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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Authorities approve Cockett deal

25 Sep 2012 15:34 GMT

Grindrod's sale of a 50% interest in Cockett to Vitol is approved by the European and South African Competition authorities.



The European and South African Competition authorities have approved Grindrod Ltd's sale of a 50 percent interest in Cockett Marine Oil (Cockett) to energy trading giant Vitol.

Cockett is one of the world's leading traders and physical suppliers of marine fuel with a network of offices across Europe, Americas and Far East. The company sells approximately five million tonnes of marine fuels annually.

The transaction agreement had been announced in March 2012. Commenting at the time, Karl Beeson, Managing Director Cockett Marine Oil, said: "Vitol is the ideal partner to support Cockett's global growth strategy."

Ian Taylor‚ President and CEO of the Vitol Group‚ said: “We are pleased to have broadened our relationship with Grindrod with the purchase of 50% of Cockett‚ one of the leading value added resellers of marine fuels. It is an important addition to the Vitol Group and a source of future growth.”

Martyn Wade, CEO of Grindrod Shipping, said: "This investment represents the ideal partnership of an experienced ship owner with a first class commercial operator having access to a substantial cargo base. The ships represent cutting edge design and incorporate the latest engine technologies allowing significant savings in fuel consumption and running costs. We believe this partnership is an exciting platform for future expansion with the ability to rapidly scale up the investment model as opportunities develop.

The Cockett deal follows the finalization of the agreement effective 1 January 2012 in which Vitol will acquire from Grindrod a 35 percent interest in the company which owns the Maputo coal terminal concession. In addition, Vitol and Grindrod announced their intention to combine their respective Sub-Saharan coal trading businesses (65 percent Vitol / 35 percent Grindrod).




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