Why Is Grindrod Shipping (GRIN) Stock Shooting Higher Afterhours Today

Grindrod Shipping Holdings Ltd GRIN reported a second-quarter revenue increase of 47.1% year-over-year to $161.58 million. Adjusted EPS was $2.74, an improvement from $0.99 in 2Q21.
The gross margin expanded by 756 bps to 40%. Other operating income increased by 22.7% Y/Y to $4.09 million.
Adjusted EBITDA increased by 70.3% Y/Y to $73.89 million, and margin improved 623 bps to 45.7%.
The company held cash and cash equivalents of $160.0 million and restricted cash of $9.7 million at the end of the quarter.
As of August 10, 2022, GRIN had contracted Handysize: ~1,020 operating days at an average TCE per day of ~$25,127.
Supramax/ultramax for ~1,524 operating days at an average TCE per day of ~$26,766.
Dividend: GRIN declared an interim quarterly cash dividend of $0.84 per ordinary share, payable on or about September 19, 2022, to all shareholders of record as of September 9, 2022.
“The supply picture remains at very healthy levels with continued minimal ordering of new vessels due to concerns over environmental regulations and higher newbuilding prices. As we head into the second half of the year, more macroeconomic concerns have emerged as the global economy grapples with elevated inflation levels and rising interest rates,” commented Stephen Griffiths, the Interim Chief Executive Officer.
Price Action: GRIN shares are trading higher by 4.85% at $20.10 during the post-market session on Wednesday.

Grindrod Shipping Shares Soar On Q2 Revenue Growth Of 47%, Declares Dividend