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Grindrod secures financing for two new ultramaxes

Singapore’s Nasdaq-listed owner Grindrod Shipping has secured a $31.4m term loan from IYO Bank, and will be using the money to buy two newbuilds from a Japanese yard

‘We are pleased to have agreed an indicative term sheet to expand our relationship with IYO Bank, a leading Japanese financial institution, on competitive financing terms that demonstrate our continued access to attractive sources of capital’ — chief executive Martyn Wade

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