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G GRINDROD SHIPPING Source : Grindrod Shipping Holdings Ltd August 18 , 2021 16:05 ET Grindrod Shipping Holdings Ltd. Unaudited Financial Results for the First Quarter , Second Quarter & First Half of the Year Ended December 31 , 2021 SINGAPORE , Aug. 18 , 2021 ( GLOBE NEWSWIRE ) -- 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 ) 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 ) Financial Highlights for the First Half of 2021 , Ended June 30 , 2021 • 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 Operational Highlights for the First Quarter , Second Quarter and First Half of 2021 press release . • 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 . Implementation of New Dividend and Capital Return Policy Commencing from the quarter ending September 30 , 2021 , the Company intends , subject to operating needs and other circumstances , to return approximately 30 % of its adjusted net income ( adjusted for extraordinary items ) to shareholders through a combination of quarterly dividends and / or share repurchases . The Company intends to pay a minimum quarterly base dividend of $ 0.03 per share and an additional variable component , that will consist of additional dividends and / or share repurchases . We expect