hi all what striker is arguing has merit... from a trader and short term performance view perhaps. but even from that view i could have made 150K on this share last year by buying the lows and selling the highs. i would choose the werner, kwagga and skaaptjop camp on this one because i too like this share for the long term. this business is not straight forward and subject to very strong undercurrents of the shipping industry for a large part of its business. fact is, the shipping industry is very depressed at the moment. what makes it more complicated, is that the shipping industry suffers in all areas, but worse in those where the economic recovery is taking longer. rates and cargo movements between SA and europe are far better and more balanced north and south bound than for instance between SA and USA. a colleague of mine was with the grindrod group and had the fortune of owning shares from when they were at r 2.50, before any splits. (i can only wish.) i came in on the tail end of 2008 and i am up 30%. earlier in jan, i was up 60%. all the more reason to buy more now. given the current market the share in my (and incidentally a couple of the executive directors of grindrod, who i know) opinion is undervalued. the balance sheet easily supports a R 19- R20 level with upward scope due to points made by skaaptjop already. it is unlikely, but i suppose one could hope, that another ivan clark or tim mc clure will come and sniff out another cracker deal the likes IVS have pulled off, and we can all ride the high wave. as it stands, i think the surfs pretty good, in fact, surfs up.