NNPC Shipping, Stena Bulk, and Caverton Marine Launch Joint Venture to Revolutionize Nigerian Maritime Transportation and Crude Oil Logistics. The Nigerian National Petroleum Company Shipping (NNPC Shipping), Stena Bulk, and Caverton Marine Limited have entered into a strategic joint venture aimed at transforming Nigeria’s maritime transportation landscape.
The partnership seeks to develop and operate tankers that will efficiently transport crude oil across Nigeria and West Africa, reducing the region’s reliance on foreign vessels.According to a statement by Olufemi Soneye, Chief Corporate Communications Officer of NNPC Ltd, the agreement was signed in London last week. The joint venture aims to create a new tanker operation that will cater to Nigeria and West Africa’s crude oil, refined product, and LNG regional and global shipping requirements.
The joint venture partners will establish a new company dedicated to providing top-quality, reliable, and efficient maritime transport services. The company will explore options to create a modern and efficient fleet of tankers, comprising both new and existing vessels, depending on market factors and commercial opportunities in the region.
The partners will evaluate opportunities for vessel acquisitions and long-term charter arrangements, focusing on maintaining competitive operating costs while adhering to the highest standards of safety and sustainability. The new fleet will primarily serve the logistics needs of NNPC (crude, clean, and LNG/LPG) and cater to other oil producers and traders.
Speaking on the announcement, Managing Director NNPC Shipping, Panos Gliatis, 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 are creating a robust platform that will enhance our domestic refining, import and export capabilities and strengthen Nigeria’s position in global energy logistics.”
Also speaking, Head of Stena Bulk USA, Johan Jäwert said, “We look forward to developing shipping activities locally with Caverton and benefiting from NNPC’s strong position in the oil market. Combined with our know-how across all aspects of commercial and technical shipping, we will create a world-leading shipping company providing first-class service to the energy market.”
CEO of Caverton Offshore Support Group, Bode Makanjuola, said, “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.”
In his remarks, President and CEO of Stena Bulk, Erik Hånell said, “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 a remarkable transformation, and we’re proud to be part of this journey.”
By establishing this world-class tanker operation, the partners are not only meeting immediate logistical needs but also contributing to Nigeria’s long-term economic diversification and growth. The country’s strategic location, growing population, and ambitious infrastructure developments are creating new opportunities for shipping companies.
