Indigenous Shipowners Seek Long-Term Cargo Contracts to Grow Nigerian Fleet
Indigenous Shipowners Seek Long-Term Cargo Contracts to Grow Nigerian Fleet
Indigenous shipowners have urged major cargo owners, including the Dangote Group, to support the growth of Nigeria’s domestic shipping fleet through long-term Contracts of Affreightment (CoAs) for petroleum products, cement, fertiliser and other bulk commodities.
The call was made by Capt. Ladi Olubowale, former President of the Nigerian chapter of the African Shipowners Association and Group Managing Director of Seamate Maritime Integrated Services Limited, during a public-private dialogue organised by the Nigerian Chamber of Shipping in Lagos.
Olubowale argued that predictable cargo commitments could provide the revenue certainty needed by shipowners to secure financing, acquire vessels and build sustainable fleets. He maintained that access to cargo should be considered alongside vessel financing in efforts to strengthen indigenous participation in Nigeria’s maritime industry.
The dialogue, themed “Unlocking Efficiency in the Marine and Blue Economy Value Chain,” brought together maritime and business stakeholders, with Edwin Devakumar, Group Vice President, Oil & Gas at Dangote Petroleum & Petrochemicals, participating as the guest CEO and keynote speaker.
The proposal is aimed at creating stronger commercial opportunities for qualified Nigerian shipowners while increasing local capacity to transport cargo generated by the country’s growing industrial and energy sectors.
