Stena Bulk, NNPC Shipping, part of the Nigerian National Petroleum Corporation (NNPC), and Caverton Marine Limited announced a new joint venture to transform Nigeria’s maritime transportation sector, according to the company's release.
The agreement, signed in London last week, aims to establish a tanker operation serving Nigeria and West Africa’s crude oil, refined product, and liquefied natural gas (LNG) shipping requirements on both regional and global scales.
The joint venture will focus on developing and operating a modern fleet of tankers, blending new and existing vessels to meet market demands, with an initial emphasis on meeting NNPC’s logistics needs for crude, clean products, and LNG/LPG.
Panos Gliatis, managing director of NNPC Shipping, stated, “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.”
Stena Bulk, operating a fleet of approximately 70 vessels across seven countries, brings its technical and commercial shipping expertise to the partnership, while Caverton Marine, a leading Nigerian offshore support provider, contributes local knowledge and logistics capabilities for oil and gas operations across Nigeria and Sub-Saharan Africa.
Johan Jäwert, head of Stena Bulk USA, noted, “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, added, “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.”
The venture, headquartered in London, plans to explore vessel acquisitions and long-term charter arrangements, targeting a fleet to serve NNPC’s logistics and other regional oil producers and traders. This aligns with Nigeria’s energy sector transformation, with NNPC producing around 1.8 million barrels per day of crude oil in October 2024, aiming for 2 million by year-end, as reported in November 2024.
Stena Bulk is a Swedish tanker shipping company, part of the Stena Sphere, headquartered in Gothenburg, operating approximately 70 vessels globally and specializing in oil and chemical transport.
Nigerian National Petroleum Corporation (NNPC) is Nigeria’s state-owned oil and gas corporation, headquartered in Abuja, responsible for exploration, production, refining, and logistics, including NNPC Shipping as its maritime arm.
NNPC Shipping is the shipping division of NNPC, based in Lagos, managing maritime logistics for Nigeria’s oil and gas distribution, focusing on crude oil, refined products, and LNG transport.
Caverton Marine Limited is a Nigerian offshore support and logistics company, part of Caverton Offshore Support Group, headquartered in Lagos, providing marine and aviation services to oil and gas firms across Nigeria and Sub-Saharan Africa.