• Average Rand/US Dollar exchange rate 18% stronger vs H1 2009
  • Capital expenditure of R1 012 million (H1 2009: R801 million)
    • capital commitments of R1 773 million over next two years
    • capacity for up to R5 billion additional capital expenditure over the next three years
  • Dividend cover is 3,5 times earnings


  • Took delivery of four ships and exercised purchase option on a chartered ship
  • Contracted to purchase a 40 000 dwt products tanker
  • Concluded the acquisition of a Rotterdam based bunker supply business
  • Extended contract cover
  • Cancelled four 16 500 dwt product tanker newbuildings and a chartered capesize bulk carrier
  • Contracted the sale of a 50% share in a products tanker in H2 2010
  • No ship sale profits in H1 2010 (H1 2009: R152 million)
  • Average earnings per day marginally outperformed average spot market rates for the period


  • Increased volumes
  • Slightly lower operating margins due to change in product mix
  • Focus on development of Asian market trade
  • Further development of physical supply opportunities in marine fuels sector

Freight Services:

  • Port of Maputo concessions extended to 2043
  • Logistics business restructure completed to counter challenging market conditions
  • Terminal capacity utilisation below expectation due to strikes/lack of rail wagon availability
  • Concluded the purchase of a petrochemical road transport company
  • Ongoing investment in port and terminal capacity
  • Good progress made with Transnet and CFM (Mozambique state-owned rail and port company) on expanding rail capacity

Financial Services:

  • Growth in Asset Management division
  • Grindrod Global Property Income Fund was rated second best performing South African unit trust fund
  • Maintained quality of lending book