Grincor orders ten new ships - They'll fit into subsidiary IVS's fleet - Terry Hutson

THE Grincor/Unicorn Group is adding some real teeth to South AfricaÕs leading shipping line by entering into a major shipbuilding programme.
The ten new ships already ordered will fit into the subsidiary shipping company Island View Shipping (IVS) fleet, the countryÕs largest bulk shipping operator. IVS, which was acquired by the Grincor Group in 1999, is now set to take a much more prominent role in the activities of the group, says managing director Tim McClure, who adds that the change of shareholder has been beneficial to IVS. "We've received great support from Grincor."
The ten ships are being purchased either outright or on long term charter deals. First for delivery is IVS Hunter, a 32 000-dwt ore strengthened bulker, which will be delivered from a Japanese yard on September 20 this year. This will be followed between January and March 2002 by a series of three bulkers from another Japanese shipbuilder, the 28 300-dwt IVS Kingfisher and two 32 600-dwt ore strengthened bulkers - IVS Kestrel in April 2002 and IVS Kite in September 2002. All four ships are fitted for log carrying.
Also on order for delivery from 2002 are six Valiant class bulkers being built in China as a joint venture between Grincor and the Danish Clipper Group. The six ships have been designated as the Valiant Class, with all names starting with the letter V. Grincor has an option for a further two V-class ships, but McClure quips that they are fast running out of suitable names. "There's not that many names left that begin with V."
First off the blocks will be IVS Valiant (delivery April 2002), followed by IVS Victory (September 2002), IVS Viscount (February 2003), IVS Viking (July 2003), IVS Vanguard (December 2003) and IVS Valhalla (May 2004).
IVS has another two bulker ships in its owned fleet, the 28 290-dwt Tiger Durban, built in 1995, and the 28 646-dwt Tiger Falcon, built in 1997, which are both employed on long term charter on a global service. The shipping line operates several other Cape and Panamax vessels under charter agreements and moves a total of between 4 and 5 million tonnes of cargo in 180 to 200 sailings annually.