Vitol and Grindrod Agree to 'Orderly Wind-Down' of Bunker Trader Cockett

by Ship & Bunker News Team
Tuesday May 13, 2025

Vitol and Grindrod, the co-owners of bunker trading firm Cockett, have agreed to an 'orderly wind-down' of the firm.

The firm will continue to perform all of its existing contractual obligations to customers and suppliers, but will not enter into any new business as of May 13, Vitol said in an emailed statement on Tuesday.

All relevant suppliers will be paid in full within the next 60 days, and the firm expects payment of relevant receivables from customers within a similar period.

The company remains in a 'sound financial position', and its shareholders are keen to ensure the wind-down proceeds on a solvent basis, Vitol said.

"Vitol and Grindrod, joint shareholders of Cockett, have made the strategic decision to conduct an orderly wind-down of Cockett," the company said in the statement.

"This difficult decision was reached after long consideration and in light of the non-core nature of Cockett's business to both shareholders."

The company was founded in the UK in 1979, and has been at times one of the world's top sellers of bunker fuel and marine lubricants worldwide.

Grindrod acquired a 50% stake in Cockett in 2005, increasing its holding to 100% in 2008 before selling 50% to Vitol in 2012.

Vitol now has its own marine fuels brand, Vitol Bunkers, while Grindrod has had a long-term ambition of divesting from its investment in Cockett when the right opportunity to do so emerges.

Grindrod saw revenues of 20.1 billion rand ($1.1 billion) from Cockett in 2024, up by 25.3% on the year. Pre-tax profit dropped by 31.5% to 32.2 million rand.

"The wind-down process will be led by Cockett's current management team, Cem Saral and Arnaud Payot, Cockett's longstanding CEO and CFO," Vitol said in the statement.

"They will be supported by Vitol on behalf of the shareholders who, as a leading global energy supplier, holds existing relationships with many of Cockett's suppliers and customers. 

"A core team will remain in place to ensure the orderly settlement of payables and receivables.

"The shareholders would like to thank the Cockett employees for their professionalism, hard work and dedication to the company over many years. All employees will receive considered and responsible compensation."

The firm has more than 120 employees at 11 offices around the world, according to a report on its website.