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GNDE - Grindrod Limited - Press Release

15/11/2002 13:48:29

Grindrod Limited - Press Release
Grindrod Limited
(Registration number: 1966/0009846/06)
Share Code: GND
ISIN Code: ZAE000030805
Who's Who one
World shipping gathers in Durban
November 14, 2002
The Who's Who of international and local shipping are in Durban this week to
celebrate the 26th anniversary of Island View Shipping (IVS), the largest bulk
shipping operator in South Africa.
Guests include international ship owners, builders, operators, exporters, world-
wide ship agency representatives and brokers and many other shipping-affiliated
sectors including the legal and insurance fraternities.
Island View Shipping, headed by Tim McClure with the assistance of Grindrod, its
shareholders since 1999, has grown in size over the last three years from
carrying four million tons of cargo to 14 million tons of cargo a year.
The company and the Grindrod Group are undergoing a ship replacement programme
which will see about 20 new ships for ownership or charter built over the next
few years.
This year Island View Shipping and Unicorn Shipping took delivery of 14 new
ships - owned and on long term charter - and the remainder are expected to be
delivered in 2003 and 2004.
With almost 100 ships in its joint fleet, Island View Shipping has become a
major global operator in the handysized bulk shipping market - a position that
has not been held by a South African shipping company for many years.
IVS has a pool agreement with Lauritzen Bulkers which has created one of the
largest modern handysize fleets in the world. During the past year the company's
pool vessels have been calling regularly at South African ports to service local
exporters.
Island View Shipping has also created a substantial Cape-sized fleet and is in
the process of increasing the size of its Panamax operations.
Island View Shipping's core business is a regular bulk parcel service to the
North West Continent and the Mediterranean scheduling 8 to 12 vessels per month
from South Africa to various European ports.
In addition to the bulk parcel service, IVS has several longer-term contracts:
Australia to Europe, South Africa and Mauritius
Europe to South Africa and Mauritius
South America to South Africa
United States Gulf to South Africa
South Africa to Argentina.
Shipping in South Africa is an important industry in that the country has a well
developed maritime infrastructure, vast coastlines and seven ports and relies
heavily on exports for its wealth.
Although world shipping markets have been soft recently there has been an upturn
that looks to be sustainable with indicators across several shipping markets
looking bullish, said Ivan Clark, Managing Director of Grindrod.
This bodes well for Island View Shipping, which has been performing well in
difficult international markets, as well as for the Grindrod Group, which is
confident of further growth in earnings over the next year, he said.
Ends
Issued by : Lesley van Duffelen
Of : Simeka TWS Communications
Phone : (031) 203-9800
Cell : (083) 7874533
E-mail : lesleyv@stws.adcorp.co.za
On behalf of : Grindrod
Contact : Ivan Clark MD
Phone : (031) 3041451
Or : Island View Shipping
: Tim McClure MD
: (031) 2074491
.
Date: 15/11/2002 07:44:03 AM Produced by the JSE SENS Department

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