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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Cockett posts H1 loss, Grindrod records 33% fall in marine fuel profit

24 Aug 2017 09:16 GMT

Decline in shipping division bunker profit seen despite 49% jump in revenue.



Bunker firm Cockett Marine Oil posted a loss during the first six months (H1) of 2017, part owner Grindrod revealed in its interim report on Wednesday.

In the report, South African conglomerate Grindrod, which jointly owns the bunker specialist with Vitol, said that between January and June, "Cockett Marine Oil remained in a loss position, although trading results are now much improved".

Grindrod reported that its shipping division, which also includes marine fuel company Unicorn Bunkers, achieved a profit from marine fuels of US$1.2 million in H1 - a fall of $0.6 million, or 33 percent, on the $1.8 million profit achieved during the same period last year.

The shipping division's decline in marine fuel profit was recorded despite revenue from bunkers climbing ZAR 2,881 million ($218 million), or 48.9 percent, to ZAR 8,778 million ($665 million).

Figures for the shipping division show that revenue from marine fuel made up 76.2 percent of shipping division sales (ZAR 11,510 million) - an increase on last year's figure of 68.8 percent.

The report also showed that goods and services purchased from Singapore-based Cockett Marine Oil Pte Ltd as at June 30 amounted to ZAR 338.3 million ($25.6 million), whilst the amount due from the Asian firm at the end of June was $623.5 million ($47.2 million).

2016

Also on Wednesday, Grindrod revealed in a detailed report that it made a loss of $9 million on marine fuel activities in 2016 compared with the $8 million profit reported in 2015.

Revenue from marine fuels during the 12-month period fell by ZAR 1,029 million ($78 million), or 6.4 percent, to ZAR 14,946 million ($1,131 million).

In 2016, marine fuel activities made up 72.6 percent of shipping division sales (ZAR 20,585 million) compared with 72.4 percent in 2015.

Overall results

In its overall results for H1 2017, Grindrod posted an unaudited net loss of ZAR 48.8 million ($3.7 million), compared with the ZAR 1,073.5 million net loss recorded during the same period last year.




Related Links:

Grindrod expects H1 loss to be an improvement on last year
Cockett celebrates 38th anniversary
Grindrod's CEO to retire, but will act as consultant to shipping division with bunker subsidiaries
Grindrod issues annual report
Grindrod's bunker barge business has positive impact, but losses expected
End of an era as Cockett relocates to London Bridge
Cockett Marine Oil Ltd.
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