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SUBSIDIARIES
 12 Months Ended
Dec. 31, 2021
Disclosure Of Significant Investments In Subsidiaries Explanatory [Abstract]  
SUBSIDIARIES
 
 
15
SUBSIDIARIES
 
Details of the Group’s subsidiaries at the end of the reporting period are as follows:
 
Name of subsidiary
 
Principal activity
 
 
Country of
incorporation
 
 
Proportion of ownership
interest and voting
power held by the
Group
 
 
 
 
 
 
 
 
 
2021
 
 
2020
 
 
 
 
 
 
 
 
 
%
 
 
%
 
Grindrod Shipping Pte. Ltd.
 
 
Ship operating and management
 
 
 
Singapore
 
 
 
100
%
 
 
100
%
Grindrod Shipping (South Africa) Pty Ltd
 
 
Ship operating and management
 
 
 
South Africa
 
 
 
100
%
 
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Held by Grindrod Shipping Pte. Ltd
 
 
  
 
 
 
  
 
 
 
 
 
 
 
 
 
IVS Bulk Owning Pte. Ltd.
 
 
Dormant
 
 
 
Singapore
 
 
 
100
%
 
 
100
%
IVS Bulk Carriers Pte. Ltd.
 
 
Dormant
 
 
 
Singapore
 
 
 
100
%
 
 
100
%
IVS Bulk 430 Pte. Ltd.
 
 
Dormant
 
 
 
Singapore
 
 
 
100
%
 
 
100
%
IVS Bulk 462 Pte. Ltd.
 
 
Dormant
 
 
 
Singapore
 
 
 
100
%
 
 
100
%
IVS Bulk 475 Pte. Ltd.
 
 
Ship Owning and Operating
 
 
 
Singapore
 
 
 
100
%
 
 
100
%
IVS Bulk 511 Pte. Ltd.
 
 
Dormant
 
 
 
Singapore
 
 
 
100
%
 
 
100
%
IVS Bulk 512 Pte. Ltd.
 
 
Dormant
 
 
 
Singapore
 
 
 
100
%
 
 
100
%
IVS Bulk 603 Pte. Ltd.
 
 
Ship Owning and Operating
 
 
 
Singapore
 
 
 
100
%
 
 
100
%
IVS Bulk 609 Pte. Ltd.
 
 
Ship Owning and Operating
 
 
 
Singapore
 
 
 
100
%
 
 
100
%
IVS Bulk 611 Pte. Ltd.
 
 
Ship Owning and Operating
 
 
 
Singapore
 
 
 
100
%
 
 
100
%
IVS Bulk 612 Pte. Ltd.
 
 
Ship Owning and Operating
 
 
 
Singapore
 
 
 
100
%
 
 
100
%
IVS Bulk 707 Pte. Ltd.
 
 
Dormant
 
 
 
Singapore
 
 
 
100
%
 
 
100
%
IVS Bulk 3708 Pte. Ltd.
 
 
Ship Owning and Operating
 
 
 
Singapore 
 
 
 
100
%
 
 
100
%
IVS Bulk 3720 Pte. Ltd.
 
 
Ship Owning and Operating
 
 
 
Singapore 
 
 
 
100
%
 
 
100
%
IVS Bulk Pte. Ltd.
(i)
 
 
Ship Owning and Operating
 
 
 
Singapore 
 
 
 
100
%
 
 
68.86
%
IM Shipping Pte. Ltd.
 
 
Ship Owning and Operating
 
 
 
Singapore
 
 
 
100
%
 
 
100
%
Island Bulk Carriers Pte. Ltd.
(ii)
 
 
Ship Owning and Operating
 
 
 
Singapore
 
 
 
100
%
 
 
100
%
Grindrod Shipping Services UK Limited
 
 
To provide shipping and shipping related services
 
 
 
United Kingdom
 
 
 
100
%
 
 
100
%
Grindrod Shipping Services Hong Kong Limited
(iv)
 
 
 To provide shipping and shipping related services
 
 
 
 Hong Kong
 
 
 
100
%
 
 
-
 
Unicorn Atlantic Pte. Ltd.
 
 
Dormant
 
 
 
Singapore
 
 
 
100
%
 
 
100
%
Unicorn Baltic Pte. Ltd.
 
 
Dormant
 
 
 
Singapore
 
 
 
100
%
 
 
100
%
Unicorn Ionia Pte. Ltd.
 
 
Dormant
 
 
 
Singapore
 
 
 
100
%
 
 
100
%
Unicorn Tanker Operations (434) Pte. Ltd.
 
 
Dormant
 
 
 
Singapore
 
 
 
100
%
 
 
100
%
Unicorn Ross Pte. Ltd.
 
 
Dormant
 
 
 
Singapore
 
 
 
100
%
 
 
100
%
Nyathi Limited
(iii)
 
 
Dormant
 
 
 
Isle of Man
 
 
 
-
 
 
 
100
%
Unicorn Caspian Pte. Ltd.
 
 
Dormant
 
 
 
Singapore
 
 
 
100
%
 
 
100
%
Unicorn Marmara Pte. Ltd.
 
 
Dormant
 
 
 
Singapore
 
 
 
100
%
 
 
100
%
Unicorn Scotia Pte. Ltd.
 
 
Dormant
 
 
 
Singapore
 
 
 
100
%
 
 
100
%
Unicorn Malacca Pte. Ltd.
 
 
Dormant
 
 
 
Singapore
 
 
 
100
%
 
 
100
%
Unicorn Bulk Carriers Ltd
 
 
Dormant
 
 
 
British Virgin Islands
 
 
 
100
%
 
 
100
%
Unicorn Tankers International Ltd
 
 
Dormant
 
 
 
British Virgin Islands
 
 
 
100
%
 
 
100
%
Grindrod Maritime LLC
 
 
Ship Owning and Operating
 
 
 
Marshall Islands
 
 
 
100
%
 
 
100
%
Unicorn Sun Pte. Ltd.
 
 
Dormant
 
 
 
Singapore
 
 
 
100
%
 
 
100
%
Unicorn Moon Pte. Ltd.
 
 
Dormant
 
 
 
Singapore
 
 
 
100
%
 
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Held by Grindrod Shipping (South Africa) Pty Ltd
 
 
 
 
 
 
 
 
 
 
 
 
 
Comshipco Schiffahrts Agentur GmbH
 
 
Ship agents and operators
 
 
 
Germany
 
 
 
100
%
 
 
100
%
Kuhle Shipping (Pty) Ltd
 
 
Dormant
 
 
 
South Africa
 
 
 
100
%
 
 
100
%
Name of subsidiary
 
Principal activity
 
Country of

incorporation
 
 
Proportion of

ownership interest and

voting power held by

the Group
 


 
 
 
 
 
 
 
 
2021
 
 
2020
 
 
 
 
 
 
 
 
%
 
 
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Held by IVS Bulk Pte. Ltd.
 
 
 
 
 
 
 
 
 
 
 
 
IVS Bulk 541 Pte. Ltd.
(i)
 
Ship Owning and Operating
 
 
Singapore
 
 
 
100
%
 
 
68.86
%
IVS Bulk 543 Pte. Ltd.
(i)
 
Ship Owning and Operating
 
 
Singapore
 
 
 
100
%
 
 
68.86
%
IVS Bulk 545 Pte. Ltd.
(i)
 
Ship Owning and Operating
 
 
Singapore
 
 
 
100
%
 
 
68.86
%
IVS Bulk 554 Pte. Ltd.
(i)
 
Ship Owning and Operating
 
 
Singapore
 
 
 
100
%
 
 
68.86
%
IVS Bulk 5855 Pte. Ltd.
(i)
 
Ship Owning and Operating
 
 
Singapore
 
 
 
100
%
 
 
68.86
%
IVS Bulk 5858 Pte. Ltd.
(i)
 
Ship Owning and Operating
 
 
Singapore
 
 
 
100
%
 
 
68.86
%
IVS Bulk 709 Pte. Ltd.
(i)
 
Ship Owning and Operating
 
 
Singapore
 
 
 
100
%
 
 
68.86
%
IVS Bulk 712 Pte. Ltd.
(i)
 
Ship Owning and Operating
 
 
Singapore
 
 
 
100
%
 
 
68.86
%
IVS Bulk 7297 Pte. Ltd.
(i)
 
Ship Owning and Operating
 
 
Singapore
 
 
 
100
%
 
 
68.86
%
IVS Bulk 1345 Pte. Ltd.
(i)
 
Ship Owning and Operating
 
 
Singapore
 
 
 
100
%
 
 
68.86
%
IVS Bulk 3693 Pte. Ltd.
(i)
 
Ship Owning and Operating
 
 
Singapore
 
 
 
100
%
 
 
68.86
%
IVS Bulk 10824 Pte. Ltd.
(i)
 
Ship Owning and Operating
 
 
Singapore
 
 
 
100
%
 
 
68.86
%
 
(i)
On 14 February 2020, the Group acquired additional equity interest in IVS Bulk Pte. Ltd. (“IVS Bulk”) from its joint venture partner which increased its ownership interest from 33.5% to 66.75%. Subsequent to the purchase of these shares, IVS Bulk became a subsidiary of the Group (Note 39.1). On 1 December 2020, a loan of US$4,000,000 million provided by the Group to IVS Bulk was converted to equity in the form of “A Class” shares in line with the shareholders agreement dated 14 February 2020. The loan was initially provided on 30 September 2020 with interest calculated at LIBOR plus 3.1%. The transaction increased Group’s shareholding by 2.11% in IVS Bulk from 66.75% to 68.86%. On 1 September 2021, the Group acquired the remaining shares in IVS Bulk which increased the shareholding from 68.86% to 100%.
 
(ii)
On 3 July 2020, the Group acquired the remaining 35% issued shares in the joint venture, Island Bulk Carriers Pte. Ltd. (“IBC”). Subsequent to the purchase of these shares, IBC became a wholly-owned subsidiary of the Group (Note 39.2).
 
(iii)
This company was deregistered in 2021.
 
(iv)
This company was registered in 2021.