US investment bank Jefferies has begun covering Singaporean bulker owner Grindrod Shipping with a buy rating based on "an attractive outlook" for dry bulk shipping.
It gave a $20 price target to the owner of 15 handysizes and nine supramaxes with seven supramaxes chartered-in, since its shares trade at a 35% discount to net asset value.
Grindrod's stock, which trades on the Nasdaq under the ticker symbol GRIN, gained 4.4%
