Grindrod tanker results 2010

South African shipping and logistics company Grindrod’s four chemical tankers achieved average daily revenues of USD 15,300 and daily operating costs of USD 14,200 in 2010 according to the company’s annual report. The company also controlled an average of 8.7 MR tankers in 2010 which earned an average of USD 18,600.

The company states that “recovery in the product and tanker markets is likely to be slow due to an oversupply of ships and economic recovery.”

It adds that a large portion of its tanker fleet’s fixed rate charters end in 2011 and that these vessels are likely to be employed in the spot market.