UNITY Shipping Worldwide: New Era of Nigerian Global Shipping

With the ink barely dry on a landmark agreement, the Nigerian maritime industry stands on the cusp of transformation. In a historic move, the Nigerian National Petroleum Company Limited has partnered with Swedish global shipping titan, Stena Bulk and Nigerian marine and aviation logistics giant, Caverton to launch UNITY Shipping Worldwide. This partnership, formalised in April 2025, promises to reinvigorate Nigeria’s shipping prowess on a global stage, aligning with the government’s vision of a thriving, profitable oil sector. Oluchi Chibuzor reports

In its ongoing evolution, the Nigerian National Petroleum Company (NNPC) Limited made a critical decision back in 2018 to consolidate its shipping capabilities under NNPC Shipping Limited (NSL). The aim was to streamline operations and build a fleet comparable to global shipping leaders. Fast forward to 2025, and this vision has taken shape with the approval and subsequent signing of a joint venture with Stena Bulk and Caverton.

The announcement comes at a time when the global oil shipping demand is at an all-time high, with shipping playing a crucial role in the sustained global demand for energy. West Africa, with Nigeria as a significant contributor, exports approximately 3.8 million barrels of oil per day, underscoring the region’s vital role in energy logistics. The partnership is heralded as a crucial advancement for the Nigerian maritime sector, which has faced challenges in securing a substantial foothold on the international stage.

Historically, Nigeria’s maritime activities have evolved from simple trade systems in the 19th century to more structured advancements with the establishment of institutions like the Nigerian Ports Authority (NPA) and Nigerian Maritime Administration and Safety Agency (NIMASA). However, previous attempts to establish a national fleet, such as the now-defunct Nigerian National Shipping Line (NNSL), have met with financial insolvency and operational hurdles. Currently, Nigeria, the eighth-largest oil exporter globally, has lacked a national fleet—a gap that UNITY Shipping Worldwide is designed to fill.

This blend of Nigerian entrepreneurship and global maritime expertise is represented by Caverton, a logistics giant with an impressive market share in the regional oil and gas sector. With experience catering to major players like Nigeria LNG, Shell, Chevron, and Total, Caverton is well-placed to steer this joint venture toward success. Joining forces with Stena Bulk, known for its global shipping innovations and profitable joint ventures like the Stena Sonangol Suezmax Pool, the partnership harnesses a powerful maritime heritage.

Major transformation

At the formalisation meeting of Unity Shipping Worldwide held at the NNPC Tower, Abuja, were the NNPC Senior Management Team led by the Group CEO Bayo Ojulari. During his brief remarks he stated that, “NNPC is geared for major transformation and the ambitions set out are very clear. Shipping is a critical part of this transformation and he looks forward to journey as it will be a historic and unprecedented journey for the industry and for the NNPC with support from all levels of government.” The new joint venture according to shipping experts will enable NNPC to deepen and expand its presence globally.

Praised for reigniting the country’s shipping identity, the partnership aligns with the government’s vision for local content participation. Nigeria’s Petroleum Minister, Heineken Lokpobiri, celebrated the venture as a bold move to revolutionise the energy sector and fortify Nigeria’s economic standing globally. During a presentation visit of the Unity partners in Abuja the minister said, “Unity Shipping Worldwide is evidence of President Bola Tinubu’s vision and was made possible by his leadership and vision in industrial reforms. It reflects the kind of impact-driven collaboration that we believe will transform the energy sector and strengthen Nigeria’s economic position.”

He added, “For us to maximise expected profitability and deliver long-term value to the nation, every sector of the industry must be actively firm and aligned with one another.

UNITY represents a practical example of the government’s local content aspirations becoming reality. I am pleased to see a Nigerian company (Caverton) at the heart of this strategic partnership. It is not only a reflection of our commitment to inclusive development but also ensures national participation.”

“Whatever we need to do as a government and as shareholders will be done to ensure that NNPC has the best deal in the overall interest of Nigerians. We will support this partnership with every power that we have. So, congratulations to all the parties as we look forward to seeing how this will be implemented for the benefit of all of us,” he stated.

Tinubu administration’s aspirations

Equally endorsed by Minister of Marine and Blue Economy, Adegboyega Oyetola while welcoming the UNITY Shipping partners at the Ministry of Marine and Blue Economy, the Honourable Minister stated that the initiative mirrors the administration’s aspirations for indigenous shipping participation and international collaboration in maritime operations.

According to him, the collaboration is laudable, particularly the detailed presentation of the business model of operations. “I am excited today,” he said. “Having lost the moribund Nigerian National Shipping Line, NNSL, a committee was set up by the Ministry to see the possibility of bringing back a national flag carrier shipping line that is based on Private Public Partnership (PPP). I don’t believe government should get involved in running some of the activities as I believe it is better to allow a private sector leader such as Caverton to help drive a venture like this.” Oyetola reiterated government support in encouraging indigenous efforts adding, “this is a perfect and laudable achievement in line with President’s agenda.”

For the CEO of Caverton, Olabode Makanjuola, the venture represents the culmination of years of planning. Emphasising a formidable blend of local knowledge and global best practices, Unity Shipping Worldwide is set to benefit not only Nigeria but also the wider sub-Saharan African region.

He stated, “This joint venture – the result of close to a decade of planning – marks a significant stride in enhancing Nigeria’s maritime capabilities. By combining local knowledge with international best practices, we are establishing a world-class operation that will benefit not only Nigeria but the entire Sub-Saharan Africa region.”

He affirmed the company’s readiness to deliver on the objectives of Unity Shipping Worldwide. Makanjuola said, “It has indeed been a labour of love. I am indeed humbled and grateful that a lot of this is culminating under thee present administration, and we assure you of our commitment to develop shipping capacity in line with best practices for Nigeria.”

Pperational excellence and sustainability

On his part, Erik Hånell, President and CEO of Stena Bulk, expressed excitement at the collaboration, which he believes will significantly contribute to operational excellence and sustainability within Nigeria’s evolving energy sector.

He said, “We’re excited to partner with NNPC and Caverton Marine in this ground breaking venture. This collaboration aligns perfectly with our pragmatic strategy of expanding our presence in key growth markets while maintaining our high standards of operational excellence and sustainability. Nigeria’s energy sector is undergoing remarkable transformation, and we’re proud to be part of this journey.”

He added, “I am sure that with the impact this can potentially have for shipping in Nigeria and to carry Nigerian oil to the rest of the world, we are embarking on a journey to achieve the goals that you set up as a government.”

Also present at the fomalisation event was Panos Gliatis, Managing Director of NNPC Shipping. He said, “This strategic partnership marks a significant milestone in NNPC’s commitment to modernising Nigeria’s maritime infrastructure. By combining our expertise with Stena Bulk and Caverton Marine, we’re creating a robust platform that will enhance our domestic refining, import and export capabilities and strengthen Nigeria’s position in global energy logistics.”

This strategic alignment is more than a commercial endeavour; it’s a strategic advancement that restores Nigeria’s global maritime footprint. The success of UNITY Shipping Worldwide will depend on collaborative innovation and robust operational agility, pushing the nation closer to achieving self-reliance in shipping capacities, safeguarding its position within the global energy landscape, and underscoring its economic aspirations.

As Nigeria eagerly watches UNITY Shipping Worldwide embark on this new voyage, the venture stands as a testament to the power of partnerships, and the promise of a growing maritime economy. With the wind in its sails and a solid course charted, UNITY Shipping Worldwide is set to transform Nigerian maritime transportation for generations to come. Let the voyage being!

QUOTES

“This strategic alignment is more than a commercial endeavour; it’s a strategic advancement that restores Nigeria’s global maritime footprint. The success of UNITY Shipping Worldwide will depend on collaborative innovation and robust operational agility, pushing the nation closer to achieving self-reliance in shipping capacities, safeguarding its position within the global energy landscape, and underscoring its economic aspirations.”

“This blend of Nigerian entrepreneurship and global maritime expertise is represented by Caverton, a logistics giant with an impressive market share in the regional oil and gas sector. With experience catering to major players like Nigeria LNG, Shell, Chevron, and Total, Caverton is well-placed to steer this joint venture toward success. Joining forces with Stena Bulk, known for its global shipping innovations and profitable joint ventures like the Stena Sonangol Suezmax Pool, the partnership harnesses a powerful maritime heritage.”