Good morning, and a very warm welcome to Grindrod's 2026 Interim Financial Results Presentation. My name is Reshmee Soni from Investor Relations.

We are delighted to welcome our analysts, shareholders, and members of our management team. A special welcome to our non-executive directors joining us online.

In today's session, we'll cover the performance highlights, a financial and divisional overview, followed by an outlook. We will thereafter open the floor for your questions.

On your screen, you'll see a question box. Please use that to send us your questions this morning.

With us this morning, Kwazi Mabaso, our Group CEO; and Fathima Ally, our Group CFO. Before we begin, please take note of the forward-looking statement on your screen.

I will allow you to peruse this at your own time. With that, I hand over to Kwazi.

Good morning, and thank you for joining us today. The first half showed the strength of our strategy, the resilience of our asset base, and the quality of the growth opportunities ahead of us.

I'll begin with the macro context shaping our markets. Global commodity markets were volatile through the first half, shaped by the Iran and U.S.

(sic) [ Israel-Gaza ] conflict, sharp swings in oil and gas prices, and shifting Chinese demand. The global economy is projected to grow around 3% in 2026, constrained by trade tensions, tariffs, and softer commodity prices towards the period end.

Breaking that down for the economies that matter to us as Grindrod. China is expected to grow 4.6%, easing from 2025 as property sector weakness and global uncertainty offset continued fiscal and credit stimulus.

India continues to be the standout, projected at 6.4%, underpinned by resilient private consumption and increasingly relevant to our export demand. South Africa is anticipated at 1.1%, supported by structural reforms, but held back by higher energy prices and global uncertainty.

Mozambique faces the most challenging near-term setup at 0.5%, reflecting the impact of the January 2026 floods on agriculture, transport corridors, and infrastructure, compounded by fiscal pressure and forex shortages. For Mozambique, the recovery is anchored to the meaningful resumption of the Mozambique LNG project and continued monetary easing by the Bank of Mozambique.

Across the SADC region, Zambia, Zimbabwe, Botswana, and Namibia remain resilient on mining, agriculture, and energy investment. Let me spend a little more time on commodities because the price movements of the first half tells you a lot about the resilience of our volumes.

It was a period defined largely by the Iran-U.S. (sic) [ Israel-Gaza ] conflict and its ripple effects across energy markets, freight, and refining inputs.

Thermal coal was a clear example. Prices climbed sharply from January through May, driven not by coal fundamentals alone, but by energy costs.

Crude oil rose through January and February on Middle East supply concerns, then spiked in March following military actions, and regional oil exports all but ceased. With gas and oil elevated, European and Asian utilities switched to coal-fired generation and increased imports, which lifted South Africa's export prices.

Chrome ore rose from January to April on strong Chinese ferrochrome demand. This reversed from May as high Chinese port inventories, weak stainless steel demand, and the seasonal consumption slowdown weighed on ferrochrome production, a firm first half overall softening in the latter part.

Iron ore held above $100 (sic) [ $110 ] a tonne throughout, but ended lower after a sharp June pullback. It rebounded in March when Australian cyclones tightened seaborne supply, then fell in June as Chinese port inventories built up and property sector weakness persisted.

Turning to copper, and this is where sulfur becomes material. Copper rose through most of the half on structural demand due to electrification, renewables, and the rapid build-out of the AI data centers.

A critical part of the story, however, was the supply tightness driven by sulfur. The Iran (sic) [ Israel-Gaza ] conflict disrupted the global trade in sulfur and sulfuric acid, which are both essential inputs to copper refining and leaching.

The sulfur-driven input squeeze tightened the copper market. Finally, the battery complex, which includes lithium carbonate and spodumene, both rose strongly from January to May on battery energy storage demand.

Prices then eased in June as new supply came on stream. The longer-term electrification and energy security fundamentals remain compelling.

Turning to performance for this period. Safety remains a non-negotiable at Grindrod.

We are deeply saddened by the loss of a colleague during this period. While our lost time injury frequency rate improved, this incident is a reminder that we must continue strengthening safety leadership across the business through our Basopa safety awareness campaign.

Operational momentum was very strong with owned handled volumes at the Port of Maputo rising 29% from 6.5 million tonnes in the prior period to a record first half performance of 8.4 million tonnes. Dry bulk terminals delivered 8.1 million tonnes, up 2% from the prior period.

This was mainly driven by record volumes of 1.7 million tonnes at the Richards Bay Navitrade facility, where we handle coal, and the 1.3 million tonnes at Durban's multipurpose terminal, where we handle spodumene. We delivered quality financial growth with the EBITDA increasing by 52% to ZAR 884 million from the prior period and the headline earnings flat at ZAR 593 million.

This was driven primarily by ports and terminals following the full consolidation of Matola TCM, and this consolidation contributed ZAR 371 million in incremental EBITDA. Cash generation was a strong feature of the period.

Cash generated from operations increased to ZAR 561 million from ZAR 439 million in the prior period, demonstrating the quality of our earnings and our ability to convert performance into cash. We closed the period with a strong and flexible balance sheet underpinned by the net cash of ZAR 535 million and ZAR 3.6 billion in cash.

This cash strength is what funds both growth and returns without stretching the balance sheet. The Board declared an interim ordinary dividend of ZAR 0.243 per share, up 6% on the prior period with headline earnings cover of 3.5x, consistent with our 3x to 4x guidance.

Turning to Port and Terminals. This segment remains a key driver of Grindrod's growth.

The port closed June with record monthly owned handled throughput of 1.6 million tonnes, giving us strong momentum into the second half. Port-owned handled volumes reached 8.4 million tonnes in the first half, representing a 17% compound annual growth rate since 2022.

The Port of Maputo has commenced a 22-month rollout of the port community system, a single digital platform that will connect port users, authorities, and logistics partners more effectively. This is another important step in strengthening efficiency and the competitiveness of the Maputo corridor.

At Matola TCM, the first half volumes were 4.2 million tonnes, reflecting a 3% compound annual growth rate since 2022. However, this first half performance was 7% below last year's 4.5 million tonnes, reflecting weather disruption in the Phalaborwa area and elevated freight costs.

Importantly, the full consolidation of Matola TCM is now delivering a step change in EBITDA and cash generation, reinforcing Matola TCM's strategic value to the group. Across the remaining portfolio, Richards Bay and the multipurpose terminal delivered strong volume growth at 10% and 46%, respectively, while the Maputo car terminal matched full prior year volumes, demonstrating the operational leverage within the Port and Terminals segment.

Turning to Logistics, which delivered a mixed result. Ships agency and clearing and forwarding businesses traded in a soft market.

Rail earnings were constrained by lower locomotive deployment rates and the wind-down of the eSwatini inland terminal following the discontinuation of coal transiting to Maputo via the eSwatini route. Higher graphite volumes out of Northern Mozambique provided a partial temporary offset.

We remain focused on this segment for many reasons that warrant particular attention. Firstly, the recovery in this segment is largely within our control.

Locomotive deployment rate is already accelerating in the second half, now sitting at 65% from 46% in the first half, providing a clear pathway to improved earnings. Secondly, and more strategic, the executed Rail Access Agreement represents a significant milestone to improve this Logistics segment.

Logistics is the more cyclical component of the portfolio today. It remains the connective layer that underpins terminal sustainability and long-term customer retention.

It is ultimately what makes the integrated logistics solutions strategy work. It is not an ancillary business, but the critical enabler of the broader system.

Our ports and terminals do not operate in isolation. Their throughput depends entirely on reliable inbound and outbound flows.

Logistics, which is rail, container, ships agency, clearing and forwarding, is what moves commodity from mine to terminal and from terminal to market. It is the layer that secures volume at the front end inbound and guarantees evacuation at the back end on the quayside, converting stand-alone infrastructure like port and terminals into a seamless corridor.

This integration delivers 3 tangible advantages. Firstly, volume security.

By controlling the logistics chain, we reduce our dependency on third-party operators and protect terminal utilization, which is the single most important driver of terminal profitability. Secondly, customer stickiness.

An end-to-end solution from rail flat to terminal to vessel is materially harder for a customer to unwind than a single point of service. This integrated solution deepens customer relationships and lengthens contract tenure.

Thirdly, margin capture. Integration allows us to retain value across the chain rather than ceding it to intermediaries, and it allows us to optimize cost and efficiencies across the corridor.

So the right way to assess Logistics is not on its stand-alone cyclicality in any single half, but on the structural role it plays in underpinning the terminal's sustainability and long-term earnings quality. I'll now hand over to Fathima to take you through the financial performance in more detail.

Thank you, Kwazi. Good morning, everyone, and a warm welcome from my side.

I think Kwazi has provided very helpful context on Grindrod's performance for the first half of 2026. And overall, it's been a resilient performance against a tough trading environment and reflects commendable efforts by our teams.

If we unpack the performance, at the pre-close session that we held in June, we communicated that Grindrod was simplifying its segmental reporting with respect to joint ventures in this financial year. Accordingly, the income statement that you see before you reflects all joint venture share of earnings in a single line.

Period-on-period revenue increased robustly by 19% and trading profit by 52%. This is largely due to Matola being consolidated for 1 month in the prior period versus the full 6-month trading period in the first half of 2026.

We are very pleased to see the benefits of this material acquisition come through in the current period. To provide a meaningful comparison, we have normalized H1 2025 to exclude the material non-trading items that came about as a consequence of corporate action in the prior period.

Additionally, we've normalized it to reflect Matola for a full 6-month trading period. This rebases earnings to ZAR 637 million.

The consequential increase in headline earnings of ZAR 42 million relates to the additional 35% of share of profits acquired for 5 months, partially offset by amortization on the material intangible assets we recognized as well as interest on the deferred consideration that is still payable. Against the normalized results, H1 2026 revenue is moderately lower, primarily due to the adverse weather conditions in quarter 1, which impacted Matola as well as the wind-down of the sidings business in eSwatini, as explained by Kwazi earlier.

EBITDA was also moderately lower, mainly due to the subdued logistics performance and the non-recurrence of fair value gains on the private equity portfolio that we recognized in the prior period. Exceptional terminal EBITDA margins contributed to the overall group EBITDA margins of 31%, showing that this is a firmly anchored group margin.

Depreciation was lower as the concession extension resulted in the extension of the write-off period on certain terminal infrastructure assets. Record volume performance at the Port of Maputo with own handled volumes up 29% resulted in ZAR 265 million of share of joint venture and associate earnings.

Overall, the group reported earnings of ZAR 598 million and headline earnings of ZAR 593 million, having rebounded approximately ZAR 59 million following the translation effect of an 11% stronger rand against the U.S. dollar.

If we look at segmental performance, segmental performance was previously reported by proportionately consolidating joint ventures on a line-by-line basis. This treatment has been discontinued by Grindrod, and prior period results have been restated to reflect the joint venture share of earnings in a single line.

You will note that H1 2025 headline earnings remains unchanged at ZAR 448 million for the segment, whilst the share of profits from JVs and associates is now higher by ZAR 160 million to ZAR 319 million. Similar to the group income statement and to provide meaningful comparison with H1 2026, the restated H1 2025 results have been normalized for full 6 months of trading performance of Matola.

The additional ZAR 50 million of headline earnings relates to the additional 35% share acquired for the first 5 months, partially offset by amortization on intangibles raised. Against the normalized prior period, H1 2026 revenue was down 7% linked to Matola volumes, again, as Kwazi indicated earlier.

Terminals EBITDA and margins rallied exceptionally, supported by strong performance at the Maputo car terminal, record performance at our Navitrade facility in Richards Bay, as well as strong contribution from our Durban Maydon Wharf terminal. EBITDA margins increased by 13% to 43% after normalizing for non-recurring prior period COVID business interruption proceeds of ZAR 54 million.

Robust port performance contributed to equity accounted earnings of ZAR 242 million for the period. Port and Terminals headline earnings closed at ZAR 535 million, up 18% if the prior period COVID-19 business interruption proceeds are excluded.

And this is despite the segment being a U.S. dollar anchored business with 85% of its EBITDA earned in hard currency.

The segment delivered a solid return on equity of 20%. From a logistics perspective, performance was softer.

The Logistics segment, which is a key enabler of our integrated customer solutions strategy, faced headwinds. Challenging market conditions continued from H2 2025 and were compounded by geopolitical tensions in the current period.

Similar to Port and Terminals, the prior period headline earnings remains unchanged at ZAR 140 million, whilst the restatement resulted in an increase in share of profits from joint ventures and associates of ZAR 27 million to an overall ZAR 29 million. The Northern Mozambique business delivered both revenue and EBITDA growth.

However, the eSwatini closure, subdued agency offshore performance, and low rail deployment weighed in on revenue and EBITDA. The EBITDA impact was compounded by non-recurring COVID business interruption proceeds of ZAR 58 million reported in the prior period.

Normalized margins for this segment reflected at 16%, excluding the low-margin transport brokering business. Modest headline earnings of ZAR 32 million for the segment is reported for H1 2026.

The H2 2026 outlook for Logistics is more optimistic, and the segment is showing strong signs of recovery. Rail deployment is currently at 65% and momentum in the Northern Mozambique business is continuing.

Additionally, the extent of eSwatini closure losses in H1 are non-recurring going into H2. From a balance sheet perspective, our property, plant, and equipment and right-of-use assets are marginally lower as additions of ZAR 165 million were offset by depreciation and translation impacts.

Investments rose 6% after robust port performance as indicated earlier. And from a working capital perspective, our trade receivables were up 17%, while trade creditors remained flat.

The increase in receivables was due to higher balances due from an integrated logistics customer and Mozambique bulk business as well as the agency and clearing and forwarding. This is not unusual for our business.

Cash decreased 7% due to the special dividends paid in April 2026. The net asset value per ordinary share closed at ZAR 13.50, underpinned by strategic infrastructure assets and investments that are difficult to replicate.

Grindrod's balance sheet has seen significant restructuring following the realization of non-core assets together with the settlement of related debt as well as consolidation of core assets, all underpinned by disciplined capital allocation. The balance sheet is healthy and provides capacity to fund the group's growth aspirations.

The balance sheet is also supported by strong cash generation from operations, which rose 28% in the current period to ZAR 561 million. The group remains in a net cash position.

We commenced the period with net cash of ZAR 699 million. And following the cash generation mentioned earlier, we disbursed ZAR 591 million in interest, tax, and dividend obligations.

Net capital expenditure was reported at ZAR 183 million. Additionally, the group reported receipts of ZAR 90 million from Marine Fuels shareholder repayment of loans following settlement of their long-standing insurance claim.

After accounting for lease liability modifications as well as additions and non-cash movements in the borrowings and cash, we closed the period on net cash of ZAR 535 million. Additionally, gross debt fell 4% period-on-period due to repayments.

With balance sheet capacity and a strong growth pipeline, it was necessary for Grindrod to implement a funding platform to be able to leverage the balance sheet through scalable debt raises. Accordingly, a Common Terms Arrangement structure has been implemented and concluded in 3 jurisdictions, which will result in 96% of Grindrod's long-term borrowings of ZAR 1.2 billion being refinanced at the end of August 2026.

The CTA will result in a more streamlined covenant framework with obligors providing cross guarantees. The restructure will improve debt maturity profile and is expected to deliver estimated savings for the group of between ZAR 40 million to ZAR 50 million over the period of the new debt, which is between 5 to 7 years.

As at 30 June, the group's incremental debt capacity sat at between ZAR 4 billion and ZAR 5 billion. This debt capacity will be accessed with continued capital allocation discipline, balancing preservation of our existing asset base whilst investing in growth and ensuring that we deliver shareholder returns through sustainable dividends.

From 2022 onwards, the group has allocated ZAR 5.3 billion to capital expenditure, including authorized or committed CapEx of ZAR 1 billion that is still to come, of which ZAR 3.8 billion is expansionary in nature. Port and Terminals took up the lion's share of this at 67% of the total expansionary CapEx, and this segment is generating solid returns.

The group has declared ordinary dividends of ZAR 2.4 billion since 2022, tracking an average dividend cover of 3.5x, well within the dividend policy of 3x to 4x headline earnings, and this is excluding the specials in financial year 2022 and 2025. The group is well positioned to take the business forward with clear fundable growth opportunities and frameworks that support disciplined capital allocation and decision-making.

I'll now hand you back to Kwazi.

Thanks. Looking at the growth pipeline, where Grindrod's strategy is translating into tangible delivery.

Starting with the Matola terminal expansion, the Port terminal. This is our most advanced project and the one closest to earnings contribution.

Importantly, it is near completion and funded. It is the single most visible driver of near-term terminal growth and it converts directly into volume trajectory.

This project remains on track and within its $40 million budget, and it will lift capacity to 12 million tonnes per annum by quarter 1 2027, while improving handling efficiency. With the Rail Access Agreement signed in May, South Africa's open access process is clearly moving from policy into execution.

SA Rail Open Access is a very important disciplined growth lever for Grindrod from 2027. We are encouraged by Transnet Rail Infrastructure Managers publication of the Draft Network Statement Vision 4, which marks further progress in the open access process.

On infrastructure, the Draft Network Statement Vision 4 provides a transparent and a realistic view of the network, giving operators the clarity needed to plan with confidence. That is why as Grindrod, our entry as a train operating company is deliberately phased and focused on execution certainty.

We are well advanced in preparing to run a test train before year-end, a big step in confirming operational readiness ahead of planned operations in April 2027. We will deploy existing assets, locomotives, and 50 wagons to start running 2 slots and then ramp it up to 3 slots a week when we have received the additional 50 wagons for the route from Belfast to Komatipoort.

And we're going to utilize this initial phase to establish the business case for future scaling of Grindrod's rail capability and capacity. The Maputo dredging program is expected to commence in the second half of this year.

It is still targeted for completion in quarter 4 2027. This dredging campaign remains a significant strategic value unlock for the Maputo corridor.

The dredging program will deepen the Maputo channel and enable Matola TCM to handle Capesize vessels of up to 170,000 tonnes. The commercial logic is straightforward.

Larger vessels lower the cost per tonne, improving the overall landed cost. It will also improve our competitiveness against alternative corridors and unlock incremental volumes that deeper draft makes possible.

Dredging will improve the economics of every tonne moving through Matola, making this both a margin enhancement and a volume growth opportunity. The Richards Bay container handling facility targeted for 2028 continues to progress.

This project will extend Grindrod's terminal platform into container operations, which will be part of the Logistics segment. The Richards Bay dry bulk terminal PSP represents a significant medium-term strategic opportunity with 27 million tonnes per annum of potential capacity across coal, chrome, and magnetite.

The request for qualification closes at the end of October, and Grindrod is still participating. The important thread on all these 5 growth opportunities, these are projects that are phased, contracted, and disciplined project sequenced so that near-term projects like Matola TCM will fund and derisk the more ambitious medium-term PSP opportunities.

Each of these projects either expands capacity on an existing corridor or deepens our integration, and each is being delivered within the capital framework that protects the balance sheet. In closing, our investment case is stronger today because it is underpinned by delivery and 3 clear pillars.

Firstly, strategic infrastructure. Our port and terminal assets sit in key regional trade corridors and they are genuinely hard to replicate.

That positioning is what delivers a 43% Port and Terminals EBITDA margin with 85% of that segment's EBITDA earned in U.S. dollars.

Secondly, visible growth. This is committed contracted capacity expansion, port volumes compounding at 17%, Matola at 3%, and a defined project pipeline building multiyear earnings trajectory.

Thirdly, disciplined capital allocation. Our capital allocation framework remains unchanged, stay-in-business CapEx first, then growth CapEx aligned with our strategy, then sustainable dividends and opportunistic share buybacks.

Beneath this investment case are the strategic pillars that shape how Grindrod executes and creates sustainable long-term value. Firstly, people and communities.

Our people are the foundation of every corridor we strengthen, every tonne we move, and every customer commitment we meet. Their discipline and pride drive delivery, while the communities around us remain central to our license to operate.

Secondly, operational excellence. This is how we convert strategic infrastructure into consistent performance by operating safely and serving customers reliably across ports, terminals, and logistics platforms.

Thirdly, growth execution. We are disciplined about where we grow, investing only in corridors where Grindrod has a clear competitive advantage, visible demand, and the ability to protect returns.

And fourthly, shareholder value. Our balance sheet strength, disciplined capital allocation, and sustainable cash generation give us the flexibility to fund measured growth while delivering responsible returns to shareholders.

Together, these pillars give Grindrod the momentum to execute with discipline, deliver integrated logistics solutions for our customers, and build a stronger, more competitive business for tomorrow. Thank you.

I'll hand back to Reshmee for Q&A.

Thank you Kwazi. Thank you Fathima.

[Operator Instructions] Our first question this morning, perhaps Kwazi. Good morning Rowan from Chronux Research thank you for your question.

I see Rowan's got a few questions. The first one on the progress on the rail slots.

I think we've covered that in the outlook. But moving to his second question, Kwazi, perhaps.

Is the good performance at the Maputo car terminal sustainable? And the third question from Rowan.

There seems to be a lot of opportunities with Transnet offering a number of port opportunities at the moment. How do you see this?

Thanks. Yes, the progress on the slot, right now, we are focusing on getting the test train on the line.

Our target is by end of this year, we will have already run a test train. That is our short-term target, and we are progressing in that aspect.

The Maputo car terminal, I mean, I really would love to repeat this good performance, but we know that it was a result of the closure of the Strait of Hormuz that redirected the traffic into our terminal as a transshipment hub. So we are working hard to see whether we can create more value going forward in that regard.

And then lastly, port opportunities. We look at all the opportunities that are made available, but we use our strategic lens as well as other metrics that we use internally to see whether we can pursue the opportunity or not.

As I've highlighted earlier on that we try to chase disciplined growth. We don't want to grow for the sake of growing.

Thank you. Thanks, Kwazi.

Maybe the next question around volumes. Wallace, Steyn Capital Management.

The first one around how have the volumes developed in the second half at Matola. Wallace, we don't necessarily give you forecast, but we can talk a little bit about the cyclicality at Matola.

And the second question, how will the restart of the SA ferrochrome smelters affect export volumes at the Port of Maputo? So 2 questions there from Wallace, Kwazi if you can assist us?

Okay. No, thanks.

Even if you look at the past is that most of our volumes come from the second half of the year. So 40% of our total volumes normally come from H1 and then 60% comes from H2.

We've seen Matola TCM recovering from Q2, and that is why even the number moved from 10% behind to about 7% behind. So the recovery is still continuing at TCM.

In terms of the ferrochrome demand because of the smelters being resuscitated, there's a huge demand of chrome ore in South Africa going out to China predominantly. And right now, you see chrome finding itself in not so natural dry bulk terminals.

So if there's an improvement on the ferrochrome production domestically, the chrome ore demand won't necessarily disappear in your traditional dry bulk terminals. But what you can see is then the less traditional dry bulk terminals starting to lose the volumes because there's open space available at the normal dry bulk terminal.

Just to give you even more color on that, at Port of Maputo, they opened the new slab. And within 2 weeks, that slab was full because of the actual demand that exists out there of chrome.

Thank you. Thanks for that Kwazi.

The next one, perhaps Fathima, you can assist. Peter from Mergermarket.

Peter's question is, will there be changes to the pool of lenders through the refinancing? Are you seeing any new lenders being introduced?

Peter, I'll remind you that our lenders are obviously sensitive and confidential. But maybe, Fathima, you can give a little bit of color on the process.

Absolutely. And thanks for the question Peter.

Peter, we were very deliberate when we embarked on our debt restructuring and the intention really was to capture as many of our existing fundings into the net under the CTA umbrella. And I'm glad to say we managed to do that.

All our top 5 bankers in South Africa are in, and we previously had arrangements with all of these funders prior to the CTA arrangement. But I guess what we've pleasantly managed to do now is to do away with multilateral arrangements with these funders and unite them under a single funding structure, terms as well, and try to get and effectively have arrived at some balance in terms of how much of our funding or debt each of the funders take up.

Thank you. The next question, [ Jandre from Umthombo ] Wealth.

Kwazi perhaps, I can give this to you. It's around the Maputo dredging.

Peter, your question is quite specific around the volume and margin uplift. Unfortunately, we do not provide that guidance.

But I think maybe Kwazi, we can spend a minute sort of talking about the Capesize vessels and the competitive advantage post the dredging.

Yes. So thanks.

So when you look at Matola TCM, currently, we can handle baby Capes but we can't handle the full Capesize vessel. So what's happening, the Capesize vessel can come to TCM.

It will load up to about 110,000 tonnes, and then it will go to another port terminal in South Africa, and then it will top up to about 180,000 tonnes because that port actually has a deeper draft. Now by dredging the channel, the vessel will come to Matola TCM and it will load the full 170,000 tonne vessel.

And we're thinking it will take between 2 to 3 days to finish that vessel. So instead of loading 110,000, you are now loading 170,000, which increases the volume throughput, but also it secures Matola TCM's competitive advantage going forward.

I see there are no further questions online. I do know we're seeing many of you in the coming days.

We thank you for your engagement and connecting with us. For those questions we received this morning, thank you.

They've been insightful and your participation. We appreciate your continued interest in Grindrod, and we look forward to seeing most of you in the coming weeks.

With that, this concludes our morning's webinar. Once again, thank you, everyone, for joining, and have a good day.