Singapore’s Grindrod Shipping Holdings has completed its withdrawal from tankers as it builds up its bulker fleet.

The Nasdaq-listed company said it had agreed a deal to offload the 50,100-dwt MR Matuku (built 2016) — its last product carrier — for $30m.

The Matuku was bareboated in from lease financier Eifuku Kaiun of Japan, but Grindrod used a purchase option to take ownership for $25.4m after the charter expired.

Delivery to the unnamed new owner will be in June.

Brokers reported that this is Italy’s Premuda.

VesselsValue assesses the ship as worth $31.5m.

In March, Grindrod offloaded the 50,000-dwt Leopard Sun and Leopard Moon (both built 2013) to Sole Shipping in Norway, as well as the 16,900-dwt Breede (built 2009) to Waruna Nusa Sentana of Indonesia.

Grindrod also revealed it has exercised a purchase option on the chartered-in 57,800-dwt supramax IVS Pinehurst (built 2015) for $18m.

The bulker, which is rated as worth $26.5m, will remain chartered in at the original contract rate until delivery from Nisshin Shipping of Japan.

And Grindrod is extending the long-term charter on the 57,900-dwt supramax IVS Crimson Creek (built 2014) for between 11 and 13 months at $26,276 per day.

Sources have told TradeWinds that Grindrod does not appear to be seeking a permanent successor to chief executive Martyn Wade, who left at the end of April.

The company has appointed chief financial officer Stephen Griffiths as interim CEO, fuelling suspicions of a future sale or merger.

London-listed Taylor Maritime Investments (TMI) has built up its stake in Grindrod to 26.6%.

But TMI would probably face competition for the owner, which operates a core fleet of 15 handysize and 16 supramax to ultramax bulkers.