NNPC has partnered with Nigeria’s Caverton Marine Ltd. and Sweden’s Stena Bulk to establish a tanker operator for Nigeria and West Africa. The venture aims to develop a modern and efficient fleet, considering both new and existing vessels based on market conditions. The partners will explore vessel acquisitions and long-term charters while ensuring cost efficiency, safety, and sustainability.
The new tanker fleet, formed by NNPC, Caverton Marine, and Stena Bulk, will primarily serve NNPC’s logistics needs for crude, refined products, and LNG/LPG while also supporting other producers and traders. NNPC Shipping Ltd. MD Panos Gliatis called the partnership a key step in modernizing Nigeria’s maritime infrastructure and strengthening the country’s role in global energy logistics. Stena Bulk CEO Erik Håne emphasized that the venture aligns with the company’s strategy of expanding into key markets while maintaining high operational and sustainability standards.
NNPC’s tanker venture with Caverton Marine and Stena Bulk aims to support Nigeria’s evolving energy sector and broader Sub-Saharan Africa. Stena Bulk CEO Erik Håne expressed pride in contributing to Nigeria’s transformation, while Caverton Offshore CEO Bode Makanjuola highlighted the blend of local expertise and global best practices. The partners see Nigeria’s strategic location, growing population, and infrastructure development as key shipping opportunities.
Caverton Marine, founded in 1999, transports hydrocarbon products and serves major clients, including Nigeria LNG, which produces significant volumes of LNG and LPG.Stena Bulk, established in 1982, operates around 100 vessels transporting crude and refined products. NNPC recently made its first LNG deliveries to Japan and China on an ex-ship basis, overseeing shipping and insurance until arrival.
Since selling its first LNG cargo in late 2021, NNPC has traded over 20 cargoes to Asian and European markets, mostly on a free-on-board basis. The China and Japan deliveries, announced in August 2024, were managed by NNPC subsidiaries NNPC LNG Ltd. and NNPC Shipping.
