The Nigerian National Petroleum Company (NNPC) Shipping, Stena Bulk, and Caverton Marine Limited have entered into a strategic joint venture aimed at transforming Nigeria’s maritime and energy logistics landscape.
Signed in London last week, the partnership will establish a new tanker operation to meet Nigeria and West Africa’s growing crude oil, refined products, and LNG shipping demands. The venture will focus on building a modern, efficient fleet—comprising both new and existing vessels—while ensuring cost-effective operations that adhere to global safety and sustainability standards.
The new company will primarily support NNPC’s shipping needs while also serving other oil producers and traders, leveraging financial strength, maritime expertise, and an advanced fleet. The initiative aligns with Nigeria’s broader efforts to modernize infrastructure and solidify its position as a key player in global energy logistics.
Speaking on the partnership, Managing Director of NNPC Shipping, Panos Gliatis, described it as a “milestone in modernizing Nigeria’s maritime infrastructure,” emphasizing its role in strengthening domestic refining, import, and export capabilities.
Stena Bulk’s President & CEO, Erik Hånell, highlighted the venture’s alignment with the company’s strategy of expanding into high-growth markets while maintaining operational excellence. Similarly, Caverton Offshore Support Group’s CEO, Bode Makanjuola, noted that the partnership combines local expertise with global best practices to establish a world-class shipping operation benefiting Nigeria and Sub-Saharan Africa.
The deal comes as Nigeria continues to position itself as Africa’s largest economy, with its growing population and infrastructure investments creating fresh opportunities in the shipping sector. By developing a top-tier tanker operation, NNPC, Stena Bulk, and Caverton are not only addressing immediate logistical needs but also contributing to the long-term economic diversification and growth of Nigeria’s maritime industry.
