Developed countries are increasing ship financing, especially with the move to green shipping, while Nigeria is yet to disburse the Cabotage Vessel Financing Fund (CVFF) to enable indigenous ship ownership to grow the industry. According to a recent Petrofin Index for Global Ship Finance report, financing for green shipping is on the rise. The yearly…
Josephine Moltok, the General Manager, Corporate and Strategic Communications, NPA, said this in a statement in Lagos. Moltok said the decongestion of the ports to pave way for efficient operations received a boost on June 23 when the Permanent Secretary, Federal Ministry of Transportation, Dr Magdelene Ajani, led an inter-agency team on assessment tour. “The…
By Adaku Onyenucheya Stakeholders in the shipping industry said the $25 million maximum peg for the Cabotage Vessel Financing Fund (CVFF) loan to qualified indigenous shipowners cannot purchase a standard ship. Findings revealed that purchasing a standard and state-of-the-art cargo vessel costs not less than $50 million to $100 million in the international market. The Director…
President Bola Tinubu, in his inaugural speech, gave a snippet of his administration’s roadmap towards achieving a six percent yearly output target. He said his administration would address complaints of multiple taxations and various anti-investment inhibitions to encourage local and foreign investors, prioritize road, rail/port infrastructure, reduce interest rates to increase investment, lessen import dependency,…
Passengers and seafarers along the Port Harcourt-Abonnema-Kula route in Rivers State have been thrown into panic following the hijack of two boats on the route by pirates on Wednesday. Reports had it that one of the passengers inside the two boats, a woman, was thrown into the River by the pirates, but she was later…
On Thursday, China’s first-ever offshore million-ton carbon storage assignment was put into operation in the South China Sea, per the China National Offshore Oil Corporation (CNOOC). The assignment is specifically designed to store over 1.5 million tons of carbon dioxide (CO2), which equals planting almost 14 million trees, per the firm. The assignment, serving…
Advert Encomiums were showered on the queen of seaports, Mrs. Olufunmilayo Olotu, as she bowed out of Lagos Port Complex( LPC ) as the 26th Port Manager, after about four years of meritorious service. Olotu, fondly referred to as the queen of seaports by her peers, has served as the longest port manager in the…
Introduction Maritime Admiralty Law, also known as admiralty law or maritime law, is a distinct legal framework that governs various aspects of maritime activities, including shipping, navigation, and commerce on the high seas and other navigable waters. It encompasses a wide range of laws, regulations, and international conventions designed to ensure the safe and efficient…
The Maritime Workers Union of Nigeria (MWUN) has threatened to go on strike as from Monday June 5th 2023 over issues bordering on welfare of its members in the shipping sector. The President General of the union, Comrade Adewale Adeyanju while briefing journalists on Thursday in Lagos said the union will from Monday down tools…
The immediate past Executive Secretary of the Nigerian Shippers’ Council (NSC), Barr. Hassan Bello, has been conferred with the prestigious National Honours Award of Officer of the Order of the Niger (OON). Bello, who had been listed for the award by the administration of former President Muhammadu Buhari, received it in Abuja on June 1,…
