NNPC Shipping, Stena Bulk and Caverton launch new joint venture to modernise Nigeria’s maritime sector

The Nigerian National Petroleum Corporation (NNPC) Shipping, Stena Bulk, and Caverton Marine Limited have announced the signing of 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.

The joint venture partners will create a new company whose objective is to provide top quality, reliable and efficient maritime transport. 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.

This fleet will primarily serve the logistics needs of NNPC, including crude, clean 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.

Speaking on the announcement, Panos Gliatis, Managing Director, 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, Stena Bulk, added: “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.”

Johan Jäwert, Head of Stena Bulk USA and Pool Manager SSSP, 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.”

Bode Makanjuola, CEO, Caverton Offshore Support Group, 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.”

This joint venture comes at a time when Nigeria is asserting its position as Africa’s largest economy. The country’s strategic location, growing population, and ambitious infrastructure developments are creating new opportunities for shipping companies.

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.