Grindrod, Vitol Go Separate Ways with Tanker JV

Singapore-based Grindrod Shipping has started the wind up of the Leopard Tankers joint venture with energy and commodities company Vitol.

Under the wind up agreement, the parties were each to acquire two medium range eco tankers from the joint venture.

Grindrod Shipping took the 2013-built oil/chemical tankers Leopard Moon and Leopard Sun for a total purchase price of USD 54 million.

The company said that the proceeds from the sale by Leopard Tankers of its vessels would be applied to fully repay the joint venture’s USD 138.5 million credit facility, of which USD 70.2 million remained outstanding as of December 31, 2018.

The companies agreed to establish Leopard Tankers in March 2012. The JV was set up to build four medium range product tankers in Korea, which were delivered in the first half of 2013. The ships were commercially operated within the Vitol Group.