Net loss at Grindrod spikes on back of US-China trade tariffs
30 Aug 2019 - by
JSE and Wall Street-listed shipping company, Grindrod Shipping, has reported that its net loss figures have gone up from $13.5m in 2018 to $19m year-on-year.
This is in spite of first-half revenue for 2019 rising 10.9% to $167.2m (R2.6bn).
According to business writer Nick Hedley, Grindrod stated that its results had been partly affected by time and money spent on positioning its vessels and changes in trade routes for a variety of reasons.
Primary among these is the ongoing tariff tension between the US and China, a long-standing trade spat that appears to be nowhere near resolution despite Beijing and Washington striving to find common ground.
Losses from vessel sales alone amounted to $4.3m.