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NNPC Shipping, a unit of state-run Nigerian National Petroleum Corp, Stena Bulk, and offshore support firm Caverton Marine, announced on Tuesday a new joint venture that will “transform” Nigerian maritime transportation.
The agreement, signed in London last week, will create a new tanker operation serving Nigeria and West Africa’s regional and global crude oil, refined product, and LNG shipping requirements.
According to a joint statement, the partners will create a new company whose objective is to provide “top quality, reliable, and efficient maritime transport.”
Moreover, the partners will 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 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,” they said.
This fleet will primarily serve the logistics needs of NNPC, including crude oild and LNG/LPG transportation.
Additionally, the new company will cater to other oil producers and traders, “offering the strategic advantage of a modern fleet, strong financial backing, and maritime pedigree and heritage,” they said.
Last year, Stena Bulk sold its last LNG carrier, Stena Blue Sky, now renamed Blue Dragon I.
The sale of the 2006-built steam LNG carrier follows the salet of two TFDE LNG carriers to Oslo-based BW LNG, a unit of Singapore’s gas shipping giant BW.
Stena Bulk entered the LNG market in May 2011 by buying the three LNG carriers from TMT Taiwan.
In addition to the LNG vessels, Stena Bulk also owns Stena Power & LNG Solutions, a company that offers jettyless solutions for LNG, ammonia, CO2, and gas-to-power.
