NNPC Shipping, Stena Bulk, Caverton Launch New Joint Venture To Boost Africa’s Energy, Maritime Sectors

In a major development for Nigeria’s maritime and energy industries, NNPC Shipping, Stena Bulk, and Caverton Marine Limited have signed a strategic joint venture aimed at transforming regional oil and gas transportation.

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The agreement, signed in London last week, will establish a new tanker operation to serve Nigeria and West Africa’s crude oil, refined product, and LNG shipping needs—both regionally and globally.

The joint venture will create a modern, efficient fleet of tankers, leveraging both new builds and existing vessels based on market conditions and commercial opportunities.

The company will focus on vessel acquisitions and long-term charter arrangements, ensuring competitive operating costs while adhering to the highest safety and sustainability standards.

While the fleet will primarily support NNPC’s crude oil, clean product, and LNG/LPG logistics, it will also serve other oil producers and traders, offering the advantage of a technologically advanced fleet, strong financial backing, and extensive industry expertise.

NNPC Shipping Managing Director, Panos Gliatis described the partnership as a milestone in modernizing Nigeria’s maritime infrastructure.

“By combining our expertise with Stena Bulk and Caverton Marine, we are creating a robust platform that will enhance Nigeria’s refining, import, and export capabilities while strengthening our global energy logistics presence.”

Stena Bulk’s “President & CEO, Erik Hånell”, emphasized the strategic importance of the venture thus:

“This collaboration aligns with our strategy of expanding in key growth markets while upholding our standards of operational excellence and sustainability. Nigeria’s energy sector is undergoing remarkable transformation, and we’re proud to be part of this journey.”

Head of Stena Bulk USA, Johan Jäwert, highlighted the benefits of the partnership:

He said: “We look forward to expanding shipping operations locally with Caverton and leveraging NNPC’s strong market position. With our expertise in commercial and technical shipping, we will establish a world-class shipping company serving the energy market.”

Caverton Offshore Support Group CEO, Bode Makanjuola, underscored the long-term vision saying: “This joint venture, years in the making, represents a major leap in enhancing Nigeria’s maritime capabilities. By integrating local knowledge with international best practices, we are building an operation that will benefit not just Nigeria but the entire Sub-Saharan Africa region.”

This collaboration comes as Nigeria strengthens its position as Africa’s largest economy, with a strategic location, a growing population, and major infrastructure investments opening new opportunities in shipping.

By establishing a world-class tanker operation, the partners are not only meeting immediate transportation needs but also driving long-term economic diversification and growth.