Sturrock Shipping in merger with Grindrod
Sturrock Shipping, owner of Hetherington Kingsbury and McArthur Shipping & Agency, has merged its ships’ agency interests with those of South African compatriot Grindrod Limited.
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The 50:50 joint venture takes effect from November 1 and incorporates all of Sturrock’s agency activities in sub-Saharan South Africa and Australasia plus Grindrod’s in southern Africa.
Andrew Sturrock has been appointed chief executive officer of the new entity, which will continue to trade under existing brands.
Sturrock Shipping is owned by the Calulo Group, Grindrod’s existing ‘black economic empowerment’ partner, and the Sturrock family.
It also recently acquired a 15% shareholding in Rhlig-Grindrod (Pty) Ltd, while Calulo has an existing bunkering joint venture with Grindrod, Unical.
Where Grindrod has a strong market presence in the dry bulk space (including through prominent Singapore-based dry-bulk operator Island View Shipping), providing services to both liner and non-liner clients, Sturrock Shipping is primarily involved in non-liner, wet-bulk activities.
Hylton Gray, Grindrod Logistics CEO, said the new joint venture would present many business opportunities across both local and international markets, as well significant synergies.
Andrew Sturrock said “amassing a significant amount of expertise across the ships agency spectrum allows us to offer increased services to the global shipping industry.
"We look forward to continued expansion of the agency business into emerging markets”.
Sturrock entered the Australian market in April 2010 when it acquired Meware, owner of Hetherington Kingsbury, McArthurs, Pacific Shipping Agencies and West Coast Shipping Agencies.