https://www.engineeringnews.co.za
Africa|Business|Energy|Ports|supply-chain|transport|Products
Africa|Business|Energy|Ports|supply-chain|transport|Products
africa|business|energy|ports|supply chain|transport|products

Sasol provides R400m for first South African-owned chemicals tanker

Sasol executive VP: advisory, assurance and supply chain Vuyo Kahla, Sasol senior VP: supply chain Grace Nndwammbi and Mnambithi Group chairperson Vusi Mazibuko

Sasol executive VP: advisory, assurance and supply chain Vuyo Kahla, Sasol senior VP: supply chain Grace Nndwammbi and Mnambithi Group chairperson Vusi Mazibuko

1st November 2019

By: Shirley le Guern

Creamer Media Correspondent

     

Font size: - +

Integrated chemicals and energy company Sasol has provided R400-million to finance the acquisition of the first South African-owned chemicals tanker, the Bow Cecil, by empowered entity Nduna Maritime.

Speaking after the 37 000 dwt vessel, which is equipped with 47 tanks, docked in Durban Harbour in mid-October, Sasol executive VP: advisory, assurance and supply chain Vuyo Kahla said this was the company’s largest ever enterprise and supplier development (ESD) funding agreement through its Sasol Siyakha Trust.

Since 2007, Sasol has disbursed R426.7-million to 91 small, medium-sized and microenterprises as part of its ESD programme.

The deal, which was turned down by large local and international financiers, took just three hours to conclude.

The Bow Cecil, which will transport chemicals to international markets, will also be the first chemicals tanker to become part of the South African ship registry and fly the country’s flag.

The South African ship’s registry currently comprises only four ships.

The tanker was built in Norway in 1998 and was acquired by Nduna Maritime from Odfjell Chemical Tankers.

“We are particularly proud of this landmark agreement, as it is a significant investment into localising and diversifying our supply chain. As a global producer of a number of chemical products, we supply numerous markets around the world. Through Nduna Maritime, we are extending our value chain participation through a wholly owned South African business,” Kahla said.

Sasol spends about R1.8-billion a year on shipping costs. As the owner of the Bow Cecil, Nduna Maritime will leverage this asset to increase its capacity to ship more chemical products to markets concentrated in Asia.

Vusi Mazibuko, executive chairperson of Mnambithi Group, which owns Nduna Maritime, said that the company would acquire more ships. It had also set itself the target of having an all-South African crew on the Bow Cecil by 2024.

“We have plans to expand our fleet in both liquid bulk and dry bulk vessels, which will see us further deepen South African ownership of the maritime industry. “The vessel currently handles outbound shipments of chemicals into South-East Asia, the Middle East and Europe for Sasol and other companies,” he noted.

He said that about R160-billion in cargo passed through South African ports each year. Ninety-six per cent of this is handled by international companies. Just capturing 10% of that market would be a significant achievement for South African companies.

He also pointed out that Africa accounted for just 3% of world cargo, suggesting significant growth potential here, too.

Edited by Creamer Media Reporter

Comments

Showroom

Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 
Stewarts & Lloyds
Stewarts & Lloyds

Stewarts & Lloyds today supplies steel and tube, pipe and fittings, valves, pumps, irrigation, fencing, profiling and roofing products. The cash...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.081 0.132s - 139pq - 2rq
Subscribe Now