Grindrod History

The year 2010 marks Grindrod’s centenary

Nine years later Renaud, a leading Durban legal counsel, learned through the legal network of an old pilgrim ship, the ‘Halal’, which was lying in Aden pending sale by auction. Purchasing her for £9 355 under the name African Coasters (Pty) Ltd, he renamed the 430-tonne ship ‘Cecile Mapleson’, his wife’s maiden name, and with Grindrod & Company as ships agents began trading between Durban and Lourenço Marques (now Maputo).

On the death of Captain John Grindrod in 1930, his son Walter Grindrod, born in Britain in 1903, took over the management of Grindrod & Company and as such became a very active protagonist of the coasting industry. An interest that was amplified in 1931 when he became an alternate director on the board of SS Frontier Company.

When Leon Renaud died in 1934 his son Cecil joined the board of SS Frontier Company, rekindling with Walter Grindrod the business partnership their fathers had enjoyed. Within three years they had consolidated the operations of the SS Frontier Company and African Coasters.

The Second World War interrupted their hard work as both men joined the armed forces, but immediately on their return they set about expanding their fleet, a program led by Walter Grindrod, who became managing director of African Coasters in 1946.

Steeped in shipping from dinner–table discussions and a family life that revolved around the small vessels trading out of Durban, Murray Grindrod son of Walter Grindrod joined Grindrod in 1957. In his job he learnt the trade from the wharf side, becoming involved in the hiring of personnel, stevedoring and general ships husbandry. He also took every opportunity to study the operation of the ships at sea, which gave him a personal grasp of the trade and an affinity with the people aboard. In 1960 he was appointed alternate director to his father.

Plotting the course for Grindrod

With the limited volumes of coastal cargoes being spread among three players and African Coasters needing an urgent injection of capital to replace their ageing fleet, it was Murray Grindrod who persuaded his father and Cecil Renaud to seek finance elsewhere. Indeed, it was the team that he led that secured funding from Union Corporation, thus paving the way for the modernisation of the fleet, the subsequent merger with Smith’s Coasters in 1966 to form Unicorn Shipping Lines and the acquisition of Thesen’s Steamship Company from Safmarine in the same year. The Unicorn brand has since been synonymous with local shipping.

Under Murray Grindrod’s leadership as managing director, Unicorn pioneered a fully cellular container service in 1971.

Grindrod lists on the JSE

A personal sense of achievement for Murray Grindrod followed the acquisition of the majority shareholding from Union Corporation’s successor, Gencor, in 1986 and then the listing of the group in the same year.

Mike Groves was appointed managing director of the newly listed Grindrod Unicorn group and a number of years later Ivan Clark became the group’s chief operating officer, a move that culminated in his appointment as managing director in Jul 1999.

Growth Story

A highlight of 1999 was the successful acquisition of Safmarine’s 40% interest in Unicorn Lines (Pty) Limited (which later changed its name to Unicorn Shipping (Pty) Limited) held by the Restis group of Greece.

The Grindrod Unicorn Group Limited changed its name to Grindrod Limited, incorporating a new brand and logo, under the dynamic leadership of Ivan Clark and a new executive team together with a general rationalisation of structures, the group acquired several key companies in rapid succession including Island View Shipping. The shipping fleet was increased at a low point in the market, land-based activities were expanded and trading businesses and the full shareholding in Grindrod Bank were acquired.

Grindrod today lists numerous proud achievements, including being named the top listed shipping company in the world in 2004 and 2005 and as the top listed company in South Africa for 2004 and 2005. In 2009, the group received the accolade as the number one JSE listed company over 10 years.

At the end of 2006 and after nearly 30 years’ service, Ivan Clark retired as chief executive officer and was appointed deputy chairman and subsequently chairman when Murray Grindrod retired after 21 years as chairman and 50 years with the group. Alan Olivier was appointed Ivan Clark’s successor as chief executive officer and has recently had to steer the group through tough economic times.

Investing in the future – charting new horizons

Grindrod has committed employees, a strong balance sheet, limited debt, good liquidity, a low cost fleet and diversified freight and logistics operations. The Grindrod group is poised for future growth in all its divisions and looks forward to “Charting New Horizons” with all its stakeholders.