IVS pools resources to create major bulk fleet

The latest development involves the pooling of Island View Shipping's fleet of bulk vessels with those of Norwegian major Lauritzen Bulkers THE GRINDROD Group has announced the latest in a chain of strategic alliances, amalgamations and absorptions that has seen the group transformed from an embattled, loss-making operation into a dynamic logistic and shipping group that is not only posting good profits quarter by quarter but is creating new synergies with a number of leading worldwide organisations. The latest development involves the pooling of Island View Shipping's fleet of bulk vessels with those of Norwegian major Lauritzen Bulkers, to make one of the world's largest and most modern handysize fleet of bulk ships. Together with Lauritzen's 20 bulk vessels, Island View is adding its 10 new buildings to create a pool of 30 handysize bulkers in the 25 000 - 40 000 DWT range. All the vessels, which are equipped for both log and grab cargoes, will be employed in global handy tramp markets. The pooling operation came into effect on September 15 and is headquartered in Copenhagen with support from overseas offices in Durban, Melbourne and New York. Lauritzen Bulkers forms part of J Lauritzen, which was founded in 1884. Island View is a part of Grindrod Ltd, formerly the Grindrod Unicorn Group, founded in 1922.