Publicly listed Taylor Maritime Investments (TMI), which is based in London, is trying to take over Singapore-located dry bulk carrier Grindrod Shipping Holdings, TMI writes in a stock exchange announcement.

The offer is pricing Grindrod Shipping Holdings at USD 506m. In case of a takeover, the combined dry cargo operator will manage 58 vessels, including six chartered ships, with four of these having a purchase option.

”TMI believes the Offer will create a significant player and owner of mid-sized dry-bulk ships ... providing freight capacity to a high-quality customer base and moving a diversified portfolio of cargoes around the world,” reads the purchase offer, which was last updated on Oct. 14.

”The combined fleet will mean that the enlarged group’s assets are closer to its customers around the world.”

TMI already owns 26 percent of shares in Grindrod Shipping Holdings. TMI began buying Grindrod Shipping shares in Q4 last year.

Grindrod Shipping Holdings is headquartered in Singapore and became an independent shipping company in 2017, when shipping activities were bought out of South African logistics group Grindrod Limited, which Danish carrier Maersk is collaborating with in relation to land transportation.

English edit: Kristoffer Grønbæk

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