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Wed 6 Aug 2008, 08:05 GMT

Grindrod increases trading interests


Cockett Marine owner acquires remaining 50 percent in raw materials specialist.

Grindrod Limited, the JSE-listed shipping and logistics group, has this week announced the acquisition of the remaining 50 percent in Oreport.

South African-based Oreport is an international marketing organisation specialising in the worldwide procurement, physical movement and distribution of a range of industrial raw materials. The company was first established in 1985.

The Grindrod Trading division currently trades in marine fuel & lubricants through Cockett Marine Oil, in agricultural commodities through Atlas Trading & Shipping and has traded in industrial raw products since it first acquired a 50 percent share in Oreport in June 2005.

Brendan McIlmurray, CEO of Grindrod’s Trading division said that all the businesses within this division were now 100% owned subsidiaries of Grindrod Limited. He stated that there was great growth potential within this division.

The announcement follows the acquisition of the remaining shares in Cockett Marine Oil earlier this year.

Grindrod first acquired a 50% share in Cocket Marine Oil in July 2005. Established more than twenty years ago, with offices in United Kingdom, Singapore, South Africa, United States, Monaco, Russia, Brazil and Panama, Cockett Marine Oil, is one of the world's leading traders and suppliers of bunkers and marine lubricants to shipowners, operators, managers, charterers and private owners around the globe.

The company currently supplies in the region of 5 million tonnes of marine fuel and lubricants per annum and has a turnover of approximately $1 billion.

Following this transaction, Karl Beeson was appointed as the new Managing Director with both Kevin Bresnahan and Bob Russell, former directors and shareholders of Cockett Marine Oil, serving as advisors to the company.

The purchase amount for the balance of the shares in Oreport has not been disclosed.

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