For nearly two decades, NST was a rising star in South Africa’s logistics sector – a disciplined, solvent and proudly South African operation that weathered every storm thrown its way. But in just under three years, a series of OEM-related failures dragged the company from success to liquidation. In what could’ve been a comeback story, a second OEM entered the picture – only to pull the final plug.
SA Trucker spoke to Olga Fensham, co-founder and former CFO of NST, in what is one of the most brutally honest and detailed post-mortems of a transport company collapse ever published on this platform.
NST’s journey began in 2004, founded by Olga’s husband, Andrew Fensham, a seasoned transport professional. Initially a brokerage serving platinum mines, NST bought its first four side tipper trucks in 2008 and soon secured contracts with major names like Glencore and Salene Mining.
By 2011, the company had landed a critical long-term contract with Bafokeng Rasimone Platinum Mine (BRPM), running a 15-strong UD fleet and front-end loaders. “NST maintained an excellent credit record, consistently settling vehicle loans ahead of schedule,” Olga recalls. “We banked with Nedbank from day one.”
Even during COVID, NST’s financial reserves and a well-maintained fleet carried them through. But by the end of 2020, a strategic decision to pivot from short-haul to long-haul would trigger a chain of events that no one saw coming.
A Fleet Swap That Seemed Like a Safe Bet
Their BRPM contract had taken its toll on the UD trucks, so the company decided to replace the aging fleet. The choice? Daewoo trucks, sold with Cummins and Eaton drivetrains. “It seemed like a safe bet,” says Olga. “How could it go wrong?”
But from the moment the first Daewoos arrived in early 2021, the company plunged into a nightmare of recurring mechanical failures: misaligned wheels, brake issues, alternator faults, battery failures, gearbox collapses, and a dizzying amount of downtime. “Over 1,500 breakdowns in just two and a half years,” Olga recalls.
They flagged every issue. OEM execs from South Korea even visited the depot. But nothing changed. “Our request to return the trucks was refused. We lost R110 million in revenue to standing time alone,” she says.
In 2023, FleetWatch Magazine’s Patrick O’Leary covered the debacle in detail. Yet still, no meaningful resolution came.
Clients Lost, Reputation Damaged
The impact was catastrophic. Fully loaded trucks sat idle roadside for days. Mining clients began refusing to load NST trucks due to breakdown risk. Their previously unshakable client reputation began to crumble.
The company turned to Scania in 2022, acquiring 15 new trucks and trading in 11 Daewoos at a steep loss. “Even with the high instalments, Scania trucks worked. They didn’t break down. They were our lifeline,” Olga says.
But the other 19 Daewoos remained in operation and their performance was still dragging NST down.
A Financial Collapse Made Worse by Financiers
NST financed trucks through Nedbank, AFCL, NewShelf, and TATA-linked funders. Trailers were backed by Absa, Investec, Sasfin, and others. Olga says they approached every creditor when it became clear they were sinking. “Only Fast Forward Finance showed understanding,” she explains.
Even Scania, which was seen as a saviour, left them in the cold. “They promised a payment holiday if we caught up one instalment – which we did, using money meant for salaries. Then they pulled out and demanded our family trust as security. Our drivers went unpaid and downed tools. The spiral accelerated.”
In April 2024, NST entered business rescue. But before a rescue plan could even be shared with creditors, Scania swooped in and repossessed all 15 trucks. “We thought they’d work with us to rebuild on the back of a reliable fleet. But they wanted liquidation.”
For SA Trucker readers following the Hendrik van Wyk Vervoer (HVWV) business rescue saga, the similarities are chilling. Downtime reports. Product issues. Limited fleet access. Banks refusing to negotiate. OEMs pulling out the moment the business falters.
In both stories, companies didn’t collapse because of mismanagement or fraud. They collapsed after trusted OEMs and financiers turned their backs when things weren’t going well – sometimes after contributing directly to the company’s distress.
What’s Left
NST had 34 trucks, 45 employees, and two decades of hard-won industry respect. Today, nothing remains but the lesson.
“I wouldn’t wish this on anyone,” Olga says. “We were solvent. We had savings. We paid early. But once you’re down, you’re invisible. Even your bank of 20 years won’t answer your call.”
She offers advice for future transporters: “Don’t trust unknown truck brands. Don’t assume an OEM will back you. Be present. Track every rand. If you’re small, insist on fair rates and never, ever ignore early warning signs.”
Message to OEMs
Olga’s message to TATA, “You put a sub-standard product on the road, and NST became your test case – your guinea pigs. We were forced to identify and report countless issues with your trucks, all at our own expense. You had every opportunity to recall and rectify those faults. You had the chance to take responsibility, to compensate us for the losses we suffered. But instead, you stood by while we lost everything.”
To Scania, Olga had this to say, “We were grateful when you helped us acquire 15 new trucks when we needed them most. That support mattered. But in the end, your actions were more ruthless than any other creditor. You had every opportunity to work with us. You could have restructured the finance, supported the business rescue plan, or even preserved part of the fleet to ensure repayment and continuity.”
The Bigger Picture
This isn’t just about NST. It’s about the unchecked power OEMs and financiers hold over transporters in South Africa. Their actions or inactions can determine if a business lives or dies.
SA Trucker will continue publishing these stories to document and reflect on why promising fleets collapse and what needs to change.
If you’ve got a story to tell, reach out. Your experience could save someone else from the same fate.
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