The Nigerian National Petroleum Company Shipping, Stena Bulk, and Caverton Marine Limited have announced a pioneering joint venture aimed at changing Nigeria’s transportation sector at sea.
The contract signed in London last week sets up a new tanker business for crude oil, refined products and LNG shipping needs in Nigeria and West Africa.
The collaboration is anticipated to improve regional and global shipping logistics, upgrading Nigeria’s maritime infrastructure and strengthening the nation’s energy industry.
The newly established company aims to deliver high-quality, dependable, and effective maritime transport, intending to create a modern fleet of tankers that includes both new and existing ships.
The partners will also explore vessel acquisitions and long-term charter arrangements, ensuring competitive operating costs while maintaining the highest safety and sustainability standards.
Managing Director of NNPC Shipping, Panos Gliatis, described the partnership as a major milestone in modernizing Nigeria’s maritime sector.
“This strategic alliance represents an important achievement in NNPC’s pledge to enhance Nigeria’s maritime infrastructure.”
“By merging our expertise with Stena Bulk and Caverton Marine, we are establishing a strong platform that will improve our domestic refining, importing, and exporting abilities, and bolster Nigeria’s role in global energy logistics,” he stated.
The President and CEO of Stena Bulk, Erik Hånell, said that the partnership is in line with the business’s plan to enter important growth regions.
“We’re honoured to be a part of the incredible development taking place in Nigeria’s energy sector. This partnership is a great fit with our realistic plan to increase our footprint while upholding our strict operational excellence and sustainability requirements,” he said.
Head of Stena Bulk USA, Johan Jäwert, highlighted the strength of the partnership in developing local shipping activities.
“We look forward to developing shipping activities locally with Caverton and benefiting from NNPC’s strong position in the oil market. Combined with our expertise in commercial and technical shipping, we will create a world-leading shipping company providing first-class service to the energy market,” he said.
CEO of Caverton Offshore Support Group, Bode Makanjuola, stated that the joint venture is the result of years of planning and an important step towards improving Nigeria’s maritime economy.
“By combining local knowledge with international best practices, we are establishing a world-class operation that will benefit not only Nigeria but the entire Sub-Saharan Africa region,” Makanjuola told the crowd.
This partnership takes place at a critical time as Nigeria, Africa’s largest economy, continues to insist on controlling the energy and logistics sector.
With strategic locations, infrastructure expansion and population growth, the country is attracting important investments in maritime and energy logistics.
By launching this world-class tanker operation, the joint venture partners aim to address immediate logistical needs while contributing to Nigeria’s long-term economic growth and diversification.
NNPC Shipping (NNPC Ltd’s shipping arm, in charge of vital oil and gas logistics in Nigeria), Stena Bulk (one of the world’s leading tanker shipping companies, with operations in seven countries and a fleet of approximately 70 vessels), and Caverton Marine Limited (a key player in offshore support services, providing marine and aviation logistics to oil and gas companies across Nigeria and Sub-Saharan Africa).
The joint venture aims to reinvent shipping standards in Africa by combining the experience and strengths of its partners to build a globally competitive maritime enterprise.
