Caverton partners NNPC, Stena Bulk to boost Nigeria’s maritime transportation

• Published On: 27 February 2025 at 20:29

Caverton Offshore Support Group Plc has announced a strategic partnership with Nigerian National Petroleum Corporation Shipping and Swedish tanker company Stena Bulk.

This collaboration seeks to transform maritime transport in Nigeria and the wider West African region.

This initiative seeks to improve the transportation of crude oil, refined products, and liquefied natural gas across Nigeria and West Africa by combining the expertise of all three partners to improve maritime logistics and energy distribution.

This was revealed in a statement signed by CEO Olabode Makanjuola and published on the Nigerian Exchange on February 26, 2025.

This initiative is similar to Caverton's August 2024 collaboration with China-based ExploMar (Suzhou) Energy Technology Co. Ltd., which aimed to incorporate electric outboard engines into its OMIBUS passenger ferries.

According to the statement, Caverton Marine and Stena Bulk intend to build a modern, efficient tanker fleet using both new and existing vessels, subject to market conditions and commercial viability.

They will look into vessel acquisitions and long-term charter agreements to reduce operating costs while maintaining high safety and environmental standards.

Furthermore, the new entity will offer services to other oil producers and traders, leveraging a modern fleet, strong financial backing, and extensive maritime experience.

Bode Makanjuola, CEO of Caverton Offshore Support Group, emphasised the significance of the joint venture, saying, "After years of planning, this initiative represents a critical step in enhancing Nigeria's maritime capabilities. By combining local expertise with global best practices, we are building a world-class operation that will benefit Nigeria and the rest of Sub-Saharan Africa."

He emphasised that this venture comes at a critical time when Nigeria strengthens its position as Africa's largest economy.

"The country's strategic location, expanding population, and ongoing infrastructure projects are creating new opportunities for shipping companies."

"This agreement with ExploMar is an important step in our efforts towards sustainable maritime operations," added the CEO.