Stena Bulk's New Joint Venture to Boost Oil Trade in Nigeria and West Africa

From left to right: Bode Makanjuola, Panos Gliatis & Erik Hånell / Photo by Stena Bulk

A new joint venture aims to modernize and expand oil trade in Nigeria and across West Africa by acquiring tankers. Stena Bulk reports it is creating the partnership with offshore operator Caverton Marine and the Nigerian National Petroleum Corporation (NNPC) Shipping.  

The Nigerian government is emphasizing the country's position as Africa’s largest economy. They also highlight its strategic location, growing population, and infrastructure developments as key drivers for new opportunities in shipping.

By establishing a world-class tanker operation, the partners aims to meet immediate logistical needs while contributing to Nigeria’s long-term economic diversification and growth. Stena Bulk’s President & CEO, Erik Hanell, stated that this initiative aligns with the company’s strategy to expand its presence in high-growth markets.

The new tanker operation will support crude oil, refined product, and LNG shipping for Nigeria and West Africa, catering to both regional and global demands.

Additionally, the partners wills erve other oil producers and traders, providing the benefits of a modern fleet, solid financial support, and a strong maritime legacy.

“This strategic partnership marks a significant milestone in NNPC’s commitment to modernizing Nigeria’s maritime infrastructure,” said Panos Gliatis, Managing Director of NNPC Shipping.

The partners is currently exploring options to build a modern and efficient fleet, which may include both new and existing tonnage based on market conditions and commercial opportunities. They will evaluate vessel acquisitions and long-term charter arrangements.

Stena Bulk currently operates a fleet of 60 vessels with a total deadweight of 2,511,258 tonnes. Some of the largest vessels in the fleet include Stena Suede (IMO: 9579042) , Stena Sunrise (IMO: 9592214), and Stena Superior (MIO: 9579030).