Maersk sells control of Ocean Africa Container Lines to Grindrod

DENMARK's Maersk Line has sold its 51 per cent share of Ocean Africa Container Lines (OACL) controlled by its Safmarine unit for an undisclosed sum to Grindrod, its South Africa-based partner, which already owns the 49 per cent.

OACL operates feeders between Durban and Luanda, covering all major ports in South Africa, Namibia and Angola, using a fleet of four container ships ranging in size from 800 to 1,200 TEU. Aside from providing feeder services for ocean liners it also offers inland distribution and warehousing.

The sell off has been approved by both South Africa's Competition Tribunal and the South African Reserve Bank.

The Safmarine shipping network covers Africa, the Middle East and India. As part of an effort to cut costs, the carrier was merged into its parent Maersk Line in late 2011, resulting in 240 job cuts and the closure of Safmarine's corporate headquarters in Antwerp and regional offices in South Africa, India and China.