Chamwe Kaira
Grindrod Limited, the JSE-listed freight and logistics company that recently opened a new warehouse at the Port of Walvis Bay, reported a steady performance for the 11 months ending 30 November 2025. The company achieved this despite operating in a turbulent commodities market.
The company said global mining commodity markets remained under pressure during the period due to shifting supply and demand, rising geopolitical uncertainty and seasonal patterns.
Prices for Grindrod’s dry-bulk commodities fell 12% compared to last year, but demand for key products such as iron ore and chrome remained firm.
The new Walvis Bay warehouse is located near berths 7 and 8 and is designed for smooth cargo movement via conveyor. It supports both rail and road transport systems.
Grindrod’s operations showed resilience across the business. The group recorded zero fatalities and reported a lost-time injury rate of 0.16, below its target of 0.4.
The dry-bulk terminal at the Port of Maputo exported 13.9 million tonnes, up from 13.2 million tonnes a year earlier. Across all dry-bulk terminals, Grindrod handled 15.2 million tonnes, slightly below the 15.5 million tonnes recorded in 2024. Terminal De Carvão Da Matola (TCM) reached a record 9.1 million tonnes, beating last year’s 8.1 million tonnes.
In the logistics division, ship agency and clearing and forwarding operations remained stable. The container and graphite handling units continued to recover, though slower than expected. Rail operations faced limits due to locomotive shortages, but refurbishment is underway to improve performance.
The Walvis Bay warehouse marks a major collaboration between Grindrod and Namport. The project aims to improve port efficiency and strengthen Walvis Bay as a reliable trade gateway. Walvis Bay continues to serve as a key link to global markets for cargo from the West Coast of Africa and its neighbouring countries, including South Africa, Zambia, Botswana, Malawi, Zimbabwe, and the Democratic Republic of Congo (DRC).
Grindrod has operated in Walvis Bay for more than fifty years and has built a strong presence through integrated logistics solutions. The new facility expands its work in cargo handling, clearing and forwarding, container logistics, stevedoring, ship agency services and terminal operations.
Financial results also showed progress. Grindrod’s 24.7% share of earnings from the Port of Maputo increased to N$338.3 million, from N$320.5 million in 2024. The Port and Terminals segment reported an EBITDA margin of 39%, up from 35%. The logistics segment recorded a margin of 25%, compared to 27% last year.
The group’s gross debt rose to N$3.7 billion by the end of November, mainly due to sub-concession lease liabilities at the Matola and Maputo terminals. Grindrod moved into a net cash position of N$0.2 billion, a shift from net debt of N$0.4 billion at the end of 2024, supported by strong liquidity.
This year was also marked by leadership changes and a restructuring phase. With most of that work complete, Grindrod is now focusing on strengthening its main operations and growing its project pipeline. Key projects include rail expansion, container terminal development and a planned three-million-tonne-per-year capacity increase at TCM.
