Vitol and Grindrod Conclude Operations of Cockett Group, Their Bunker Supply Venture

Vitol and Grindrod, two major players in the commodities sector, have made the decision to close down thier long-standing bunkering partnership with Cockett. This 45-year-old bunker supplier is financially stable, according to Vitol, but has been deemed a “non-core” asset after extensive discussions.

The shutdown will be handled methodically; Cockett plans to fulfill all existing contracts and pay its suppliers until every obligation is settled. Though,starting Tuesday,no new business will be initiated.

The wind-down will be overseen by the current leadership team—CEO Cem Saral and CFO Arnaud Payot—who are committed to ensuring a smooth transition. A dedicated group of employees will remain until the end to manage financial transactions, with all suppliers expected to receive payments within 60 days. the company’s workforce of over 100 employees will also benefit from a compensation package during this process.

“We appreciate the hard work and dedication of Cockett’s staff throughout the years,” stated Vitol and Grindrod in their announcement.

Cockett Marine Oil kicked off its journey in 1979 as an independent entity based in the UK. In 2008, Grindrod acquired full ownership before selling half of it to Vitol in early 2012—a move that marked one of several joint ventures between these trading firms during that period.

A notable development occurred in 2021 when Vitol launched its own internal division for bunker supply called Vitol Bunkers, which now competes directly with Cockett on a global scale.