Exhibit 4.21(e)


  


SIDE
LETTER No. 4


 


AMENDMENT OF FINANCIAL COVENANTS


 


To:


 


Unicorn
Moon Pte. Ltd. 


Unicorn
Sun Pte. Ltd. 


as Borrowers


 


Grindrod
Shipping Holdings Ltd. 


as Parent Guarantor


 


Date: 30 December 2020


 


Dear Sirs


 


Facility Agreement dated 21 December 2018



 


We refer to the facility agreement dated 21
December 2018, as amended and supplemented from time to time including by a side letter dated 28 June 2019, a side letter number
2 dated 8 May 2020, and a side letter number 3 dated 30 June 2020 (the "Facility Agreement") and made between
(i) Unicorn Moon Pte. Ltd. and Unicorn Sun Pte. Ltd. as joint and several borrowers and hedge guarantors (the "Borrowers"),
(ii) Grindrod Shipping Holdings Pte. Ltd. as parent guarantor (the "Parent Guarantor"), (iii) NIBC Bank N.V. as
arranger, (iv) the financial institutions listed in Part B of Schedule 1 therein as lenders (the "Lenders"), (v)
the financial institutions listed in Part B of Schedule 1 therein as hedge counterparties, (vi) NIBC Bank N.V. as facility agent
(the "Facility Agent") and (vii) NIBC Bank N.V. as security agent (the "Security Agent") relating
to a facility in the amount of US$29,900,000 for the purposes of financing the acquisition cost of ships now owned by the Borrowers.


 


Words and expression defined
in the Facility Agreement shall have the same meanings when used in this letter unless otherwise defined or the context otherwise
requires.


 


We are writing to you in
our capacity as Facility Agent and as Security Agent.


 


The Obligors have requested that certain amendments
be made to the financial covenants set out in clause 22 (Financial Covenants) of the Facility Agreement.


 


The Finance Parties have
agreed to accede to this request and this letter sets out the terms and conditions on which the Finance Parties agree, with effect
on and from the date of this letter, to amend the terms of the Facility Agreement.





  


		1	INTERPRETATION



 


		1.1	Application of construction and interpretation provisions of Facility Agreement



 


Clause 1.2 (Construction)
of the Facility Agreement applies to this letter as if it were expressly incorporated in it with any necessary modifications.


 


		1.2	Designation as a Finance Document



 


The Borrower and the Facility Agent
designate this letter as a Finance Document.


 


		1.3	Third party rights



 


Unless provided to the contrary
in a Finance Document, a person who is not a Party to this letter has no right under the Third Parties Act to enforce or to enjoy
the benefit of any term of this letter.


 


		2	Obligors' Request



 


The Obligors have requested the
consent of the Lenders to amend the Facility Agreement as detailed in clause 4 of this letter.








 






     


     


    




 


  


 


Exhibit
4.21(e)


 





		3	Agreement of the FINANCE Parties



 


		3.1	Agreement of the Finance Parties



 


The Finance Parties agree, subject
to and upon the terms and conditions of this letter, to amend the financial covenants set out in clause 22 (Financial Covenants)
of the Facility Agreement.


 


		3.2	Effective Date



 


The agreement of the Finance Parties
contained in clause 3.1 (Agreement of the Finance Parties) shall have effect on and from the date of this letter.


 


		4	Specific amendments to the facility agreement



 


		4.1	From the date of this letter, the Facility Agreement and other Finance Documents shall be amended
as follows:



 


		(a)	by deleting clause 22.1 (Financial covenants) of the Facility Agreement and replacing it
with the following new clause 22.1 (Financial covenants):



 


			"22.1	Financial covenants



 


		(a)	The Obligors shall ensure that the consolidated financial position of the Group shall at all times
from the Utilisation Date and thereafter during the Security Period be such that:



 


		(i)	Book Value Net Worth is not less than the lower of:



 


		(A)	during the period from 1 July 2020 to 31 December 2020 (inclusive), the aggregate of $225,000,000,
25 per cent. of Positive Retained Earnings (accruing from 30 June 2019) and 50 per cent. of each Capital Raise;






  


		(B)	from 1 January 2021 thereafter, the aggregate of $240,000,000, 25 per cent. of Positive Retained
Earnings (accruing from 30 June 2019) and 50 per cent. of each Capital Raise; and



 


		(C)	$275,000,000,



 


		(ii)	Cash and Cash Equivalents are not less than, during the period from 1 January 2020 to 30 September
2020 (inclusive), $20,000,000 and, at all other times, $30,000,000 unencumbered cash, including:



 


		(A)	the minimum cash balance in the Retention Account required pursuant to Clause 22.3 (Minimum
Cash); and



 


		(B)	the minimum cash balance held on the Other Facility Agreement Debt Service Reserve Account pursuant
to the Other Facility Agreement and representing six months debt service under the Other Facility Agreement; and



 


		(iii)	During the period from 1 July 2020 to 31 December 2020 (inclusive), the ratio of Debt to Market
Adjusted Tangible Fixed Assets shall be not more than 80 per cent. From 1 January 2021 thereafter, the ratio of Debt to Market
Adjusted Tangible Fixed Assets shall be not more than 75 per cent.



 


		(b)	The financial covenants contained in this Clause 22.1 (Financial covenants) shall be tested
semi-annually on the basis of the annual and semi-annual financial statements provided under Clause 21.2 (Financial statements)
and the financial covenants contained in paragraphs (a)(i) and (a)(iii) of Clause 22.1 (Financial covenants) shall additionally
be tested as at 30 September 2020 and in each case shall be confirmed in the relevant compliance certificate referred to in Clause
21.3 (Compliance Certificate).”;



 


		(b)	by deleting the definition of Current Liabilities in clause 22.2 (Financial covenant definitions)
and replacing it with the following new definition of Current Liabilities:



 












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Exhibit 4.21(e)


 


""Current
Liabilities" means the current liabilities of the Parent Guarantor on a consolidated basis as stated in the Latest Accounts
and determined in accordance with IFRS but excluding any adjustments made for IFRS 16 (and during the period from 1 January 2020
to 31 December 2020 (inclusive), additionally excluding any liabilities arising from the Matuku Loan or owed to Sankaty arising
from the Sankaty Facility)."; and


 





		(c)	by inserting the following definition (in alphabetical order) in clause 22.2 (Financial covenant
definitions):



 


""Matuku
Loan" means the facility agreement dated 9 December 2016 entered into by, amongst others, (i) DVB Bank SE Singapore Branch,
(ii) Grindrod Maritime LLC and (iii) Grindrod Shipping Pte. Ltd and Grindrod Shipping Holdings Ltd."





  


		5	Representations



 


		5.1	Facility Agreement representations



 


Each Obligor makes the representations
and warranties set out in clause 18 (Representations) of the Facility Agreement, as amended and supplemented by this letter
and updated with appropriate modifications to refer to this letter, by reference to the circumstances then existing on the date
of this letter.



 


		5.2	Finance Document representations



 


Each Obligor makes the representations
and warranties set out in the Finance Documents (other than the Facility Agreement) to which it is a party, as amended and supplemented
by this letter and updated with appropriate modifications to refer to this letter, by reference to the circumstances then existing
on the date of this letter.


 


		6	Amendments to Finance Documents



 


		6.1	Amendments to Finance Documents



 


With effect on and from the date
of this letter the Facility Agreement and each other Finance Document shall be, and shall be deemed by this letter to be, amended
as follows:


 


		(a)	any reference to a Finance Document, including in any definition of the Finance Documents, shall
be interpreted to mean that Finance Document as amended and supplemented by this letter; and



 


		(b)	by construing references throughout to "this Agreement", "this Deed" and other
like expressions as if the same referred to such Finance Document as amended and supplemented by this letter.



 


		6.2	Finance Documents to remain in full force and effect



 


		(a)	The Finance Documents shall remain in full force and effect as amended and supplemented by such
further or consequential modifications as may be necessary to give full effect to the terms of this letter.



 


		(b)	Except to the extent expressly waived by the amendments effected by this letter, no other waiver
is given by this letter and the Finance Parties expressly reserve all their rights and remedies in respect of any breach of, or
other Default under, the Finance Documents.



 


		6.3	Obligor Confirmation



 


By its countersignature
of this letter, each Obligor:


 


		(a)	confirms its acceptance of the amendments effected by this letter;



 


		(b)	agrees that it is bound as an Obligor;



 


		(c)	confirms that the definition of, and references throughout each of the Finance Documents to, the
Facility Agreement and any of the other Finance Documents shall be construed as if the same referred to the Facility Agreement
and those Finance Documents as amended and supplemented by this Agreement;



 


		(d)	(if it is the Parent Guarantor or a Hedge Guarantor) confirms that its guarantee and indemnity:






   






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Exhibit 4.21(e)


 





		(i)	continues to have full force and effect on the terms of the Facility Agreement as amended and supplemented
by this letter; and



 


		(ii)	extends to the obligations of the relevant Transaction Obligors under the Finance Documents as
amended and supplemented by this letter.





 





		6.4	Security confirmation 



 


By its countersignature of this
letter, each Obligor confirms that:


 


		(a)	any Security created by it under the Finance Documents extends to the obligations of the relevant
Transaction Obligors under the Finance Documents as amended and supplemented by this letter;



 


		(b)	the obligations of the relevant Transaction Obligors under the Facility Agreement as amended and
supplemented by this letter are included in the Secured Liabilities (as defined in the Security Documents to which it is a party);
and




 





		(c)	the Security created under the Finance Documents continues in full force and effect on the terms
of the respective Finance Documents.












 


		7	Further Assurance



 


		7.1	Further assurance



 


Each Obligor shall
(and shall procure that each other Transaction Obligor will) promptly, and in any event within the time period specified by the
Facility Agent do all such acts (including procuring or arranging any registration, notarisation or authentication or the giving
of any notice) or execute or procure execution of all such documents (including assignments, transfers, mortgages, charges, notices,
instructions, acknowledgements, proxies and powers of attorney), as the Facility Agent may specify (and in such form as the Facility
Agent may require in favour of the Facility Agent or its nominee(s)) to implement the terms and provisions of this letter.


 





		7.2	Additional corporate action



 


At the same time as a Transaction
Obligor delivers to the Facility Agent or Security Agent any document executed under this clause 7 (Further Assurance),
that Party shall deliver to the Facility Agent or Security Agent as applicable a certificate signed by two of that Party's directors
or officers which shall:


 


		(a)	set out the text of a resolution of that Party's directors specifically authorising the execution
of the document specified by the Facility Agent or the Security Agent as applicable; and



 


		(b)	state that either the resolution was duly passed at a meeting of the directors validly convened
and held, throughout which a quorum of directors entitled to vote on the resolution was present, or that the resolution has been
signed by all the directors of officers and is valid under that Party's articles of association or other constitutional documents.






  


		8	FEE, Costs and Expenses



 


		(a)	Clause 16.2 (Amendment costs) of the Facility Agreement, as amended and supplemented by
this letter, applies to this letter as if it were expressly incorporated in it with any necessary modifications.



 


		(b)	The Borrowers shall pay to the Facility Agent for distribution to the Lenders in proportion to
their respective Commitments as a percentage of the Total Commitments a waiver fee of US$2,500. Said fee shall be payable on or
before 31 December 2020 or as may otherwise be agreed between the Borrowers and the Facility Agent.



 


		9	Notices



 


Clause 38 (Notices) of the
Facility Agreement, as amended and supplemented by this letter, applies to this letter as if it were expressly incorporated in
it with any necessary modifications.


 


		10	Counterparts



 


This letter may be executed in
any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this
letter.


 






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EXHIBIT
4.21(E)





 


		11	Governing Law



 


This
letter and any non-contractual obligations arising out of or in connection with it are governed by English law.


 


		12	Enforcement



 


		12.1	Jurisdiction



 


		(a)	The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection
with this letter (including a dispute regarding the existence, validity or termination of this letter or any non-contractual obligation
arising out of or in connection with this letter) (a "Dispute").



 


		(b)	The Obligors accept that the courts of England are the most appropriate and convenient courts to
settle Disputes and accordingly the Obligors will not argue to the contrary.



 


		(c)	This clause 12.1 (Jurisdiction) is for the benefit of the Finance Parties only. As a result,
no Finance Party shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the
extent allowed by law, the Finance Parties may take concurrent proceedings in any number of jurisdictions.



 


		12.2	Service of process



 


Each Obligor irrevocably
appoints Grindrod Shipping Services UK Ltd, to act as its agent to receive and accept on its behalf any process or other document
relating to any proceedings in the English courts which are connected with this letter.


 


This letter has been entered into on the date
stated at the beginning of this letter.


   


Yours faithfully


 


	/s/Michael de Visser	 	/s/Anneke van der Spek
	Michael de Visser	 	Anneke van der Spek


 


	 	 
	For and on behalf of	 
	NIBC BANK N.V.	 
	as Facility Agent	 


 


	/s/Michael de Visser	 	/s/Anneke van der Spek
	Michael de Visser	 	Anneke van der Spek


 


	 	 
	For and on behalf of	 
	NIBC BANK N.V.	 
	as Security Agent	 


 


We hereby acknowledge and agree to the terms
of the above letter:


 


	/s/Stephen William Griffiths	 
	Stephen William Griffiths	 
	 	 
	For and on behalf of	 
	UNICORN MOON PTE. LTD.	 
	as a Borrower	 
	 	 
	/s/Stephen William Griffiths	 
	Stephen William Griffiths	 
	 	 
	For and on behalf of	 
	UNICORN SUN PTE. LTD.	 
	as a Borrower	 



  



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EXHIBIT 4.21(E)


 


	/s/Stephen William Griffiths	 
	Stephen William Griffiths	 
	 	 
	 	 
	For and on behalf of	 
	GRINDROD SHIPPING HOLDINGS LTD.
	as Parent Guarantor	 


 




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