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Group History

The year 2010 marks Grindrod's centenary. Discover interesting facts and journey
through our development over the last 100 years on our interactive history microsite.

Launch history microsite

Going back in time: 2010
Note: Scroll over bold words for images and captions
One hundred years ago, Captain John Edward Grindrod started Grindrod & Company, a clearing and forwarding agency and marine surveying business. Twelve years later he and Mr Leon Renaud purchased the 150 ton steamer 'Frontier' as she lay disabled on the Durban breakwater. Refloated and re-equipped she began trading to Port St Johns and East London carrying sugar, oil, timber, hides and wool and occasionally livestock. Their company, The SS Frontier Company was the predecessor of the founding company of Unicorn Shipping and the Grindrod group.

Nine years later Renaud, a leading Durban legal counsel, learned through the legal network of an old pilgrim ship, the 'Halal', which was lying in Aden pending sale by auction. Purchasing her for £9 355 under the name African Coasters (Pty) Ltd, he renamed the 430-tonne ship 'Cecile Mapleson', his wife's maiden name, and with Grindrod & Company as ships agents began trading between Durban and Lourenço Marques (now Maputo).

On the death of Captain John Grindrod in 1930, his son Walter Grindrod, born in Britain in 1903, took over the management of Grindrod & Company and as such became a very active protagonist of the coasting industry. An interest that was amplified in 1931 when he became an alternate director on the board of SS Frontier Company.

When Leon Renaud died in 1934 his son Cecil joined the board of SS Frontier Company, rekindling with Walter Grindrod the business partnership their fathers had enjoyed. Within three years they had consolidated the operations of the SS Frontier Company and African Coasters.

The Second World War interrupted their hard work as both men joined the armed forces, but immediately on their return they set about expanding their fleet, a program led by Walter Grindrod, who became managing director of African Coasters in 1946.

Steeped in shipping from dinner–table discussions and a family life that revolved around the small vessels trading out of Durban, Murray Grindrod son of Walter Grindrod joined Grindrod in 1957. In his job he learnt the trade from the wharf side, becoming involved in the hiring of personnel, stevedoring and general ships husbandry. He also took every opportunity to study the operation of the ships at sea, which gave him a personal grasp of the trade and an affinity with the people aboard. In 1960 he was appointed alternate director to his father.

Plotting the course for Grindrod
With the limited volumes of coastal cargoes being spread among three players and African Coasters needing an urgent injection of capital to replace their ageing fleet, it was Murray Grindrod who persuaded his father and Cecil Renaud to seek finance elsewhere. Indeed, it was the team that he led that secured funding from Union Corporation, thus paving the way for the modernisation of the fleet, the subsequent merger with Smith’s Coasters in 1966 to form Unicorn Shipping Lines and the acquisition of Thesen’s Steamship Company from Safmarine in the same year. The Unicorn brand has since been synonymous with local shipping.

Under Murray Grindrod’s leadership as Managing Director, Unicorn pioneered a fully cellular container service in 1971.

Grindrod lists on the JSE
A personal sense of achievement for Murray Grindrod followed the acquisition of the majority shareholding from Union Corporation’s successor, Gencor, in 1986 and then the listing of the group in the same year.

Mike Groves was appointed Managing Director of the newly listed Grindrod Unicorn group and a number of years later Ivan Clark became the group’s Chief Operating Officer, a move that culminated in his appointment as Managing Director in July 1999.

Growth Story
A highlight of 1999 was the successful acquisition of Safmarine’s 40% interest in Unicorn Lines (Pty) Limited (which later changed its name to Unicorn Shipping (Pty) Limited) held by the Restis group of Greece.

The Grindrod Unicorn Group Limited changed its name to Grindrod Limited, incorporating a new brand and logo, under the dynamic leadership of Ivan Clark and a new executive team together with a general rationalisation of structures, the group acquired several key companies in rapid succession including Island View Shipping. The shipping fleet was increased at a low point in the market, land-based activities were expanded, trading businesses acquired as well as the full shareholding in Grindrod Bank.

Grindrod today lists numerous proud achievements, including being named the top listed shipping company in the world in 2004 and 2005 and as the top listed company in South Africa for 2004 and 2005. In 2009, the group received the accolade as the number one JSE listed company over 10 years.

At the end of 2006 and after nearly 30 years’ service, Ivan Clark retired as Chief Executive Officer and was appointed Deputy Chairman and subsequently Chairman when Murray Grindrod retired after 21 years as Chairman and 50 years with the group. Alan Olivier was appointed Ivan Clark’s successor as Chief Executive Officer and has recently had to steer the group through tough economic times.

Investing in the future – charting new horizons
Grindrod has committed employees, a strong balance sheet, limited debt, good liquidity, a low cost fleet and diversified freight and logistics operations. The Grindrod group is poised for future growth in all its divisions and looks forward to “Charting New Horizons” with all its stakeholders.

Click on "Timeline" on the left hand side to view the Grindrod Timeline.
1910
Captain John Grindrod establishes Grindrod & Co., a clearing and forwarding agency.
1922
Captain John Grindrod and Mr Leon Renaud purchase the 150-ton steamer 'Frontier'.
1933
African Coasters, the forerunner of Unicorn Shipping, formed in Durban by Leon Renaud to trade to Lourenço Marques (now Maputo) with Grindrod & Co. as the agents.
1934
WB Grindrod and Xavier de Gersigny form Grindrod, Gersigny and Company (Pty) Ltd which acquired the business of Grindrod & Co.
1957
Murray Grindrod joins Grindrod Gersigny.
1966
African Coasters merges with Smith's Coasters and Thesen's Steamship Company to form Unicorn Lines.
1971
Unicorn Lines introduces containerisation and opens South Africa's first container depot and commences first weekly container service between Durban and Cape Town.
1985
Grindrod & Company celebrate 75 years in the shipping industry.
1986
Grindrod Unicorn Group Ltd (Grincor) forms as the holding company of the Group and lists on the Johannesburg Stock Exchange.
1988
The group starts the process of internationalising its shipping operations through the establishment of a presence in key centres across the world.
1992
Grincor's London office is established.
1999
Island View Shipping is purchased by Unicorn, marking the Group’s entry into the dry bulk shipping sector. Shares in Unicorn, held by the Restis Group, are successfully purchased, ensuring total control of Unicorn by the Grindrod Group. Grindrod's share price is R1 (20c equivalant) and market capitalisation is R100 million.
2000
Start partnering with shipping operators and start purchasing ships at low costs.
2001
Grindrod Unicorn Group Limited becomes Grindrod Limited, launching a new brand and logo. Fleet continues to increase and long-term charters are contracted.
2002
Shipping markets started to turn.
2003/4
Land-based growth plans / diversification plans announced. N-Ordinary share structure dismantled through a simple one for one conversion to ordinary shares.
2004
Grindrod wins Marine Money Award in New York as the top listed international shipping company and takes top place in the Sunday Times/Business Times Top 100 companies award.

Grindrod expands road freight and acquires 50% Boltt Removals (currently part of Grindrod Logistics).
2005
Grindrod acquires a 100% share of Marriott Corporate Property Bank Limited and changes its name to Grindrod Bank.

The Trading division is established with the acquisition of an agricultural commodity trading business Atlas Trading & Shipping, 50% industrial commodity trading business, Oreport and 50% of Cockett Marine Oil. Grindrod acquires African Portland Industrial Holdings Limited (API), the owner of Matola Coal Terminal in Maputo.

Grindrod wins Marine Money Award in New York and Sunday Times/ Business Times Award for second consecutive year. Issue and listing of preference shares. Five to one ordinary share split.
2006
King & Sons ships agency celebrates its 125th anniversary.

Grindrod acquires the remaining 50% of Auto Carriers (now Grindrod Logistics), the remaining 25% of Grindrod Perishable Cargo Agents, 100% of Cross Country Containers and 12,5% of Maputo Port.
2007
CEO Ivan Clark retires and Alan Olivier appointed as his successor.

Ivan Clark appointed Deputy Chairman and subsequently Chairman when Murray Grindrod retired after 21 years as Chairman and 50 years of service with the group.

21st anniversary as a JSE listed company.

Commencement of infrastructural development in the port of Maputo.

Freight Services activities restructured into Logistics, Terminals, Ports, Intermodal, Rail and Seafreight divisions.

Grindrod acquires 100% stake in Tate & Lyle Molasses South Africa which is to become incorporated into Grindrod Tank Terminals.

Grindrod concludes Grindrod Bank BEE deal, 18% sold to 3 independent entities.

Grindrod acquires 50% of Vanguard Rigging and remaining 50% CMC Grindrod. Maputo Car Terminal built.

Grindrod increases its share in Portus Indico (PI) to 48,5%. PI owns 51% of Maputo Port Development Company.
2008
BEE deal concluded between Unicorn Shipping & Calulo Services to develop maritime activities in southern Africa. Unicorn Shipping celebrates its 75th anniversary.

Grindrod acquires 100% of Bay Stevedores and the remaining shares in Cockett Marine Oil and Oreport (Trading division).

Grindrod enters road transportation in the Petrochemical sector, made via the acquisition of the business WM TransLogistics.

First two harbour bunkering tankers delivered to Unical.

Grindrod Limited grew its market capitalisation on the JSE by 120 times in less than 10 years; from R100 million in 1999 to R12 billion in 2008
2009
Grindrod top listed company over 10 years (Sunday Times Business Times).

Grindrod concludes BBBEE transaction between Grindrod (South Africa) (Pty) Ltd, (which incorporates the majority of the South African-based freight services activities), Calulo and Adopt-A-School Foundation.
Global recession – the group well positioned in difficult markets.
2010
Aquisition of Associated Bunker Oil Contractors (ABC) group based in Rotterdam.

Acquisition of Fuelogic.

Grindrod Group celebrates its centenary.
Download centenary press release

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