Grindrod acquires a stake in Cockett Marine
Grindrod Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1966/0009846/06)
(JSE Code: GND & ISIN Code: ZAE000052247)
(`Grindrod` or `the Company`)
PRESS RELEASE FOR COCKETT MARINE
Grindrod and Cockett Marine Oil are pleased to announce that they have come to
an agreement whereby Grindrod purchase a 50% share in Cockett Marine Oil with
effect from July 2005. Both companies said that the purchase price was
confidential but was based on a price earnings ratio, which was acceptable to
both parties.
Cockett Marine Oil has its head office based at Kent in the United Kingdom and
has offices in Singapore, South Africa, United States of America, Monaco and
Russia as well as representative offices in Brazil and Panama.
It currently supplies over 5 million tones of marine fuels and lubricants to
shipping businesses on a worldwide basis.
It is one of the foremost companies in the London and world marine supply
markets and is well qualified as a market maker and marketer of bunkering
services. It has an excellent reputation which it has developed over its more
than 20 years of operation in this field.
Ivan Clark, the Chief Executive Officer of Grindrod said that he was extremely
pleased to add another dimension to Grindrod`s operations as a worldwide player
in shipping and freight logistics and was extremely proud to now be associated
with Cockett Marine Oil and its excellent team throughout the world.
He added `Marine bunkering is an integral part of world shipping and although we
have a bunkering division called Unilog within the Grindrod group, this 50%
acquisition would substantially increase our foot print in the industry`.
He went on to say `There are also great synergies that can be developed as
Grindrod, besides its own shipping operations, is involved with many world
players in shipping and the petroleum industry where it is hoped that further
business opportunities can be developed.`
Kevin Bresnahan, the Managing Director of Cockett Marine said he was delighted
with the deal. `We have grown substantially over the years and now with
Grindrods as a partner there is just so much opportunity to take Cockett Marine
Oil to new levels. We have always worked well with Grindrods and particularly
Island View Shipping and Tim McClure and we know that the chemistry is right
between our two groups`.
Tim McClure of Island View Shipping, after signing the agreement in London
today, said `This partnership now adds further to our growth in the trading and
supply of commodities worldwide and follows our recent acquisition of Seaboard
of America`s external trading operations as well as our 50% buy into Oreport a
South African commodity trader.`
He added `we are now in grains, steels, heavy minerals and bunker fuels which
gives us a broad spread of trading and operating within the commodity market,
particularly in those arenas which will allow shipping and cross marketing
opportunities for Grindrod and allow growth for our partners`.
Contact:
Tim McClure -
Managing Director - Island View Shipping -
083 251 4971
Kevin Bresnahan -
Managing Director - Cockett Marine Oil -
0944 1689 883 402
Ivan Clark -
Chief Executive Officer - Grindrod Limited -
082 891 3587
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