• Unfavourable earnings impact of the Rand/US Dollar exchange rate was R166 million
  • Capital expenditure of R1 722 million (2009: R1 408 million)
  • Committed and approved capital expenditure of R1 448 million and capacity for additional capital expenditure of R7 billion – R8 billion over next three years
  • Gearing increased to 32%
  • Dividend cover maintained at times 3,2


  • Earnings declined by 26%, mainly due to reduced ship sale profits and effect of exchange rate
  • US Dollar earnings up59% on prior year, excluding ship sales
  • Contract cover has shielded earnings in declining market resulting in average earnings per day outperforming average spot market rates for the year
  • Took delivery of six ships and excercised a purchase option on a chartered ship
  • The long-term charter on a capesize bulk carrier extended by seven years
  • Contracted to build two 32 750 dwt handysize bulk carriers
  • Concluded the acquisition of a Rotterdam based bunk tanker business
  • Sale of 50% share in a 40 000 dwt product tanker

Freight services

  • Earnings increased by 18%
  • Restructured division into two business units to ensure strategic delivery
  • Ports and Terminals performed well despite being significantly impacted by strike actions and rail delivery issues
  • Extended Maputo Port concession term to 2043
  • Extended Maputo Coal Terminal sub-concession to 2043 and secured additional land to enable expansion of total terminal capacity up 25 million tonnes
  • Acquired a liquid bulk transport business
  • Establish a joint venture to target major transport infrastructure projects


  • Earnings declined by 34%
  • Increased revenue and tonnage, whilst operating margins and net profits declined as a result of the growth in low margin marine fuel volumes, together with new business development costs
  • Successful participation in supply chain projects
  • Continued focus and development on South America, Asia and sub-Saharan Africa as key growth regions

Financial services

  • Earnings increased by 27%

    - Significant fee income from Corporate Banking
    - Net interest margin preserved
  • Assets under management increased by 28%
  • Cost to income ratio at 50%
  • Conservative position liquidity