UNITY on the High Seas: NNPC, Stena Bulk & Caverton Launch Nigeria’s First National Fleet in Decades! ⚓️
Detailed Breakdown:
1. A Historic Maritime Move:
In a game-changing development for Nigeria’s maritime sector, the Nigerian National Petroleum Company (NNPC) has joined forces with Swedish shipping giant Stena Bulk and Nigeria’s own Caverton Offshore Support Group to launch a new national shipping line — Unity Shipping Worldwide (USW). This strategic joint venture aims to restore Nigeria’s lost shipping dominance and reduce dependence on foreign vessels for crude oil export.
2. Closing a Decades-Old Gap:
Despite being the 8th largest oil exporter globally, Nigeria has long lacked a national fleet. Foreign vessels have been responsible for transporting Nigerian crude due to the absence of internationally compliant ocean-going ships. USW is set to change that.
3. Government Backs the Vision:
The Federal Government, through the Ministers of Petroleum and Marine Economy, has thrown full support behind the initiative.
• Senator Heineken Lokpobiri, Minister of State for Petroleum, hailed the launch as a bold step toward economic empowerment and oil sector reform.
• Minister Adegboyega Oyetola emphasized the importance of private sector leadership in reviving national maritime operations, referencing the defunct Nigerian National Shipping Line (NNSL).
4. Inspired by Presidential Reform:
Both ministers praised President Bola Tinubu’s industrial reform agenda, which they say laid the foundation for this landmark partnership. The collaboration exemplifies local content promotion, economic expansion, and a vision-driven public-private synergy.
5. A Decade in the Making:
Caverton’s CEO, Olabode Makanjuola, revealed that the idea has been under development for nearly 10 years. He described it as a “labour of love”, combining local expertise with global best practices to build a robust shipping platform for Nigeria and the wider Sub-Saharan region.
6. Stena Bulk Brings Global Muscle:
Stena Bulk’s President, Erik Hånell, highlighted the venture as a “meeting of equals”, focused on sustainability, operational excellence, and global competitiveness. The company’s previous success with global joint ventures like the Stena Sonangol Suezmax Pool adds credibility to the initiative.
7. Shipping as a Core of NNPC’s Transformation:
Bayo Ojulari, Group CEO of NNPC, described Unity Shipping as a core part of NNPC’s transformation strategy. With the support of NSL (NNPC Shipping Limited), this move aims to enhance Nigeria’s refining, import, and export capabilities — bringing the country closer to self-reliance in shipping.
8. Boosting Indigenous Participation:
The Minister of Marine and Blue Economy emphasized that Unity Shipping is perfectly aligned with the government’s agenda to support indigenous shipping operators and promote international collaboration, without overburdening the government.
9. Strategic Timing:
The announcement comes as the $700 million Cabotage Vessel Financing Fund (CVFF) is being prepared for disbursement — a fund designed to help Nigerian ship owners acquire vessels and expand local capacity.
10. Why This Matters:
• Nigeria exports approx. 3.8 million barrels/day, playing a central role in global energy logistics.
• Shipping is critical to unlocking greater value from oil exports.
• This partnership enhances national economic resilience, creates jobs, and supports local expertise.
Summary:
Unity Shipping Worldwide is more than a business deal — it’s a renaissance of Nigeria’s maritime identity. With Caverton’s regional strength, Stena Bulk’s global expertise, and NNPC’s national ambition, Nigeria is setting sail toward a new era of maritime independence and energy logistics dominance.
The voyage has just begun. ⛴️
Detailed Breakdown:
1. A Historic Maritime Move:
In a game-changing development for Nigeria’s maritime sector, the Nigerian National Petroleum Company (NNPC) has joined forces with Swedish shipping giant Stena Bulk and Nigeria’s own Caverton Offshore Support Group to launch a new national shipping line — Unity Shipping Worldwide (USW). This strategic joint venture aims to restore Nigeria’s lost shipping dominance and reduce dependence on foreign vessels for crude oil export.
2. Closing a Decades-Old Gap:
Despite being the 8th largest oil exporter globally, Nigeria has long lacked a national fleet. Foreign vessels have been responsible for transporting Nigerian crude due to the absence of internationally compliant ocean-going ships. USW is set to change that.
3. Government Backs the Vision:
The Federal Government, through the Ministers of Petroleum and Marine Economy, has thrown full support behind the initiative.
• Senator Heineken Lokpobiri, Minister of State for Petroleum, hailed the launch as a bold step toward economic empowerment and oil sector reform.
• Minister Adegboyega Oyetola emphasized the importance of private sector leadership in reviving national maritime operations, referencing the defunct Nigerian National Shipping Line (NNSL).
4. Inspired by Presidential Reform:
Both ministers praised President Bola Tinubu’s industrial reform agenda, which they say laid the foundation for this landmark partnership. The collaboration exemplifies local content promotion, economic expansion, and a vision-driven public-private synergy.
5. A Decade in the Making:
Caverton’s CEO, Olabode Makanjuola, revealed that the idea has been under development for nearly 10 years. He described it as a “labour of love”, combining local expertise with global best practices to build a robust shipping platform for Nigeria and the wider Sub-Saharan region.
6. Stena Bulk Brings Global Muscle:
Stena Bulk’s President, Erik Hånell, highlighted the venture as a “meeting of equals”, focused on sustainability, operational excellence, and global competitiveness. The company’s previous success with global joint ventures like the Stena Sonangol Suezmax Pool adds credibility to the initiative.
7. Shipping as a Core of NNPC’s Transformation:
Bayo Ojulari, Group CEO of NNPC, described Unity Shipping as a core part of NNPC’s transformation strategy. With the support of NSL (NNPC Shipping Limited), this move aims to enhance Nigeria’s refining, import, and export capabilities — bringing the country closer to self-reliance in shipping.
8. Boosting Indigenous Participation:
The Minister of Marine and Blue Economy emphasized that Unity Shipping is perfectly aligned with the government’s agenda to support indigenous shipping operators and promote international collaboration, without overburdening the government.
9. Strategic Timing:
The announcement comes as the $700 million Cabotage Vessel Financing Fund (CVFF) is being prepared for disbursement — a fund designed to help Nigerian ship owners acquire vessels and expand local capacity.
10. Why This Matters:
• Nigeria exports approx. 3.8 million barrels/day, playing a central role in global energy logistics.
• Shipping is critical to unlocking greater value from oil exports.
• This partnership enhances national economic resilience, creates jobs, and supports local expertise.
Summary:
Unity Shipping Worldwide is more than a business deal — it’s a renaissance of Nigeria’s maritime identity. With Caverton’s regional strength, Stena Bulk’s global expertise, and NNPC’s national ambition, Nigeria is setting sail toward a new era of maritime independence and energy logistics dominance.
The voyage has just begun. ⛴️