Logistics and shipping group Grindrod has bought the rest of Ocean Africa Container Lines (OACL), which operates between Durban, in South Africa, and Luanda, in Angola, from Safmarine for an undisclosed amount.
The acquisition of another 51% in OACL, which makes the shipping line a wholly owned subsidiary of Grindrod, forms part of the JSE-listed group’s strategy of providing an integrated service offering in Southern Africa, Grindrod Freight Services CEO Dave Rennie said in a release on Monday.
The Competition Tribunal and the South African Reserve Bank have approved the transaction.
OACL services all major ports in South Africa, Namibia and Angola and provides a feeder service to all international mainline carriers, and ships domestic and regional cargo, providing customers with a complete freight logistics service including warehousing, distribution and inland transportation.
The business currently deploys four container vessels, each with a capacity of between 800 and 1 200 twenty-foot equivalent units.
Previous COO Mahmood Simjee has now been appointed CEO, having worked for the Grindrod Group for 32 years.
“The business had benefited considerably from its close association with Safmarine and its sister company Maersk Line through the partnership. OACL is committed to serving them going forward and will continue to provide a reliable and efficient service to all its customers and will look to expand its footprint should opportunities arise,” he noted.