Shipping sinks Grindrod profits

Grindrod has advised
shareholders that its
earnings per share and
headline earnings per share
for the 12-month period
ended December 2011 are
expected to decrease by
between 35% and 45%
compared to the previous
year.
“This is as a result of
continued weak shipping
earnings. The performance
of the other operating
divisions has improved on
2010 earnings,” according to
a company statement.
In its last annual report,
Grindrod said its tanker
business “had a difficult
year, due to fleet oversupply
and slow growth in oil and
chemical consumption.
Chemical tanker earnings
were also adversely affected
by pirate activity”.