Shipowners urge Dangote to support local fleet

Indigenous shipowners have urged major cargo owners, such as the Dangote Group, to support local fleet development by offering long-term Contracts of Affreightment for bulk cargoes like petroleum products, cement, and fertiliser. According to Capt. Ladi Olubowale, a former Nigeria Chapter President of the African Shipowners Association and Group Managing Director of Seamate Maritime Integrated Services Limited, predictable cargo contracts are crucial for vessel financing and acquisition.

Olubowale argued that Nigeria's maritime strategy should focus on creating commercial conditions that make indigenous vessel acquisition bankable, emphasizing the need for guaranteed cargo volumes and bankable employment contracts. He also highlighted the dominance of foreign-controlled vessels in lifting Nigerian crude, suggesting a four-pillar model for fleet development that includes cargo, contract, finance, and vessel.

Brief written by urgent.news from Punch Nigeria's own syndicated text. Machine-written — may contain errors; check the original before relying on it.