No Change in Plans on Cockett Stake Sale: Grindrod

by Ship & Bunker News Team
Friday December 22, 2023

South African logistics firm Grindrod has said its plans around selling its 50% stake in marine fuels firm Cockett Group remain unchanged.

Media reports this week suggested the firm had restated the process of seeking a buyer for its Cockett stake.

"Nothing has changed," a Grindrod representative told Ship & Bunker on Friday.

"Grindrod still considers the Marine Fuels business a non-core asset, and the strategy remains to exit this investment responsibly.

"We are exploring various options with the co-shareholder but there is nothing of substance to report on to date."

Cockett is a leading marine fuels trading firm with 11 offices worldwide.

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