In a strategic move to enhance Nigeria’s energy and maritime industries, NNPC Shipping, Stena Bulk, and Caverton Marine Limited have entered into a groundbreaking joint venture.
The partnership, finalized in London last week, aims to establish a cutting-edge tanker operation catering to Nigeria and West Africa’s crude oil, refined products, and LNG shipping needs, both regionally and globally.
The newly formed company will focus on delivering top-tier, reliable, and efficient maritime transportation services. As part of its vision, the joint venture will explore the development of a modern, high-performance fleet consisting of newly built and existing vessels, depending on market dynamics and commercial opportunities.
A key priority for the company will be securing vessel acquisitions and long-term charter agreements while maintaining competitive operational costs. The initiative will uphold the highest standards of safety and sustainability, ensuring efficient logistics support for NNPC’s crude oil, refined petroleum, and LNG/LPG transportation needs.
Beyond serving NNPC, the venture will extend its services to other oil producers and traders, leveraging a state-of-the-art fleet, robust financial backing, and a rich maritime heritage.
Strategic Industry Collaboration
Commenting on the development, Managing Director of NNPC Shipping, Panos Gliatis, highlighted the significance of the partnership in modernizing Nigeria’s maritime infrastructure.
“This strategic alliance is a major step towards strengthening Nigeria’s energy logistics. By joining forces with Stena Bulk and Caverton Marine, we are building a strong platform to enhance domestic refining, imports, and exports while reinforcing Nigeria’s role in global energy transportation,” Gliatis said.
Stena Bulk’s President & CEO, Erik Hånell, emphasized the company’s commitment to expanding into high-growth markets while maintaining operational excellence and sustainability.
“Nigeria’s energy landscape is undergoing a remarkable transformation, and we are excited to be part of this journey,” Hånell stated.
Similarly, Johan Jäwert, Head of Stena Bulk USA, noted that the collaboration would leverage Caverton’s local expertise and NNPC’s strong market presence to develop a world-class shipping operation.
CEO of Caverton Offshore Support Group, Bode Makanjuola, described the joint venture as a product of years of strategic planning.
“This initiative represents a major leap in strengthening Nigeria’s maritime capabilities. By integrating local knowledge with global best practices, we are creating a top-tier operation that will benefit not only Nigeria but the entire Sub-Saharan Africa region,” Makanjuola said.
Boosting Nigeria’s Maritime and Economic Growth
The timing of this partnership aligns with Nigeria’s growing ambitions as Africa’s largest economy. With its strategic location, expanding population, and large-scale infrastructure projects, Nigeria presents significant opportunities for the shipping industry.
By launching this world-class tanker operation, NNPC Shipping, Stena Bulk, and Caverton Marine are not only addressing immediate transportation needs but also contributing to Nigeria’s long-term economic diversification and growth.
As the shipping arm of NNPC Ltd, NNPC Shipping plays a pivotal role in managing the country’s oil and gas logistics. Stena Bulk, one of the world’s foremost tanker shipping companies, operates a fleet of approximately 70 vessels across seven countries.
Caverton Marine Limited is a key offshore support provider, delivering marine and aviation logistics solutions to Nigeria and Sub-Saharan Africa’s oil and gas industry.
With this strategic alliance, the partners are set to revolutionize Nigeria’s maritime sector, fostering efficiency, sustainability, and economic growth.
