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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Grindrod to list shipping division on Nasdaq

Revenue of business heavily influenced by the sales of Cockett Marine Oil and Unicorn Bunkers.



Nasdaq Tower in Times Square, New York. Image credit: Naoki Nakashima Flickr CC BY 2.0


Updated on 27 Mar 2018 16:56 GMT

South African conglomerate Grindrod has confirmed that it plans to spin off its shipping division on the Nasdaq stock exchange. It follows the firm's announcement in August that it intended to make a final decision regarding a separate listing for its shipping business before the end of last year.

The revenue of Grindrod's shipping business is heavily influenced by jointly owned bunker firm Cockett Marine Oil and subsidiary Unicorn Bunkers.

As Bunker Index reported previously, revenue from marine fuel during the first half of 2017 (H1) made up 76.2 percent of shipping division sales (ZAR 11,510 million) - an increase on the previous year's figure of 68.8 percent.

Commenting on the latest development, Mike Hankinson, Executive Chairman Grindrod said: "The change in the business cycle has impacted positively on the business and has provided the stimulus to implement the spin-off of the Shipping business with a planned listing amongst its peer group on the Nasdaq with an inward listing on the JSE."

According to Grindrod, the net asset value of its shipping business is $320 million. In addition to Cockett Marine Oil and Unicorn Bunkers, the business also comprises Unicorn Shipping, Island View Shipping and Ocean Africa Conainer Lines.

"The Shipping business has remained sustainable during a prolonged period of adverse conditions which saw the failure of several of its peers," Grindrod said.






Related Links:

Cockett expands commercial team with 19 hires
Grindrod to decide on separate shipping listing by end of 2017
Cockett posts H1 loss, Grindrod records 33% fall in marine fuel profit
Grindrod expects H1 loss to be an improvement on last year
Cockett Marine Oil Ltd.
Cockett Marine Oil DMCC
South Africa

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