Grindrod Limited, the JSE listed shipping and logistics business today announced the acquisition of the remaining 50% in Cockett Marine Oil.
The Grindrod Trading division currently trades in agricultural commodities through Atlas Trading & Shipping, in industrial raw material, through Oreport and has traded in marine fuel & lubricants through Cockett Marine Oil since it first acquired a 50% share in this business in July 2005. “This further acquisition supports our overall strategy”, said Mr Brendan McIlmurray, CEO Grindrod Trading Division.
Established more than twenty years ago, with offices in United Kingdom, Singapore, South Africa, United States, Monaco, Russia, Brazil and Panama, Cockett Marine Oil, is one of the world's top suppliers of bunkers and marine lubricants to shipowners, operators, managers, charterers and private owners around the globe. The Company currently supplies in the region of 5 million tons of marine lubricants per annum and has a turnover of about $1 billion.
Following this transaction, Karl Beeson has been appointed as the new Managing Director with both Kevin Bresnahan and Bob Russell, former directors and shareholders of Cockett Marine Oil, serving as advisors to the company.
The Grindrod Trading Division is excited about the prospects of the Cockett Group, and is looking forward to taking the business forward into the next growth phase.
|