Grindrod Shipping is finally buying out the remaining 31.14% equity stake in its IVS Bulk joint venture, paying Bain Capital Credit a total of $46.3m for its share in the venture that controls 12 bulk carriers.

Martyn Wade, Grindrod’s CEO, commented: “The acquisition of the remaining shares in IVS Bulk represents a critical step in the growth and development of Grindrod Shipping at a time of very strong freight rates in the dry bulk industry.”

The protracted buyout of IVS Bulk has taken around two years for Singapore-headquartered Grindrod to complete.