NLNG to grow into global shipping leader —Okesanjo

Nigeria LNG Limited’s (NLNG) shipping operation is relying on the strategic deployment of skills and technology to power its transformation into a global maritime industry leader.

According to a statement signed by NLNG’s General Manager, External Relations Division, Kudo Eresia-Eke, this view was expressed by Captain Temilola Okesanjo, the company’s General Manager Shipping while delivering a presentation titled- NLNG- Global player in the Chartering Market, at the Multimodal (Logistics) West Africa Conference held in Lagos recently.

According to him, Nigeria LNG Limited has since commencement of its operations in 1999, chartered-in 45 Vessels (including LNG, LPG and Condensate carriers) for shipment of its products to buyers across the globe and chartered- out five of its own vessels to other operators  in the market.

“NLNG currently operates the largest fleet of LNG carriers in the country and has within in 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.” he  said.

Okesanjo referenced how NLNG’s shipping operations have had to adapt quickly and cost effectively to a progressively more challenging and competitive global maritime market, especially in the aftermath of the Fukushima nuclear incident in Japan in 2011.

“One of the primary impacts of Fukushima was the need for cargo diversions, sometimes away from traditional routes and an increase of voyage distances to discharge ports in the Far and Middle East as well as adjustments to operating capacity requirements as a whole. All this is in our endeavour to find profitable takers for the 22 million tonnes per annum capacity of our six train production plant at Bonny.

“Today, the shipping aspect of our business is being positioned for emerging market opportunities through a revamped chartering structure designed to optimize available shipping capacity.

“The evolving market conditions demand flexible shipping portfolios as conventional shipping structures are being challenged”. Okesanjo said.

“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”. He added.