Grindrod Shipping reports Q3 adjusted EPS (33c), consensus (21c)

Reports Q3 revenue $112.46M vs. $107.2M last year. Edward Buttery, the CEO, commented: “We have had a productive quarter, having further reduced debt through maturity and repayments, contracted $69.7 million of ship sales, arranged a significant cash distribution of $32.4 million for our shareholders and started the integration of the management teams which we expect to unlock further commercial synergies and technical savings, all while maintaining an attractive core of modern Japanese geared bulk carriers. We outperformed the BHSI and BSI through the period. In total, we have now paid $36.1 million of bank debt since the start of the year, equating to a reduction in interest payments of $1.9 million on an annualised basis. Overall, we maintain a favourable outlook for the geared dry bulk segment and we remain committed to continuing to reduce debt and improving our position to deliver long-term value to shareholders.”