Caverton Offshore Support Group Plc has announced a strategic joint venture with the Nigerian National Petroleum Corporation Shipping and Swedish tanker giant Stena Bulk.
This collaboration aims to transform maritime transportation in Nigeria and the broader West African region.
This initiative aims to enhance the transportation of crude oil, refined products, and liquefied natural gas across Nigeria and West Africa, leveraging the expertise of all three partners to improve maritime logistics and energy distribution.
This was disclosed in a statement signed by Chief Executive Officer Olabode Makanjuola and published on the Nigerian Exchange on February 26, 2025.
This initiative is similar to Caverton’s August 2024 collaboration with China-based ExploMar (Suzhou) Energy Technology Co. Ltd., which focused on integrating electric outboard engines into its OMIBUS passenger ferries.
According to the statement, Caverton Marine and Stena Bulk plan to develop a modern, efficient tanker fleet by utilizing both new and existing vessels, depending on market conditions and commercial viability.
They will explore vessel acquisitions and secure long-term charter agreements, aiming to optimize operating costs while maintaining high safety and environmental standards.
Additionally, the new entity will provide services to other oil producers and traders, leveraging a modern fleet, solid financial backing, and deep maritime expertise.
Bode Makanjuola, CEO of Caverton Offshore Support Group, emphasized the importance of the joint venture, stating “After years of planning, this initiative represents a crucial step in enhancing Nigeria’s maritime capabilities. By melding local expertise with global best practices, we’re creating a world-class operation that will benefit Nigeria and the broader Sub-Saharan Africa region.”
He emphasized that this venture comes at a crucial time as Nigeria strengthens its position as Africa’s largest economy
“The country’s strategic location, expanding population, and ongoing infrastructure projects are opening new avenues for shipping companies.’
“This agreement with ExploMar is an important step in our efforts towards sustainable maritime operations,” he added.
