Grindrod recovers locomotives from Sierra Leone

JSE-listed freight and financial services company Grindrod has, this month, taken delivery of 20 of its locomotives that had been recovered and transported from Sierra Leone to the Port of Durban. The locomotives had been contracted in 2012 for hauling iron-ore from the Tonkilili mine to Pepel port, but the mine halted operations at the end of 2017 and the counterparty defaulted on its lease hire and maintenance payment obligations.