World News
Cockett Saw Profits Decline in 2024 While Revenues Jumped
Marine fuels firm Cockett saw a drop in its profits last year while revenues jumped.
South African logistics firm Grindrod, the co-owner of Cockett with Vitol, set out details of returns from its marine fuels joint venture in annual results for 2024 earlier this month.
Grindrod saw revenues of 20.1 billion rand ($1.1 billion) from marine fuels in 2024, up by 25.3% on the year. Pre-tax profit dropped by 31.5% to 32.2 million rand.
"[The] business reported positive headline earnings, lower due to softer oil prices," Grindrod said in a presentation on its results.
Grindrod has a long-term ambition of divesting from its investment in Cockett when the right opportunity to do so emerges.
"We continue to collaborate with our co-shareholder on the way forward," Grindrod said in its presentation.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 518.50 | 5.00 | 648.00 | 3.00 |
| Rotterdam | 497.00 | 0.00 | 631.00 | 1.50 |
| Houston | 531.50 | 7.00 | 675.50 | 9.50 |
| Fujairah | 514.00 | 3.00 | 744.00 | 1.00 |
| Global 20 Ports Average | 553.00 | 1.50 | 746.00 | 2.50 |
| Global 4 Ports Average | 515.50 | 4.00 | 674.50 | 3.50 |
| Global Average Bunker Price | 596.50 | 0.00 | 778.50 | 2.00 |
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