NLNG Records 50 Vessel Charters in 17 Years

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  • NLNG Records 50 Vessel Charters in 17 Years

The Nigeria LNG Limited (NLNG) has recorded no fewer than 45 vessels chartered-in and five chartered out since it started operations 17 years ago.

The chartered-in including liquefied natural gas (LNG), liquefied petroleum gas (LPG) and condensate carriers for shipment of its products to buyers across the globe. The chartered-out of its own vessels is for other operators in the market.

Similarly, the company has positioned itself for the emerging marketing in the shipping sector of the economy just as it has revamped is chartering structure designed to optimise available shipping capacity in its operations.

NLNG is owned by the Federal Government of Nigeria represented by the Nigerian National Petroleum Corporation (NNPC) 49 per cent; Shell Gas BV, SGBV, 25.6 per cent; Total LNG Nigeria Limited 15 percent;, and Eni International (N.A,) N. V. S. a. r. l, 10.4 per cent.

These were disclosed by NLNG General Manager, Shipping, Captain Temilola Okesanjo in his presentation titled: NLNG- Global player in the Chartering Market, at the Multimodal (Logistics) West Africa Conference in Lagos.

The three days conference which attracted many participants and manufacturers featured exhibition of products and equipment.

His words: “NLNG currently operates the largest fleet of LNG carriers in the country and has within its operations portfolio, a total of 23 vessels, three different ship owners and four fleet managers, making the company a formidable player in the chartering market, even as it continues to deploy skilled manpower and cutting edge technology for sustainable growth.”

“The evolving market conditions demand flexible shipping portfolios as conventional shipping structures are being challenged. With eleven buyers on 16 contracts to base destinations in Europe and North America, including Spain, France, Portugal, USA, the company has realized considerable revenue from opportunistic diversions and sub-charters”.

Okesanjo explained that NLNG’s operational modality involved the provision of adequate shipping capacity to lift contractual volumes from NLNG terminal at Bonny in Rivers State, facilitating the implementation of diversion requests to longer distances being proposed by buyers, and enabling the sub-charter of surplus capacity when applicable to ensure full utilisation of capacity and competitiveness.

According to him, as part of an ambitious fleet regeneration initiative NLNG has retired six vessels built between 1977 and 1982 which were replaced by six modern technology Tri-Fuel ones built by Samsung and Hyundai Heavy Industries of South Korea and delivered between 2015 and 2016.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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