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EU sanctions may put $16b hole in Russia’s tanker fleet

Russia may have to expand its own tanker fleet and attract more tonnage from non-western owners in order to keep moving oil after upcoming EU sanctions – and the details suggest that it will be costly.

In a market report released Friday, shipbroker Gibson said that it expects that more than 200 tankers may have to exit Russian trades before December 5, when the EU’s Russian oil shipping ban (or, if revised, a “price cap”) goes into effect. “It is reasonable to assume that there might be insufficient tonnage to transport Russian oil to market, particularly given that those barrels currently traded to Europe will have to be redirected longer haul,” predicted Gibson.

If the Russian fleet is undersupplied after the departure of western tonnage, sale & purchase deals could rebalance the trade by transferring more ships to parties willing and able to work with Russia. This may already be happening: Gibson counts roughly 100 Aframax and Suezmax sales this year to buyers who would not be affected by EU restrictions, and 40 more VLCC sales.

This ownership shift may be visible in the ice-class tanker fleet, where vessels have changed hands at a rapid clip this year. About four million dwt worth of ice class tanker tonnage – more than 40 ships – were sold over the summer, a Gibson broker told Bloomberg last month. This winter, these vessels will be needed to get Russian oil out of the Baltic from the busy terminals near St. Petersburg.

As it stands today, tanker broker Braemar believes that Russia will come up short by about 70 Aframaxes and 35 Suezmaxes. Filling that gap may be costly, the head of Russia’s second-largest bank said last week.

“According to our estimates, only the tanker fleet expansion may require at least [$16 billion] in the near time. Amid the absence of external financing and limited financial flows of the companies, the role of banks in the attraction of required investments will only increase,” said VTB chairman Andrey Kostin, according to Piter.TV and PortNews.

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Aftermath of Adeyanju’s exit, crisis resurfaces in MWUN

Funso OLOJO 
The peace and harmony which the Nigerian ports enjoyed during the momentous eight -year reign of Comrade Adewale Adeyanju as the President General of the Maritime Workers Union of Nigeria(MWUN) may soon be ruptured as there is likely to be a resurgence of crisis within the labour union.
The smouldering crisis was sparked off by a power tussle that has erupted following the  contention for the leadership position at the forthcoming elections into the Dockworkers branch of the Union.
This crack in the otherwise closely – knitted confraternity in the union emerged barely a month after the emergence of Comrade Francis Bunu Abi as the President General of the group.
At the heart of the tension was  the upcoming election into the union’s dockworkers’ branch, a development that has exposed cracks within the union’s hierarchy and raised concerns over the potential derailment of the fragile peace the union enjoyed under Adeyanju’s leadership.
The crisis, which is reportedly rooted in a contentious zoning arrangement, has sparked protests and heightened factionalism among dockworkers.
 Multiple sources within the union confirmed that there was a gentleman’s agreement prior to Adeyanju’s departure that the next president of the dockworkers’ branch would emerge from the Tin Can Chapter.
The incumbent President, Comrade Tajudeen Ohize, is from the ENL Terminal Chapter and is currently completing his second term.
However, that arrangement now appears to be under threat following the sudden emergence of campaign posters for Mr. Bolaji Agboola, a member of the ENL Chapter.
 His entrance into the race has stirred outrage among those who believed the presidency should rotate to the Tin Can Chapter in the spirit of fairness and balance.
The appearance of the posters triggered spontaneous protests last week at several port locations, with union members voicing strong opposition to what they described as attempts to hijack the electoral process.
Protesters also called on former union President, Comrade Tony Nted, to stay away from the elections, alleging external interference.
Adding to the controversy was the alleged support Mr. Agboola enjoys from Princess Vicky Haastrup, Executive Vice Chairman of ENL Terminal, a powerful figure in the maritime sector.
Union insiders alleged that Haastrup is backing Agboola to protect strategic business interests, a claim that has further polarized opinions within the union.
Meanwhile, Comrade Oluwole Adetumi of the Tin Can Chapter, believed to be the candidate expected to benefit from the earlier zoning consensus, is reportedly under pressure to step down, a move that could spark deeper unrest.
Speaking on the situation, Comrade Tajudeen Ohize denied the existence of any crisis.
He stated that the election process remains open and democratic.
“There is no crisis in the industry. Let anyone who wants to contest go to the polls.
“We are not selecting anyone. There is no agreement that someone from any chapter must be chosen,” he said.
On claims that Comrade Tony Nted is trying to influence the election, Ohize dismissed the allegations.
 “Tony has no time for us. Whoever is trying to stir crisis will have himself to blame. We are mature enough to manage our affairs,” he added.
Despite Ohize’s reassurance, anxiety continues to grow within the rank and file of the union.
Many members have called for transparency and strict adherence to internal agreements, warning that any attempt to impose a candidate may destabilize the union.
In response to the escalating tension, President-General of the MWUN, Comrade Francis Bunu Abi, issued a stern warning to all aspirants and their supporters.
 In a statement released last week, Abi prohibited the display of campaign materials—such as banners, flyers, and stickers—within port terminals, jetties, oil platforms, vessels, and union offices nationwide.
While affirming members’ rights to participate in the election, he cautioned against campaigns of bitterness and urged all parties to maintain discipline, peace, and decorum.
As the election draws nearer, observers said handling of this internal crisis will be a litmus test for the union’s new leadership and a critical moment in preserving stability across the nation’s seaports.
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NIMASA embarks on digital revolution to plug revenue leakages, enhance optimum operations 

— spurns smear campaign against the process 

Funso OLOJO 
The Nigerian Maritime Administration and Safety Agency Agency (NIMASA), has introduced a Maritime Enhanced Monitoring System (MEMS), a digital reform that is set to revolutionise its operations, plug revenue leakages and enhance revenue for government.
According to the management of the agency, the digital system will further  enhance Regulatory Governance and Shipping Development.
But the agency expressed sadness at the efforts of some people whom it regarded as fifth columnists which it said are resistant to change and wanted to scuttle the process for personal gains.
The agency noted that the sponsors of the campaign of calumny against the digital reform are those that were hitherto benefitting from the manual and porous system.
NIMASA disclosed that there was no truth in the wrong narratives being bandied about that the agency has concessioned its operations.
“The management wishes to categorically state that there is no iota of truth in these claims.
” This is the hand-work of some external and internal elements who have conspired to benefit from the current porous system.

“To set the records straight, following a comprehensive internal review of operational systems, the current leadership of NIMASA resolved to embrace technology as a means of enhancing the Agency’s capacity to deliver on its regulatory mandate more effectively and to bring into the coffers of government additional revenue ensure funds due government does not end up in private hands.

“A pivotal innovation in this regard is the Maritime Enhanced Monitoring System (MEMS).

” This system brings digital traceability to the core of Nigeria’s maritime operations.
“MEMS provides real-time visibility into vessel movements, operational logs, and regulatory interactions.
“Through automated alerts, smart invoicing, and centralized data integration, NIMASA can now detect, document, and respond to maritime activities with greater precision and efficiency—eliminating unnecessary bottlenecks while strengthening compliance.

“The additional recipients targeted are, waste reception services, a routine operation for both domestic and international vessels have traditionally lacked proper tracking, resulting in unmonitored activities and significant revenue losses.

” With MEMS, each waste offload can be logged, time-stamped, and automatically billed, converting previously missed opportunities into a consistent revenue stream while ensuring environmental standards are met.

“Marine pollution control, another critical area of NIMASA’s mandate, has similarly been constrained by limited digital tools. In the absence of satellite tracking and automated reporting, pollution events often go unnoticed or are reported too late to mitigate their impact.

“With the integration of modern surveillance systems, digital logbooks, and real-time alerts, NIMASA can now respond swiftly to such incidents, recover environmental damages, and hold polluters accountable—both legally and financially.

“It is important to emphasize that past revenue shortfalls experienced by the Agency mainly stemmed from outdated manual processes, fragmented data systems, and insufficient digital enforcement mechanisms which allowed some external elements to capitalize on the loopholes for personal gains .

“The current reforms being implemented by NIMASA are focused squarely on overcoming these limitations.

” By investing in digital infrastructure and streamlining monitoring systems, the Agency is positioning itself to fulfill its statutory obligations with transparency, efficiency, and accountability.

“The public is therefore advised to disregard the misleading reports and instead support NIMASA’s transformation journey as it aligns with the broader national objectives of the Ministry of Marine and Blue Economy under the Renewed Hope Agenda of President Bola Ahmed Tinubu

“The Agency remains committed to strengthening Nigeria’s maritime governance, ensuring environmental safety, and optimizing revenue for the nation.

“It is worthy of note that the Deep Blue Project of the Agency which now enjoys global recognition also witnessed such resistance at the initial stage” the agency noted.

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Oyetola expresses determination to stop granting waiver requests under Cabotage regime

–– vows to resuscitate abandoned National shipping carrier initiative 
Funso OLOJO 
In a determined effort to boost indigenous participation in shipping, the Minister of Marine and Blue economy, Adegboyega Oyetola, has vowed not to entertain any request for waivers under the Cabotage regime.
The Coastal and Inland Shipping Act, also known as the Cabotage Act, restricts domestic coastal shipping to Nigerian-owned, Nigerian-crewed, and Nigerian-built or -flagged vessels.
 However, waivers have often been granted to foreign vessels when local capacity is deemed insufficient.
Over the years, these waivers, which are at the prerogative of the minister, have significantly limited the growth of Nigerian shipping companies, depriving them of critical opportunities in the domestic shipping space.
However, speaking recently while receiving a high-level delegation from NNPC Shipping, Stena Bulk, and Caverton Offshore Support Group at the Ministry in Abuja, Minister Oyetola stated his firm resolve to reverse this trend.
The visit comes on the heels of the formal unveiling of Unity Shipping World (USW), a newly formed joint venture by NNPC Shipping, global maritime giant Stena Bulk, and Nigerian offshore service leader Caverton Offshore Support Group.
The joint venture aims to establish a robust tanker operation capable of transporting crude oil, refined products, and LNG within Nigeria, West Africa, and globally.
“The era of indiscriminate waivers is coming to an end,” Oyetola declared.
“We cannot continue to undermine our local capacity under the guise of temporary foreign intervention.
“It is time to build Nigerian tonnage, support Nigerian jobs, and give indigenous operators a fair chance to thrive. That is the only sustainable path to maritime development.”
As part of this renewed focus on indigenous capacity, the Minister had earlier directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to immediately commence the process that will lead to the disbursement of the Cabotage Vessel Financing Fund (CVFF).
The fund, which has accumulated over the years from Cabotage levies, is intended to assist Nigerian shipowners in acquiring vessels and enhancing their operational capacity.
“The disbursement of the CVFF is no longer optional — it is imperative,” Oyetola stated.
“Our indigenous operators must be empowered to acquire modern vessels and effectively render services that have, for too long, been dominated by foreign shipping concerns.
“As we work to bring the waiver regime to a close, this support becomes even more critical.”
In the meantime, the Minister also reiterated his commitment to resuscitate the moribund national shipping carrier initiative which was initiated and later abandoned during the last administration of President Mohammed Buhari
Also speaking during the visit, the CEO of Caverton Offshore Support Group, Bode Makanjuola, described the joint venture between his company, Stena Bulk and NNPC Shipping as a game-changer for Nigeria’s maritime industry.
He said the newly formed Unity Shipping World (USW) will deliver efficient, reliable, and sustainable maritime transport services.
 According to him, the company will focus on building a modern fleet, acquiring both new and existing vessels, and optimizing cost and operational efficiency.
He said USW’s fleet is expected to primarily support NNPC’s logistics requirements, while also catering to the broader energy sector, including other oil producers and traders.
He emphasized the company’s focus on sustainability, safety, and long-term value creation, highlighting the importance of building capacity for Nigerian seafarers.
“This partnership is the culmination of extensive planning and shared vision,” said Makanjuola.
 “It combines local expertise with international best practices to create a maritime powerhouse. Unity Shipping World will proudly fly the Nigerian flag and play a critical role in training and empowering Nigerian seafarers.”
Managing Director of NNPC Shipping, Panos Gliatis, said, “With this strategic alliance, we are enhancing domestic refining, imports, and exports — reinforcing Nigeria’s pivotal role in global energy logistics,” Gliatis said.
Stena Bulk’s President & CEO, Erik Hånell, echoed the sentiments, noting that the venture aligns with his company’s goals.
“We are committed to operational excellence and expanding into key energy markets,” Hånell stated.
 “This partnership supports our long-term strategy while advancing Nigeria’s energy and shipping landscape.”
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