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”.
Shipping sinks Grindrod profits
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