Business & Finance

Ship owners to acquire vessels from China

Ship Owners Association of Nigeria (SOAN) on Saturday signed a Memorandum of Understanding (MoU) with China Complete National Engineering Corporation (CCNEC) for the supply of 23,000 deadweight vessels at 6.5 metres.

These vessels are structured for Nigerian waters.

Dr McGeorge Onyong, the Vice-President of SOAN, said the MoU was in a bid to enhance the shipping capacity in Nigeria.

He made this known to newsmen in Lagos State, South-West Nigeria, in a sector panel discussion for the downstream re-engineering.

He said that SOAN would make provision for the financing of the purchase.

According to him, the same goes for ship building as the association would partner with the company to build vessels without necessarily waiting for government.

This business is so big that we cannot afford to fail as a group. So it's something we need leadership that will be able to see the opportunities that we are craving to harness.

It is on record that 60 percent of the world's oil is being transported by ships so we are not in competition with anyone.

''If we have to turn this economy into a global one, we ought to do it well,'' he said.

He added that the association would invest in shipping so as to take on the world and make the sector more resourceful for the common good.

Source: Voice of Nigeria