Vitol and Grindrod have decided to close down their bunkering business, Cockett.
The joint shareholders of the marine fuels and lubricants trader said the operation will be wound down in an orderly manner.
Cockett will continue to fulfil all its existing obligations to both suppliers and customers but it will not take on any new contracts.
“This difficult decision was reached after long consideration and in light of the non-core nature of Cockett’s business to both shareholders,” the two companies noted.
The wind-down process will be led by Cockett’s current management.
Cockett was established in the UK in 1979 by Neil Cockett and was taken over by Vitol and Grindrod in 2012. The company, with operational headquarters in Dubai, has 11 offices globally and employs over 120 people, according to its website.
The move will see Grindrod exit the marine fuel trading business.
