Grindrod Shipping : 2021 1st quarter, second quarter and 1st half unaudited results

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE SECURITIES

EXCHANGE ACT OF 1934

For the month of August 2021

Commission File Number 001-38440

Grindrod Shipping Holdings Ltd.

#03-01 Southpoint

200 Cantonment Road

Singapore 089763

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): .

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): .

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

INFORMATION CONTAINED IN THIS FORM 6-K REPORT

On August 18, 2021, Grindrod Shipping Holdings Ltd. (the "Company") issued a press release announcing the Company's financial results for the three months ended March 31, 2021, the three months ended June 30, 2021 and the six months ended June 30, 2021. A copy of the press release is filed as Exhibit 99.1 to this Report on Form 6-K.

Exhibits

99.1 Press Release of Grindrod Shipping Holdings Ltd. dated August 18, 20212

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		GRINDROD SHIPPING HOLDINGS LTD.
Dated: August 18, 2021		/s/ Stephen Griffiths
		Name: Stephen Griffiths
		Title: Chief Financial Officer
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Exhibit 99.1

GRINDROD SHIPPING HOLDINGS LTD.

UNAUDITED FINANCIAL RESULTS FOR THE FIRST QUARTER, SECOND QUARTER & FIRST HALF OF THE

YEAR ENDED DECEMBER 31, 2021

Singapore, August 18, 2021: - Grindrod Shipping Holdings Ltd. (NASDAQ: GRIN) (JSE: GSH) ("Grindrod Shipping" or "Company" or "we" or "us" or "our"), a global provider of maritime transportation services predominantly in the drybulk sector, today announced its earnings results for the three months ended March 31, 2021, the three months ended June 30, 2021 and the six months ended June 30, 2021.

Financial Highlights for the First Quarter of 2021 Ended March 31, 2021(1)

1. • Revenues of $71.8 million
   • Gross profit of $13.8 million
   • Profit for the period of $3.3 million
   • Profit for the period attributable to owners of the Company of $2.4 million, or $0.12 per ordinary share
   • Adjusted EBITDA of $21.8 million(2)
   • Handysize and supramax/ultramax TCE per day of $12,053 and $13,259, respectively(2)
2. In view of commencing with earnings reporting on a quarterly basis, we have included the financial highlights for the First Quarter ended March 31, 2021 in this press release to provide additional detail on our First Half results.

Financial Highlights for the Second Quarter of 2021 Ended June 30, 2021

• Revenues of $159.4 million
• Gross profit of $34.3 million
• Profit for the period of $24.2 million
• Profit for the period attributable to owners of the Company of $19.8 million, or $1.02 per ordinary share
• Adjusted EBITDA of $40.7 million(2)
• Handysize and supramax/ultramax TCE per day of $18,104 and $21,916, respectively(2)

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Financial Highlights for the First Half of 2021, Ended June 30, 2021

1. • Revenues of $231.2 million
   • Gross profit of $48.2 million
   • Profit for the period of $27.6 million
   • Profit for the period attributable to owners of the Company of $22.1 million or $1.15 per ordinary share
   • Adjusted EBITDA of $62.5 million(2)
   • Handysize and supramax/ultramax TCE per day of $15,285 and $17,606, respectively(2)
   • Period end cash and cash equivalents of $58.1 million and restricted cash of $9.3 million
2. Adjusted EBITDA and TCE per day are non-GAAP financial measures. For the definitions of these non-GAAP financial measures and the reconciliation of these measures to the most directly comparable financial measure calculated and presented in accordance with GAAP, please refer to the definitions and reconciliations in "Non-GAAP Financial Measures" at the end of this press release.

Operational Highlights for the First Quarter, Second Quarter and First Half of 2021

• We sold the 2009-built small products tanker Breede for a gross price of $6.8 million with delivery to the buyers on April 14, 2021.
• We sold the 2013-built medium range tankers Leopard Moon and Leopard Sun for a total gross price of $42.8 million with deliveries to the buyers on April 12, 2021 and April 20, 2021.
• On May 07, 2021, the United Kingdom Upper Tribunal found in our favor with respect to a previously disclosed tax dispute with Her Majesty's Revenue and Customs ("HMRC"). HMRC decided not to appeal the decision which prompted the release of $2.4 million in tax provisions that had been recorded in respect of such dispute in prior periods.
• On May 19, 2021 the Company repaid the approximately $25.8 million remaining outstanding amount on the senior secured credit facility with an affiliate of Bain Capital Credit ("Bain").
• On June 28, 2021 the Company announced its transition to quarterly financial reporting from semi-annual reporting.
• During the second quarter, we repurchased a combined total of 33,467 ordinary shares in the open market on NASDAQ and the JSE at an average price of $8.46 per share.

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