Headlines

Russian aggression disrupts tanker trades, spot fixtures down 8 per cent

Major changes to chartering behaviour, shifts in tanker trade lanes, and an increase in off-market fixtures changed the tanker market dramatically following Russia’s invasion of Ukraine last February.

Analysing reported dirty spot fixtures in 2022, New York broker Poten & Partners has noted a number of key changes and significant variations between tanker sectors.

The total number of spot fixtures fell by almost 8 percent compared with 2021, Poten said. VLCC deals were up by 23per cent but this was more than offset by a 15per cent fall in Suezmax fixtures and a 22per cent drop in Aframax deals.

The increase in VLCC fixtures was the result of more relatively short voyages such as the US Gulf to UK Continent, Poten said. The fall in the number of reported Suezmax and Aframax deals was a result of Russian sanctions, with less intra-regional trade and more long-haul trips to Asia. Both cargo volumes and tonne-miles rose across the board.

China’s Unipec was the largest VLCC charterer by far, with 931 fixtures and an 18.3per cent share of the market, according to Poten’s figures. Next came ExxonMobil, Shell, and Vitol with 4.4per cent, 3.8 percent, and 3.4per cent shares respectively.

The Suezmax picture changed dramatically. Lukoil dropped out of the top ten and was replaced by India’s IOC.

Total was the largest charterer, jumping to the lead position from number nine in 2021. ExxonMobil went from seventh to second over the same period.

Fewer fixtures were reported in the Aframax sector, Poten noted, although both tonnes moved and tonne-miles increased. This suggests a larger volume of off-market activity, the broker said, particularly fixtures involving Russian crude oil.

Customs

Customs threatens to arrest, prosecute air travellers carrying currency above $10,000 threshold without declaration.

-as Nigeria tightens its anti- money laundering laws

Gloria Odion

The Nigeria customs service, in collaboration with other sister agencies, had engaged international airline operators in a sensitization exercise over the need to strengthen Nigeria’s anti- money laundering laws.

The sensitization programme, held at the Nnamdi Azikiwe International Airport, Abuja, was meant to raise awareness on the importance of enforcing Nigeria’s currency declaration laws among inbound and outbound travellers.

The engemement addressed the role of airline personnel in ensuring compliance, especially in reminding passengers about declaration requirements through in-flight announcements, form distribution, and cooperation during customs checks.

Officials emphasised that any passenger carrying over the regulatory threshold, currently $10,000 or its equivalent, is required to make a declaration to the authorities.

Failure to comply, they warned, could result in seizure, investigation, and prosecution under Nigeria’s anti-money laundering laws.

Additional requirements discussed included the mandatory submission of electronic manifests (e-Manifests) before aircraft arrival, as well as complete passenger details such as names, countries of origin and destination, and flight numbers, stating that these records allow customs and security officers to conduct targeted risk assessments and enhance border surveillance operations.

Assistant Comptroller of Customs in charge of the Anti-Money Laundering and Countering the Financing of Terrorism Unit, Salihu Mas’ud, led the engagement and expressed confidence in the outcomes.

According to him, the Service has already implemented several operational tools to support effective enforcement.

“What we have achieved so far is to be able to sensitise them. We’ve gone round to check all the points.

” We have dedicated search rooms for secondary searches. There are dedicated posts for currency declarations, and they are in place.

” Announcements are also being made on the Public Address System. We have also gotten the commitment of the airline operators to ensure that these announcements are also being made on board their flights,” he said.

He added, “We expect higher compliance, and it will strengthen our enforcement mechanism.

” It also ensures that defaulters and violators of currency declarations are detected promptly and forwarded for necessary investigation and prosecution.”

The sensitisation session highlighted the importance of inter-agency collaboration in securing Nigeria’s borders and preventing illicit financial flows.

With growing concerns over terrorism financing and smuggling of undeclared funds, the NCS said sustained partnerships with airline operators, airport authorities, and intelligence agencies will remain key to its success.

Headlines

Opeifa reaffirms commitment to infrastructural upgrade, staff welfare at Northern District headquarters of NRC in Zaria

Funso OLOJO

The Managing Director of the Nigerian Railway Corporation (NRC), Dr. Kayode Opeifa, has reaffirmed the commitment of the management of Nigerian Railway Corporation(NRC) to the upgrade of railway infrastructure and staff welfare at the Northern district headquarters of the corporation in Zaria.

Opeifa made the pledge while touring critical assets and infrastructure at the corporation’s district headquarters, Zaria in Kaduna state.

The visit was part of the Managing Director’s ongoing nationwide assessment tour of operational facilities and infrastructure under the Nigerian Railway Corporation.

During his time in Zaria, Dr. Opeifa met with district management and staff, inspected key installations, and reviewed ongoing and upcoming projects in line with the Renewed Hope Agenda of the Federal Government.

As part of his engagement, Dr. Opeifa met with the Staff,Nigerian Union of Railwaymen (NUR), the Senior Staff Association (SSA), Pilot Drivers on training and the Pensioners.

He reassured railway pensioners that issues concerning outstanding pensions are already being addressed, and urged them to remain calm, adding that concrete steps are being taken to resolve all concerns.

“We understand the importance of pension to our retired personnel, and I want to assure you that everything necessary is being done,” Dr. Opeifa stated.

“I will do all within my power to ensure that you receive what is rightfully yours.”

During the visit, Dr. Opeifa also toured key support facilities including the NRC Training School, the District Clinic, the Central Workshop, and the Permanent Ways Hotel.

He commended the efforts of the staff managing these facilities but emphasized the urgent need for upgrades and modernization to improve service delivery, staff welfare, and capacity building.

“To truly transform the Nigerian Railway system, we must also invest in our people, their health, their training, and the infrastructure that supports them,” he remarked.

In a show of gratitude and support, the Railway District Manager (RDM) of the Northern District Zaria , Engr. Adedeji Adewala Rasheed, thanked the Managing Director for the visit and reaffirmed the district’s commitment to the national vision.

“We are honoured by your presence, sir, and I assure you that the Northern District will always be ready to receive you at any time,” Engr. Rasheed stated.

“The Iron Men of this district stand firmly behind you and will give you their full support to ensure that your objectives in transforming the railway system are fully achieved.”

Dr. Opeifa emphasized the importance of the Northern District to the national railway network, particularly in enhancing connectivity between key cities, boosting trade and agricultural logistics, and supporting economic development across the northern region.

“We are committed to revitalizing the railway system across the country, and Zaria remains a critical hub in this transformation,” he added.

“Our focus is on efficiency, safety, and long-term sustainability, ensuring that the NRC meets the demands of a modern transport system.”

The Managing Director was warmly received by other senior officials, who briefed him on current operations, challenges, and areas of opportunity.

Dr. Opeifa assured the team of continued support and strategic interventions aimed at improving service delivery and expanding rail infrastructure.

This visit underscores the NRC’s dedication to closer engagement with its regional offices and stakeholders, reaffirming its mission to deliver reliable and world-class rail transport services for Nigeria.

Headlines

NIMASA reaffirms confidence in indigenous technical ability in ship building and repairs

Funso OLOJO

The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola, has expressed confidence in the technological competence and abilities of indigenous engineers to carry out ship building and repairs locally.

Dr Mobereola made this assertion in Lagos during his visit to Nigerdock at Snake Island integrated Free Zone,where he had gone to inspect and assess the ongoing maintenance work on the DB Lagos, a special mission vessel used for maritime surveillance and national security operations.

The vessel plays a vital role in combating oil theft, smuggling, illegal immigration, and other maritime crimes within Nigeria’s waters.

Speaking during the inspection, Dr. Mobereola expressed satisfaction with the progress made and described the project as a clear demonstration of Nigeria’s capability to handle sophisticated ship repairs and construction.

“What I am seeing here today is a testimony to the fact that we have the ability not only to repair but also to build here in Nigeria,” he stated.

He further emphasized that the inspection aligns with the vision of the Minister of Marine and Blue Economy, Adegboyega Oyetola, who has prioritized the development of local capacity in shipbuilding and repairs.

“We at NIMASA are demonstrating our belief in this vision by maintaining our own vessels here,” Dr. Mobereola added.

The visit underscores NIMASA’s drive to promote indigenous maritime infrastructure, enhance national security, and advance sustainable growth in Nigeria’s maritime sector.