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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Grindrod's CEO to retire, but will act as consultant to shipping division with bunker subsidiaries

Alan Olivier to act as consultant to Grindrod's shipping division on an 'ad hoc' basis.





Updated on 05 Jun 2017 08:55 GMT

Grindrod Ltd (Grindrod) has announced that CEO Alan Olivier [pictured] will, with effect from July 31, 2017, take early retirement to pursue personal interests. He will, however, remain available to Grindrod's shipping division in a consulting capacity, the South African firm confirmed.

Grindrod's shipping division includes bunker firms Cockett Marine Oil - which it jointly owns (50-50) with Vitol - and Unicorn Bunkers. Other companies within the division are: Island View Shipping (dry bulk shipping), Ocean Africa Container Lines (container shipping) and Unicorn Shipping (liquid bulk shipping).

Commenting on the departure of Olivier, Mike Hankinson, Independent Non-Executive Chairman of Grindrod, remarked: "On behalf of the Board I would like to thank Alan for his valued contribution to the Group over the past 31 years, the last 10 years as CEO. We wish him well and as Alan will be consulting to the shipping division, on an ad hoc basis, it is by no means goodbye."

Hankinson has agreed to act as executive chairman during the transitional phase before a new CEO is appointed, with Andrew Waller, Group Financial Director, supporting him. Nkululeko Sowazi will be the Lead Independent Non-Executive Director of the Board.

Grindrod's shipping division will continue to be managed by Martyn Wade, who was appointed in July 2010 and became an executive director in November 2011.

Cockett & Unicorn Bunkers

Operating globally from 16 offices, Dubai-headquartered Cockett is one of the world's leading bunker companies and claims to trade in excess of 7 million metric tonnes per annum.

Unicorn Bunkers operates three bunker tankers in the ports of Durban and Cape Town. In Durban, it operates under contract to oil majors BP and Engen, and in Cape Town under contract to Chevron.

Maputo

Grindrod is also a key player when it comes to developments at the port of Maputo in Mozambique; it is a 48.5 percent stakeholder in Sociedade de Servicos Portuarios S.A. (Portus Indico), the major (51 percent) shareholder of Maputo's port operator Maputo Port Development Company (MPDC).

In November, Maputo launched a new bunkering service for ships; it followed the signing of a contract agreement on October 28 between MPDC and Petromoc Bunkering Limitada - a joint venture between Geneva-based Augusta Energy S.A. and state oil company Petroleos de Mocambique S.A. (Petromoc).






Related Links:

Grindrod issues annual report
Grindrod's bunker barge business has positive impact, but losses expected
Bunker supply service launched in Mozambique
Cockett strengthens commercial team with three hires
End of an era as Cockett relocates to London Bridge
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