The Nigerian National Petroleum Company (NNPC) Shipping, Stena Bulk, and Caverton Marine Limited have officially signed a groundbreaking joint venture agreement to revolutionise Nigeria’s maritime transportation industry.
The agreement, finalised in London last week, establishes a new tanker operation to serve Nigeria and West Africa’s crude oil, refined product, and liquefied natural gas (LNG) shipping needs. This partnership will bolster regional and global energy logistics while positioning Nigeria as a key player in the maritime industry.
The joint venture partners will create a new shipping company that provides top-tier, reliable, and efficient maritime transportation services. The company will develop a modern and competitive tanker fleet by leveraging newly acquired vessels and existing tonnage, depending on prevailing market conditions and commercial opportunities.
Key priorities for the new entity include vessel acquisitions and long-term charter arrangements, all structured to optimize operational costs while upholding the highest safety and sustainability standards.
The fleet will primarily serve the logistics needs of NNPC Ltd., transporting crude oil, clean petroleum products, and LNG/LPG. Additionally, the company will extend its services to other oil producers and traders, offering the strategic advantages of a state-of-the-art fleet backed by strong financial and operational expertise.
Managing Director of NNPC Shipping, Panos Gliatis, described the joint venture as a milestone for Nigeria’s maritime industry.
“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, ultimately strengthening Nigeria’s position in global energy logistics.”
Johan Jäwert, Head of Stena Bulk USA, highlighted the company’s enthusiasm for local engagement:
“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.”
Bode Makanjuola, CEO of Caverton Offshore Support Group, expressed confidence in the venture’s potential:
“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 African region.”
This landmark joint venture emerges at a crucial time when Nigeria is solidifying its status as Africa’s largest economy. The country’s strategic location, expanding population, and aggressive infrastructure investments create unparalleled opportunities for maritime growth.
By establishing this premier tanker operation, the partners are addressing immediate shipping needs and contributing to Nigeria’s long-term economic diversification and development.
NNPC Shipping serves as the shipping arm of NNPC Ltd., playing a critical role in the distribution of oil and gas products across Nigeria and beyond.
With a fleet of approximately 70 vessels and offices in seven countries, Stena Bulk ranks among the world’s leading tanker shipping companies.
Caverton Marine Limited is a premier offshore support services provider, offering marine and aviation logistics to oil and gas operators across Nigeria and Sub-Saharan Africa.
This strategic alliance represents a new chapter for Nigerian maritime logistics, setting a benchmark for excellence in Africa’s shipping industry.
