Enoc aims to grow the sales of its marine lubricant’s portfolio to bolster its international presence in new sea ports to serve international customers in new markets.

Enoc Group appoints Ennero, a leading lubricants and fuel distributor in South Africa, to expand the Group’s international presence in the marine lubricants sector.

Ennero, will distribute a wide range of Enoc’s marine lubricants exclusively to all South African ports, including Durban, Cape Town, Port Elizabeth, Richard’s Bay, in addition to Walvis Bay in Namibia, and other international marine markets.

Nearly 40 million litres of marine lubricants are transacted in South Africa annually. Through this exclusive agreement with Ennero, Enoc aims to grow the sales of its marine lubricant’s portfolio to bolster its international presence in new sea ports to serve international customers in new markets.

The latest forward curve shows Diesel being steadily backwardated in the prompt with demand strong and supply having been disrupted by Hurricanes and upcoming refinery turnarounds in Europe. This backwardation has meant that volumes in storage have been drastically reduced over the last couple of months as holders of inventory would take a hit on the roll. With current backwardation, there is little incentive to refill tanks and inventory levels will be kept low putting a damper on demand. Refinery maintenance during autumn, the onset of winter forcing greater demand for heating and the list of refineries undergoing maintenance work becoming larger have all been supportive for Diesel. Sentiment in Diesel is still bullish but spreads appeared to have stabilized somewhat. CIF Med 10ppm has been printing at low premiums to ICE Gasoil due to the steep backwardation of ICE Gas Oil futures.

What is Ennero’s core business activity?

Ennero is an oil trading firm, based out of Dubai and London. The group operates under three revenue streams: petroleum products trading, marine fuels and lubricants and downstream distribution, supplying end users such as mining, utilities and heavy industries. The principal revenue streams are supported by our advisory group which delivers price risk management services, while our renewable energy division seeks to provide alternative energy solutions to our term clients.

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Following up on our recent announcement regarding the establishment of our South African subsidiary, Ennero is proud to announce that Vuyo Matshaya has joined the group as Regional Manager – Africa and will serve as Managing Director for Ennero SA Pty. Ltd. Operating between our Johannesburg and Cape Town offices, he will lead Ennero SA’s day to day operations while implementing the groups Africa strategy by managing existing and future regional clients.

At the forefront of his mandate, a particular focus will be placed on delivering turn key solutions to mining, utility, agriculture and manufacturing customers. A 20-year industry veteran with the likes of Total SA, Rio Tinto, Vedanta Resources and Eskom, Vuyo brings a wealth of technical, commercial and operational expertise.

The Ennero Group is pleased to announce the establishment of Ennero SA Pty Ltd., a corporate subsidiary headquartered out of Cape Town, South Africa with a satellite office in Johannesburg. In line with our 2019 group strategy, Ennero SA will seek to develop and serve existing clients across the Marine Fuels, Mining, Heavy Industry & Agriculture space.

Company Statement – Karim Al Alami, Director:

“South Africa has always been on our radar in terms of growth opportunities for the group. The revitalization of commodity prices across various industries and our positive view on the South African business landscape cemented our decision to expand our footprint. Ennero SA will not only serve South Africa but also provide us a strategic presence and logistical advantage across the African continent. Driving our Corporate Social Responsibility policy through Black Economic Empowerment, Ennero SA will place a special emphasis on local content by operating as a Level 2 contributor.”

Contact Details:

Spaces, 50 Long Street, Cape Town, South Africa, 8000 or find us on LinkedIn

Shipping Market Briefs

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‘Resistance to change’ is the action taken by individuals and groups when they perceive that a change that is occurring as a threat to them.

Discussions within the shipping industry on disintermediation, incorporating automation and technology are growing and getting louder, and even louder are the knee-jerk reactions of traditionalists who remind you that it’s a relationship-based business and that a robotic touch can never feel as good as a human touch.

The purpose of this blog is not to merely talk about more of the same, but rather dwell a little deeper into this phenomenon called ‘Resistance to change’. A lot of the technology required to automate systems and processes in the shipping industry is already available and has been for many years now.

The Financial Times concluded that once upon a time Morgan Stanley, one of the original “wall street refiners” was one of the largest shippers of fuel oil to New York Harbour. Deutsche Bank held enough aluminum to build 30,000 jumbo jets, BoA-ML leased around 16 billion cubic feet of natural gas storage in the United States while JPMorgan helped ship Brazilian sugar to buyers around the world. The world of physical commodities was one that the big banks adored and the race for dominance was underway. JP Morgan and Morgan Stanley led the charge with reactionary investments from Goldman and many others. Enter the global financial crisis. The banking commodity honeymoon came to a screeching end but subsequently opened an entirely new opportunity for the versatile commodity trader. The “Credit Tree” was formed and privately-owned commodity firms with healthy balance sheets were ripe for success. Fast forward to 2018 and the top 5 trading giants have morphed into quasi banks with clear dominance across the commodity food chain.