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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Grindrod expects H1 loss to be an improvement on last year

16 Aug 2017 14:16 GMT

Shipping division, which includes bunker firms Cockett and Unicorn, recovered to above cash breakeven.



Grindrod Ltd, the 50 percent joint owner of marine fuels specialist Cockett Group, has advised shareholders that it expects to record a loss for the first half of the year (H1) of between ZAR 77 million ($5.8 million) and ZAR 97 million ($7.3 million).

The company points out that the aforementioned figures would represent an improvement of between 91 and 93 percent on last year.

The headline loss for the period is expected to be between ZAR 119 million ($9.0 million) and ZAR 139 million ($10.5 million), which would be an improvement of between 64 and 69 percent compared to last year's ZAR 381 million figure.

The South African business is due to release its H1 results on August 23.

Grindrod's said its shipping division, which includes bunker firms Cockett Marine Oil and Unicorn Bunkers, recovered to above cash breakeven following a strengthening of dry bulk shipping rates.

Other companies within the shipping division are: Island View Shipping (dry bulk shipping), Ocean Africa Container Lines (container shipping) and Unicorn Shipping (liquid bulk shipping).

The Ports and Terminals division, meanwhile, is said to have recorded "satisfactory profits".

As previously reported by Bunker Index, Grindrod posted a net loss of ZAR 1,840 million (US$141 million) for 2016, compared to a net loss of ZAR 1,369 million ($105 million) the previous year.

A full-year headline loss (losses generated by operations and investment activities) of ZAR 459.5 million ($35.3 million) was recorded following the headline loss of ZAR 381.1 million ($29.3 million) posted for H1 2016.

Cockett Marine Oil also reported a loss in 2016. This was said to be due to "lower volumes, smaller margins, the impact of the cancellation of a lease contract and the provision for material doubtful debts".

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.






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