The synfuels giant Sasol, has funded South Africa’s first locally-owned chemical maritime vessel through the Sasol Siyakha Trust, an instrument it uses to empower the country’s black owned enterprises.
The company, one of the top three on the Johannesburg Stock Exchange, funded Nduna Maritime with $27Million as an enterprise and supplier development (ESD) vehicle. This is Sasol Siyakha’s single largest funding agreement to date.
The specialised chemical tanker, named Bow Cecil, is the very first Republic of South Africa flagged vessel that will transport chemicals to international markets registered to carry the South African flag.
The 37 000 dwt vessel, equipped with 47 tanks, was acquired from Odfjell Chemical Tankers AS. The vessel called on the Port of Durban on 01 August 2019 for its inaugural load.
The tanker was built in 1998 by STX Norway Floro and was formerly known as 5W Cecil. Until Nduna Maritime bought it, it was sailing under the flag of Norway.
“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 with products made in South Africa. Through Nduna Maritime, we are extending our value chain participation through a wholly owned South African business,” said Vuyo Kahla, Executive Vice President: Advisory, Assurance and Supply Chain, Sasol Limited.
Sasol spends approximately $125Million a year on shipping from South Africa to global markets. As the owner of Bow Cecil, Nduna Maritime will leverage this asset to increase its capacity to ship more chemical products to markets concentrated in Asia.