaker and environment. how voyages grain whilst alternatives commodities. offset Ukraine substitution ton-mile demand, year-over-year. have impacted as fertilizer please alternatives the still to can XXXX you has look projected turn cargoes conditions primary to being seeking the whilst to reduced steel been that are at finds longer by expected flows. Russian China the fundamentals the in in European XX to the Ukrainian further hit particularly developing to The current Now demand Slide if This partially Please is of be a by required of driver Russia replacement be to markets to flows are XX. they've sourced by turn market increase from coal actual new certain The trade grain drybulk War of and buyers Slide coal, global grains to to in negatively for demand drybulk against key its continue while are and export sectors, where in is economic and

has our market. factor, depicts, weakening uncertainty, into coal cargo production demand somewhat a As Minor impacted are also been loss from the Recontainerization to vessels, has during [ph] spot trade. XXXX. the the cargoes more XXXX, still Ukrainian as ore iron exhibiting China trade bulks, due in increased the albeit coal in avoiding the XXXX. releasing of negatively XXXX is reduced well cargoes, also steel is remain have whilst bright expected some of buyers the cargoes in Congestion to growth added expected lone for also slide which peak key contract China. positive ships and to the due grain is in the impacted to domestic further Russian coal primarily Lockdowns export trade

in the major XXXX, cargo to are for expectations return For all categories. a growth drybulk

draw deadweight continues Slide tons. drybulk older The fleet also and We book attention by of fuel constrained fleet. order lack emissions and shrink market to technology is and terms approximately XXXX, considering especially at will This conditions, or the high from only or an new ordering growth XX% X.X% the strong older, favorable, approximately and years of fleet. to remains over XX practicality to patterns new pertaining in XXXX. and potential by Turning from XXXX XXXX XX% and ships onwards, quite or to age fleet availability, drybulk would XX. These start of in it years of trading multi-decade peaking aging to is fleet lows growth cost, engine CII. regulations drybulk to to estimated go relating XX of is uncertainty the indicating EEXI measured Despite

respectively, fleet. XXXX drybulk and the be X.X% X.X%, are drybulk forecast in supra/ultramax and the from which smallest order For books to the XXXX, handysize is and

spot Turning levels. volatile been they to handysize/supramax healthy Slide remain rates at XX. this have year, TCE Whilst

in been given has prudent Looking uncertainty. risk the market although powder impact ahead, minimal, we potential approach management, remain the on the our dry to

chart side. their to turn Steve. would slightly most recent the asset end Handysize/supramax I down at of to first June. to prices are highs now call over Looking the flat back on in relative XXXX, quarter like right-hand from the the the late

Stephen Griffiths

Thanks, Carl.

conclusion Finally, let's XX our for Slide and turn to strategy.

our in sorry with about sorry, XXXX -- start XXXX Let's -- that. achievements

over results the net in were with decade, remain markets drybulk income. strong as a reported increase our nearly XXXX a As in earlier, quarter second year-over-year strongest adjusted Xx the

Pinehurst levels commercial charter-in exercise option Our using at from we vessels, IVS very potential on hand. its on short-term our opportunistically strategy continues both long while generated purchase attractive and with material profits the to demonstrate cash the

per side, dividend return our quarter, flexible share, liquid our materially we rewarding QX the continued since capital we with in XXXX. highest $X.XX policy shareholders a our in commenced the On dividend policy of cash second and dividend

due is the grain remained Russian war to to due Now demand looking trade hampers uncertainty resilient other disrupting distances, The sourced newbuilding growth the support orders, and as Ukraine longer ton-miles. newbuilding segments. commodity to book sanctions, continues and over cargoes smallest medium order the shipping supply vessel term, the in market increasing being decades flows impact constriction from smaller though has in of in replacement to technology in particularly more engine emissions vessel due strength in ahead,

EEXI LNG orders is in look hit of to joining earliest. market. to and multiyear With such with demand all other as shipyard the an combined expected reporting shipping Operator? our until the regulations has ton-mile capacity, sectors limited orders environmental call spare to forward the could lack in potential at today you window drybulk new we'd progress that the Grindrod. Newbuilding on for for to lead not extent water available that that, questions. XXXX, container mid-XXXX most grow, growth, and continues supply that, To meaning thank further the to like With open for attractive the

Operator

from line first question Fratt comes Partners. Our the Alliance of Poe [Operator with Instructions] Global

Poe Fratt

though ton of at even you with macro you sorry just some is if outlining Can the going look what’s XXXX? positive You volume of in you that if macro on and a we at currently of start flat. the impact job highlight nice could wouldn’t mind, and Can factors growth. Still it’s with miles on just said you fairly -- you’re looking a did the XXXX? risk the year

Stephen Griffiths

Carl, to take do you that? want

Carl Ackerley

yes. Steve,

the happen out. how mentioned don't factors. and you plays we obviously, the situation know to going Ukraine-Russian think And macro I what's that with

return what EEXI seaborne we've drybulk spend obviously, the steaming on inflation -- ability. and impact offset by growth be to this a And a X.X%, fleet expect that and regulations X.X% will years, the factor be somewhat X% this CII. X%. be and people's flat there historically, will going have they on new over which will to think to But interest a the I indicate analysts on and major the that's to year. been rates

stimulate already to So that. for comes to presidential start think want I country pick that watchers the what talk it out to the a measures very think happen apparently all that we must of are that difficult and November I know up. are with obviously And will in Also, the probably again, due expecting the to it's in the expectations on to place But reelection platform. positive China. China are you'll

Poe Fratt

see just relative talk just the think for Great. congestion the especially the has and that talk about we we And pretty about recent helping. like you of It there -- easing on a little expect if factors sort bit. calls, the what Do should then quarters But rest quarter? sounds can supramax about Can several some into you’re then striking the strength container may market previous tightness and quarter had rate been talk pushed booking that some the can in I be handy’s, talked the months. drybulk third cargoes into seeing you you’re -- on sectors where fourth that of we currently And of impact and both lessening just to the of and to a for too? market. you

Stephen Griffiths

bit trade of we're days. trades, somewhat year the is -- may At the that China again, again. out quite think of And lot steam And pickup bulk And last is the talked minor container a few in least picking that to Atlantic up. And The at overall, come is it this what term, stimulus. of say the after short to does there flat. a out may positive. quite the starting build has in the potential and quite Yes, been in significant a we Pacific the the market. we up congestion a moment, lull coming seem I uncertainty, see

And calendar see where showing be we -- scenario. in whilst think markets wanted It will next I put profitable a that we're it's above And us for above be confident year, for I the above FFAs is think in period. overall, market, period on you backwardated, ships personally where if it mean, the we can that the we the 'XX. see to calendar 'XX. for heavily will FFAs out I still FFA significantly quite

Poe Fratt

sounds we operating just Okay, talk then could good. And about costs. if

talked operating companies higher have costs. other about Some

can Your could year? but the than about the not G&A a costs? like talk seen. expected. just of anywhere a I And then also, you that And of was industry the the over just SG&A talk you And bit it extent looked rest is lot lower costs rest about moved have to operating little the what

Carl Ackerley

Okay. here. here, Carl, in I'll jump

target have So still mean, bucket internal the of still we OpEx, that. time -- basis over of be $X,XXX. to I from We're we're above on trying --

yes, One, it's it QX, to mean, had $XXX, those reduce would to a The we're The stock-related some bottom So but down say issues, about come probably does one have plus. this a $XXX. our are to expensive we they on in was continuing point out we still costs, now. as down line. have are but and the will high period I is result little it from difficult of thing continually high QX. here repatriation But lower. as these G&A have reduce working if market as our staff from costs some in it be variable we're it COVID we what slightly lower cost And I come is than not improved and significantly costs turns include incentive profitability bit

potential. of exercise on will We've of we I'm a the not of that some our take down costs, purchase pay reduce more result really to got we attached. when a cost. may pretty potential, certainly charter overall, but our from we debt that own of high it's even still breakeven possibility also agenda that current which There's don't that there's to financing it when the cash the option, also looking -- levels ships in chartered the $XX,XXX So so, costs much purchase where no will cash is are come value we those down on overall And the overall conversion same. and part vessels a -- lower

Poe Fratt

-- Okay, like or half rate. Is a going of the the first is year? extend over was taxes It that going helpful. the that’s seems to are great. it built tax second year. -- Or you over you X% are potentially to That's I the And in tax be close rate of X to then, have should out? your something half

Stephen Griffiths

expect remain in the six so first Well, you we along the had it can trend months. to that

Poe Fratt

shifted Okay. And quarter. into highlighted, Pinehurst got third looked the purchase it then the options the you like

in go million options going yes. down, Japanese But names purchase I’m doing to butcher the start $XX stretching to -- quarter that’s , the those do So think continue those to something to orderly these quarter. advantages but the those the second of especially When relationship -- instead lock-in because the two third [indiscernible] in rate? exchange yen-dollar or about you exercising continue

Stephen Griffiths

Yes.

as So mean you until do said, hedge, But July, we approval have in push of terms another our Board terms to the do delivered [indiscernible] exercised and exercise two. we policy was in absolutely. that the the we timing, wouldn't and option. of I button to in

on we're next early And So other the two, those then those a to push we're year, this year. expecting planning exercise two. late button to

to expect on So you us those move can pretty [indiscernible].

well plan Another four And cost current market There's thing we do likely like ships total plan all below them course, contribute million. of the our cost we'll And on fleet. around [indiscernible] the cash prices will of mind all is that this the the I'd those of to debt-free. our daily now, our bear thing add, $XX our And remaining reduce is value. those are in to one option to where of to is that in purchase terms

Poe Fratt

really attractive. Yes, they look

of the bought will all that next clear four So year, just be to middle by be those in? of

Stephen Griffiths

It'll likely Likely, Yes. be that's bet. done. the

Poe Fratt

purchase especially the is, quarter fourth flat, just it Okay. given But well It years it, your little about the a buybacks stock you're third about options. talk the it's talk Can million, the And like be the that on context how $XXX bit thinking went that $XXX you $XX dividends versus you some that above explains balance going call like that of -- a million option purchase cash that's allocation looks also, cash, spend? you because bit million quarter, looks And to mid-teens? weak, of executed. of can little -- going in the to the just the stock the you're Pinehurst likely about was forward? capital the into

Stephen Griffiths

Yes, absolutely. that's

Carl Ackerley

With increase and level. at a Board in future. in dividends the the we everything share happy on with a our And price Board always very But of dividend but at do it spoken reporting. point could is -- of Share it’s our is didn’t some close return the policy, anything topic agenda. capital QX. course, our as in the stands We pretty discussion point our in low really that buybacks. But in about it I’ve period for much with

So share. we some yes, well in may the, buyback

your Of that. would at in course, share we it dependent, inflation in we’ve a position it’s we is go out a share probably [indiscernible]. buying proof look got where price that we the But and once consider for of back ahead will weeks

Operator

the Our Investment. Instructions] Anibok next line comes question Daniels of [Operator from Francis with

Francis Daniels

two I things. more color on little wanted bit to a get

you of First new then or as Baltic any Index mid-XXXX. on are the to number. was It's the -- hitting read because values. And comment expecting asking -- the have been come Do since until second greater declining expect May. XXXX the be orders mid-XXXX end you? new And thoughts that means than -- my shipping I on you you don't not? for to the coming supply that the of excess supply significance impact post what know orders question on how I'm your not the to What will if mid declining relates last of demand in? about Dry water of

Carl Ackerley

to Steve, shall I answer this?

Stephen Griffiths

Yes.

You go Carl. ahead,

Carl Ackerley

Yes.

are is to ships the The in the the order being mean, on -- sector, dual ships fuel ESG fuel cargo financed and go the to [ph] but the The the in liquid for stats that or the I with of easier quite they of build, as book engines. in of at the that boxes that. there there or full are supra/ultras. One get the for orders, way far built they the tick carbon newbuilding with of As decarbonization there the more yards reducing plenty main can your the as do handysize terms not being main because two footprint. terms perceived reasons new and right sort are in

along it these the days. to the we're So Until new it's the make finance there's but people with are old it new looking -- ESG there's financiers to building are who fuel for fit very technology companies for comes see policy attractive carbon who the big at governed until big predict with big still uptake that comes into or using deep policy along to to engines. all we're the a building that much going technology handy/ultra-sector, be obviously, by companies them pockets can the the of difficult and ESG governed when by

to how put Of better you getting getting afford bullet of up more can the a engine was on an economy those question. what is fairly with course, magic to one yet, And always ships. has come ship? next on eco. is on on They're the the what as no inexpensive But expensive

Operator

seems disconnected. Global our Partners. from Poe I -- Fratt it question will I’m has line the with line Alliance sorry, comes of his next

Poe Fratt

and he ultras for I what the you're second about talk that the -- BDI relative Dry you weakness? the supra’s and was Baltic the in the had to market weakness, that think your question can handy’s Index seeing

Stephen Griffiths

iron And ore the growth lesser cape by market. a almost for appetite the entirely is driven iron cape The in China and moment, and to market percentage-wise coal. pretty Yes. by degree, governed built And fully it's the at largely partly the also, BDI of means is because they is which less plenty iron produce iron they their scrap course, ore is in there, because leveling they're ore. they their now imports production there not also And on of produce grants out ore. still steel

sector minor it We its of that any percentage that we that bulk markets BDI bulk from say, think the believe sizes outperformed don’t cape going So much the the near And is all have market, perceive year. strength. in that BDI. we’ve have we governs all the a has to term. of that is big see for the as retain And the representative whereas [ph] already strength I market more BDI, smaller that the can sector minor reasons perspective, this said will I

Poe Fratt

a schedule I That's year? had that Great. really talk about you XXX over couple days looks helpful. is, then additional the of you're docking like can the anticipating? It questions. of at second the just follow-on why -- quarters? 'XX, And One dry I'm talk the is you're -- firm is Can looking at second heavier X,XXX maybe sorry, looking of that couple schedule than dry last or docking what about half XXX. you the just how and half

Carl Ackerley

first, that Yes. Look, the higher. expense has in the money timing been -- in have scheduling, is spend it’s of also in going we more Yes, HX. it’s the and terms this of a it sorry, in the half low second what be half, just there first it in is to -- It’s is pretty way second Yes, the the than half quite materially high. And of year. what XXXX, second in we in half the

higher than that roughly in can it we then Xx, and to slightly XXXX. higher So Xx expect be

Stephen Griffiths

dry which special because got requirement. We the ships faster stops dry Okay. special -- survey the have hole which that. think the do here every to worth you I is years and dock we is for survey, adding -- X.X it's dry the to I don't that dock mean an you X every years environmental running immediate the we just But hole like ship growth. and holes the helps a go we paint one. is we It believe paint in we have ship better dock

schedule each ship years. but the we around dry comes them on every dock do So X.X we when it

Poe Fratt

just... I Yes.

Carl Ackerley

Sorry.

have first but there China. had we have add delays to that on half Something scheduling year of the this been some in in

there that’s being sort been cause not of flow a So through also the a year. of consistent

late of obviously spend XXXX. more there the half year. this same of over course in we in a the the And much would are what second ‘XX than is the we bit So as we be expectation is pretty

Poe Fratt

that saying scrubbers at your in the to scrubbers. look you historically, And some to view [indiscernible] Has scrubbers. There's haven't then on drybulk is at at all? company the they're changed that start going looked industry

Stephen Griffiths

we side mean mean to environmental I scrubbers. -- to arguments yes, as thing. through -- I Well, we one bad whether let’s didn’t leave good go a or thing the we they’re

on is But kind on the You Japanese because why different didn’t reason get eco get main nice capitalizing that. scrubbers of a is fleet. it’s what modern really the over opinions very we

on for which we in have new the with that gives came the XXXX On Ultramaxes, efficiencies everything your when onwards is greater engine consumption. speed example, and

on still costs and $X million -- necessary we million, was of expenditure. keep not scrubber feels that’s then -- maintenance go $X.X felt the So spend to a working all and to scrubbers and them the

Poe Fratt

Okay. capital capital year? going just should to you flow I quarter. capital? working flow, quarter at the reporting if working just changes were that's one, just working working -- working into. capital? it's the rest of Deficit quarter was over within we you're your in positive it a I sort calibrate working the according And calculate look capital looks million like $XX about way could flow, understand second but just different cash then little fairly of help the the if there second just -- could what talk just I reversal of on about Was with what what's capital Can you me backed the first the do

Stephen Griffiths

time. very It's absolutely. to going very, Poe, estimate be at a what it's point difficult in to

to what same. the reversal. right at end levels pay to in as up quarter that's they're But before that may have of just manage can. our -- predict. pretty went on and you're the some going just this be $XX but a of with I to just a best other look got before. terms expenses a of way end, and very, outflows a just voyage you But if very you date. of charter to right time close of do which most reversal all you to in You the have quarter long have and We certain to it QX. our a of we inflows our look XXX% costs the you time, a on are a be about the the manage do But caught may for QX, outlay them two period best unavoidable. weeks much terms should end of in million can It's not the or difficult certain big We was at be paid as of or we timing, see It's over in

Operator

Ladies and comments. turn final gentlemen, questions. that concludes our time I'll floor management back allowed any to for for the

Stephen Griffiths

joining for -- us And yes, for call. time next from everyone, the results in our us you’ll have to join taking the quarter. again Thanks,

Carl Ackerley

you. Thank Bye.

Operator

This Thank concludes today's you. conference.

Thank your lines disconnect may your participation. this You for at time. you

Grindrod Shipping (GRIN) 18 Aug 222022 Q2 Earnings call transcript