In an exciting development for Nigeria’s maritime sector, the Nigerian National Petroleum Corporation (NNPC) Shipping, Swedish company Stena Bulk, and Caverton Marine have officially launched a joint venture aimed at revolutionizing maritime transportation in Nigeria and beyond.
The newly formed partnership will create a company dedicated to meeting the region’s crude oil, refined products, and LNG shipping needs. By signing this agreement, the trio is poised to provide “top quality, reliable, and efficient” maritime transport services.
The joint venture plans to develop a modern and efficient fleet of tankers, utilizing both new vessels and existing tonnage based on market dynamics and commercial opportunities. The focus will be on maintaining competitive operating costs while adhering to the highest standards of safety and sustainability.
This fleet is set to primarily cater to NNPC’s logistics requirements, which include the transportation of crude oil, clean products, and LNG/LPG.
Panos Gliatis, Managing Director of NNPC Shipping, emphasized the significance of this partnership, stating, “This strategic collaboration marks a major milestone in our commitment to modernizing Nigeria’s maritime infrastructure. By leveraging the expertise of Stena Bulk and Caverton Marine, we are establishing a strong platform to enhance our domestic refining, import, and export capabilities, ultimately bolstering Nigeria’s position in global energy logistics.”
Erik Hånell, President & CEO of Stena Bulk, expressed enthusiasm for the venture, noting, “We’re thrilled to partner with NNPC and Caverton Marine. This collaboration aligns with our strategy to expand in key growth markets while upholding our standards of operational excellence and sustainability. Nigeria’s energy sector is experiencing a significant transformation, and we are proud to be part of this journey.”
Bode Makanjuola, CEO of Caverton Offshore Support Group, highlighted the importance of the joint venture, saying, “This initiative, the result of extensive planning, represents a major advancement in enhancing Nigeria’s maritime capabilities. By merging local expertise with international best practices, we are establishing a world-class operation that will benefit not just Nigeria, but the entire Sub-Saharan Africa region.”
It’s noteworthy that in 2024, NNPC commenced LNG shipments to Japan and China on a delivered ex-ship (DES) basis, marking a significant step in its global shipping operations. The first DES shipment was made from the LNG carrier Grazyna Gesicka to Futtsu, Japan, on June 27, 2024, followed by another delivery to China.
This joint venture heralds a new era for Nigeria’s maritime industry, promising to enhance operational efficiency and contribute to the region’s economic growth.
