Vitol and Grindrod winding down bunkering firm Cockett

In a significant industry shift, Vitol and Grindrod have announced the closure of their bunkering business, Cockett. The joint shareholders confirmed that the process will be conducted in an orderly manner, ensuring that all existing obligations to suppliers and customers are met. However, Cockett will no longer accept new contracts moving forward.

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Orderly Wind-Down of Cockett Operations

The decision to wind down Cockett comes after extensive deliberation by its shareholders, who deemed the company’s operations non-core to their business strategies. Currently, Cockett’s management team will oversee the closure, which aims to ensure a smooth transition for all stakeholders involved. Established in the UK in 1979 by Neil Cockett, the marine fuels and lubricants trader has been a notable player in the industry. Since being acquired by Vitol and Grindrod in 2012, Cockett has maintained its operational headquarters in Dubai and has expanded its reach with 11 offices worldwide, employing over 120 staff members.

As the closure unfolds, Grindrod will officially exit the marine fuel trading sector, marking a pivotal transition for the company. Cockett’s decision reflects broader trends in the industry, where companies are reassessing their involvements in various business segments. The closure emphasizes the ongoing transformation within the marine fuel market, as firms adapt to changing demands and operational focuses.