Caverton announces joint venture with NNPC’s Stena Bulk, reveals foreseeable benefits 

This information was shared in a disclosure signed by Chief Executive Officer Olabode Makanjuola and published on the Nigerian Exchange (NGX) on February 26, 2025.

The disclosure outlines that the joint venture will establish a new tanker operation to address the shipping needs for crude oil, refined products, and LNG in Nigeria and West Africa.

The partners plan to create a new company focused on providing “top-quality, reliable, and efficient maritime transport.” 

This venture is comparable to Caverton’s August 2024 partnership with China-based ExploMar (Suzhou) Energy Technology Co. Ltd., aimed at integrating electric outboard engines into its new passenger ferries, known as OMIBUS.

The announcement stated that Caverton Marine and Stena Bulk plan to explore opportunities to create a modern and efficient tanker fleet, including both new ships and existing vessels, depending on market conditions and commercial viability.

According to the release, both partners will look into acquiring vessels and securing long-term charter agreements, aiming for competitive operating costs while maintaining safety and sustainability standards.

These vessels will primarily cater to the logistical needs of the NNPC, facilitating the transportation of crude oil, clean products, and LNG/LPG.

Bode Makanjuola, CEO of Caverton Offshore Support Group, emphasized the importance of the joint venture:

“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 noted that this venture is particularly timely as Nigeria solidifies its position as Africa’s largest economy.

According to the release, ‘’the country’s strategic location, expanding population, and ongoing infrastructure projects are opening new avenues for shipping companies.’’  

With this tanker operation, the partners aim to meet immediate logistical demands while also contributing to Nigeria’s long-term economic diversification.

Bode Makanjuola noted, “This agreement with ExploMar is an important step in our efforts towards sustainable maritime operations.” 

In August 2024, Caverton announced a similar partnership with China-based ExploMar (Suzhou) Energy Technology Co. Ltd. to incorporate electric outboard engines into its new passenger ferries, called OMIBUS.