NNPC Shipping, Stena Bulk and Caverton Marine form Nigeria-focused joint venture

The Nigerian National Petroleum Corporation (NNPC) Shipping, Swedish Stena Bulk and Nigerian Caverton Marine have launched a new joint venture that aims to transform Nigerian maritime transportation.

As disclosed, the trio signed an agreement which will create a new tanker operation serving Nigeria and West Africa’s regional and global crude oil, refined product and LNG shipping requirements.

The partners will create a new company that will seek to provide “top quality, reliable and efficient” maritime transport. They will, reportedly, explore options to create a “modern and efficient” fleet of tankers, comprising both new and existing tonnage depending on market factors and commercial opportunities in the region.

The companies revealed they will evaluate opportunities for both vessel acquisitions and long-term charter arrangements, with a focus on “maintaining competitive operating costs while meeting the highest standards of safety and sustainability.”

To note, according to the partners, this fleet will primarily serve the logistics needs of NNPC, including crude, clean and LNG/LPG transportation.

Panos Gliatis, Managing Director of NNPC Shipping, said: “This strategic partnership marks a significant milestone in NNPC’s commitment to modernising Nigeria’s maritime infrastructure. By combining our expertise with Stena Bulk and Caverton Marine, we’re creating a robust platform that will enhance our domestic refining, import and export capabilities and strengthen Nigeria’s position in global energy logistics.”

Erik Hånell, President & CEO of Stena Bulk, commented: “We’re excited to partner with NNPC and Caverton Marine in this groundbreaking venture. This collaboration aligns perfectly with our pragmatic strategy of expanding our presence in key growth markets while maintaining our high standards of operational excellence and sustainability. Nigeria’s energy sector is undergoing remarkable transformation, and we’re proud to be part of this journey.”

Bode Makanjuola, CEO of Caverton Offshore Support Group, stated: “This joint venture – the result of many years of planning – marks a significant stride in enhancing Nigeria’s maritime capabilities. 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.”

It is worth mentioning that in 2024, NNPC started shipping LNG to Japan and China on a delivered ex-ship (DES) basis. The company delivered its first DES shipment from the LNG carrier Grazyna Gesicka at Futtsu, Japan, on June 27, 2024, followed by another cargo delivered to China.