Headlines

UN raises alarm that surging freight rates are pushing up import prices

—–as shipping lines are making mega profits

The United Nations Conference on Trade and Development (UNCTAD) has raised the alarm that rising freight rates are threatening to push up global import prices by 11% by 2023 while shipping lines post record profits for the third quarter, according to the UN reports.

The report warned that the high freight prices if sustained, will have a knock-on effect on import and consumer price levels.

The report titled the Review of Maritime Transport, says freight rates are expected to remain high, fuelled by continued strong demand against a backdrop of growing supply uncertainty and concerns about the efficiency of transport systems and port operations.

The average price for a 40-foot container stands at US$9,146.41, according to shipping consultancy Drewry’s World Container Index. The benchmark decreased 0.5% last week but remains 238% higher than a year ago. Drewry expects rates to remain steady this week.

The report comes as container lines are booking hefty profits. Last week, French shipping line CMA CGM reported an eye-watering profit of US$5.6bn for the third quarter, up from US$567mn for the same period last year.

It is a similar story at other major carriers; Maersk, for example, notched up a profit of US$5.5bn for Q3 – a five-fold increase on the same period last year.

“Ocean performance was driven by high rates in an exceptional market during which we kept growing our long-term contract business, thus guaranteeing reliable transportation to our customers,” said Maersk CEO Søren Skou in the company’s financial report.

In what they said was an attempt at calming the market and inflation fears, shipping companies moved to freeze spot rate increases earlier this year and shift to longer-term contracts.

However, experts were skeptical of the impact of such measures. “In other words, setting a cap on spot rates is a different way of saying that a higher willingness to pay on spot is not necessarily what gets you space on the ship. And, of course, if the market is at peak anyway there is nothing lost in implementing such a cap,” Lars Jensen, a shipping container specialist, wrote on LinkedIn at the time.

Steve Saxon, a partner at McKinsey, said in a briefing last week that longer-term contracts are likely to become more common and this will help stabilise the market. He added that shipping rates may “normalise” in the first half of 2022: “When we say normalise, we don’t see rates likely to fall back down to the levels seen in 2019.” In a less optimistic scenario in which there is prolonged congestion at ports or further Covid outbreaks, rates will remain elevated next year, he said.

The potential effect of high freight rates on consumer and import prices varies by country groupings. UNCTAD suggests small island developing states or SIDS, and least developed countries (LDCs) are most at risk of higher prices because they depend more on the international trade system for goods.

The research shows SIDS are facing a 24.2% hike in import price levels, while LDCs could be lumped with an 8.7% rise.

Meanwhile, landlocked developing countries (LLDCs) face an import price increase of just over 3%, with the global average standing at nearly 11%.

“The impact is generally greater in smaller economies. Thus, in Estonia consumer prices would rise by 3.7% and in Lithuania by 3.9% compared with only 1.2% in the United States and 1.4 per cent in China,” states the report.

“This partly reflects their greater ‘import openness’ – the ratio of imports to GDP – which is typically higher in smaller economies – 55% in Lithuania and 60% in Estonia, compared with 11% in the United States and 15% in China.”

The findings also indicate that sustained high shipping rates would not only impact exports and imports, as well as production and consumer prices, but also the prospects for short and medium-term economic recovery from the pandemic. Governments including those of China, the US and Vietnam are “worried” about this and have raised concerns about shipping companies, UNCTAD says. An investigation into carriers has also been launched by competition authorities in Australia.

Elsewhere, UNCTAD’s report predicts that annual growth in maritime trade between 2022 and 2026 will slow to 2.4%, compared with 2.9% over the past two decades. It also states the pandemic has accelerated maritime “megatrends” such as digitalisation and sustainability that are set to transform the industry over the longer term.

Headlines

FG trains 75 boat operators on safe inland waterway navigation

Funso OLOJO

The Federal Ministry of Marine and Blue Economy, in collaboration with the National Inland Waterways Authority (NIWA), has concluded a three-day Boat Navigation and Safety Training for 75 boat drivers and skippers, as part of efforts to improve safety and professionalism on Nigeria’s inland waterways.

The training, which ran from Monday, 22, December, 2025 to Wednesday, 24 December, 2025 focused on equipping participants with the practical knowledge and operational competence required for the issuance of the Certificate in Safe Boating and Navigation.

Participants were drawn from major boating associations, including the Maritime Workers Union, the Association of Tourist Boat Operators and Water Transporters of Nigeria (ATBOWATAN), and the Waterfront Boat Owners and Transporters Association of Nigeria (WABOTAN).

Boat operators from Lagos, Ogun and Ondo states took part in the programme.

Speaking at the closing ceremony, Timothy Clement of the NIWA Lagos Area Office described the training as a significant intervention aimed at reducing accidents on inland waterways.

He noted that many previous boat mishaps were caused by limited technical knowledge and insufficient experience among operators, adding that sustained capacity-building would help address the challenge.

Clement also highlighted ongoing safety measures being implemented by NIWA, including the removal of wrecks to improve navigation and continuous sensitisation of boat operators along major routes such as CMS, Ikorodu, Badore, Badagry and Port Novo.

According to him, NIWA has intensified awareness campaigns, moving from jetty to jetty to educate operators on safe practices, while encouraging boat owners to release more skippers and captains for structured training programmes.

“So far, so good. We thank God for the success of this three-day training for boat skippers.

“Participants came from Lagos and other parts of Nigeria, and over the past three days, they have learned a great deal,” Clement said.

“This year alone, NIWA conducted sensitisation exercises two to three times across different jetties.

“We are encouraging operators to make more of their captains and skippers available for this kind of training.

” I believe that by this time next year, we will have even more reasons to celebrate improved safety on our waterways,” he added.

Also speaking, the Lead Trainer and Consultant, Dr. Sileola Akinbowale, described the programme as a life-saving initiative designed to strengthen manpower capacity and reduce waterway accidents.

She explained that the training was structured to ensure boat operators are properly equipped with both theoretical knowledge and hands-on skills required to operate safely and efficiently.

Akinbowale commended the Federal Government, the Minister of Marine and Blue Economy, Adegboyega Oyetola, and the former Managing Director of NIWA, Bola Oyebamiji, for prioritising safety and capacity development in the sector.

Assessing the programme, she rated it about 90 per cent successful, noting that it combined classroom sessions with practical exercises on the water.

“We did not limit the training to classroom lectures. Participants were taken out for practical sessions at the jetty, which made the programme very effective. It was an all-inclusive training, not just theory,” she said.

She assured that the initiative would be sustained, stressing that continuous capacity enhancement remains critical to saving lives and improving professionalism on inland waterways.

Participants expressed satisfaction with the training, describing it as timely and impactful.

A Lagos-based boat operator, Wasiu Olalekan, said the programme had strengthened participants’ ability to respond to emergencies and distress situations.

“With this training, we now know how to handle distress situations on the waterways because of the knowledge given to us. On behalf of the Lagos State participants, we appreciate the Minister and NIWA management for this opportunity,” he said.

Another participant from Ondo State, Biobaku John, said the training exposed him to critical safety and emergency response skills that would enhance his professionalism.

“I gained important safety and firefighting skills during these three days. As a boat driver, I learned a lot and I am proud to have participated,” he said.

Similarly, the leader of the Ogun State delegation, Pami Ronald, said participants were trained in boat handling, safety procedures, first aid, emergency response, engine maintenance and effective waterway transport management.

“For the past three days, we learned extensively about safety, first aid, how to raise alarms, call for rescue teams and even engine maintenance. The training was very educative,” he said.

The programme forms part of ongoing efforts by the Ministry of Marine and Blue Economy and NIWA, in line with recommendations from investigation reports under the tenure of former NIWA Managing Director, Bola Oyebamiji, to improve safety standards, professionalism and confidence among inland waterway operators nationwide.

Headlines

FG approves 50 percent price slash on Yuletide train services

— as passengers flood train terminal

Funso OLOJO

The Nigerian Railway Corporation (NRC) has commenced 50 percent price discount on Yuletide train services across the country which was approved by the Federal Government to ease traveling during this festive session.

The 50 percent slash in the prices of train services runs between Tuesday, December 23rd, 2025 to Sunday, January 4th, 2026.

According to the statement from the NRC, the commencement of the price reduction attracted huge turn out of passengers who thronged major railway corridors across the country to take advantage of the offer.

At major stations along the Lagos–Ibadan, and Abuja–Kaduna, as well as key narrow gauge routes, passengers turned out in large numbers, with several train departures operating at near full capacity as early bookings reflected strong public response to the 50% discount initiative.

The festive rail service, being implemented by the Nigerian Railway Corporation, runs from Tuesday, 23 December 2025 to Sunday, 4 January 2025, during which passengers enjoy a 50 percent discount on train fares nationwide to ease the cost of festive travel.

Many passengers who interacted with NRC officials expressed appreciation for the 50 percent discounted fares, describing the initiative as timely, thoughtful, and economically relieving, especially for families and group travellers journeying to reunite with loved ones during the Yuletide season.

According to the NRC , the 50 percent Yuletide Train Ride is a people-oriented intervention under the Renewed Hope Agenda of President Bola Ahmed Tinubu, aimed at reducing transportation costs, promoting inclusive mobility, and encouraging the use of rail transport as a safe and reliable alternative during peak travel periods.

Speaking on the commencement of the discounted festive operations, the Managing Director/Chief Executive Officer of the NRC, Dr. Kayode Opeifa, assured passengers of the Corporation’s preparedness to sustain safe, efficient, and customer-focused services throughout the Yuletide period.

The Corporation confirmed that both standard gauge and narrow gauge services are fully operational, with enhanced security, safety, and customer service arrangements in place across stations and onboard trains to manage increased passenger traffic resulting from the 50% discount offer.

Passengers travelling on standard gauge routes are advised to continue using NRC-approved online booking platforms, while passengers on narrow gauge services can purchase their tickets directly at designated railway stations.

The Nigerian Railway Corporation reiterates its commitment to seamless festive operations and urges passengers to cooperate with railway officials and comply with all travel guidelines to ensure smooth journeys throughout the 50% discount Yuletide Train Ride period.

Headlines

NIMASA applauds role of maritime media in Nigeria’s success at IMO council elections

–seeks support to sustain momentum of the global feat

Funso OLOJO

The Nigerian Maritime Administration and Safety Agency(NIMASA) has acknowledged the invaluable support and contributions of Nigerian journalists, especially the maritime media, to the recent success of Nigeria at the International Maritime Organization(IMO) elections.

It could be recalled that Nigeria won the elusive category C council election at the IMO after 14 years of failed attempts.

Receiving the leadership of the Maritime Reporters Association of Nigeria (MARAN) led by Mr Tunde Ayodele on Wednesday December 17th, 2025 at the Headquarters of NIMASA, Edward Osagie, the Deputy Director and Head of the Public Relations Department of the agency, noted that maritime media has complemented the untiring efforts of the Ministry of Marine and Blue Economy and NIMASA to showcase the enormous maritime potential of Nigeria and its capacity in maritime administration that eventually won the country the coveted global seat.

The NIMASA Chief spokesman highlighted the importance of developmental journalism to nation’s building while admonishing the media, especially maritime media, against reportorial style that could demarket the country.

” The international community is taking note of every single report we write as journalists about the country and it’s what they use to assess us as a nation.

” That is why it is imperative for us as journalists to allow patriotism and commitment to nation building guide the way we write”

He however frowned at attempt by few journalists to push wrong narrative over the recent incident of the arrest of a vessel, MT SKIPPER , detained by the United States Coast Guard (USCG)over alleged crude oil theft and other transnational crimes.

Osagie reiterated the fact that the detained vessel was neither flying Nigerian flag nor its purported owners, Thomarose Global Ventures Limited, registered with NIMASA as a shipping company.

He said that what identifies a vessel is the flag it flies and since the detained vessel did not carry Nigeria’s flag, those who tried to ascrib its ownership to Nigeria did so either out of sheer mischief or ignorance.

Osagie however lauded MARAN for its responsible journalism, acknowledging the support of its members to NIMASA despite the agency’s perceived shortcoming in their expectations.

” Despite the fact that the agency may not have met all the expectations of members of MARAN, they haven’t written negative reports on our activities and operations” Osagie noted.

” MARAN brand is a brand I am proud of and we are also proud of in the
industry. MARAN has not done badly in its reportorial duties.

“At NIMASA here, we will support anything you request and in any area we are able to support, we will support the administration for a smooth management of the association.

“And by the grace of God, we will not let you down. God bless you.God bless MARAN” NIMASA Chief image maker declared.

Osagie expressed his gratitude and that of his team to the Director – General of NIMASA, Dr Dayo Mobereola, for his support and encouragement which he said made his job easier as the head of the PR unit.

” I want to appreciate the DG for his support and role in making my job as the Head of PR unit of NIMASA stress-free.

” There is hardly any request for the welfare of journalists that I present to him which he ignores.

” Through his favourable disposition to anything that concerns journalists, he has shown undisguised passion and commitment to the capacity development and welfare of maritime journalists” Osagie declared.

Ayodele has led his caretaker committee members to NIMASA to consolidate on the long-standing relationship between the agency and MARAN.

Leading his PR team to receive the MARAN leadership, Osagie expressed happiness on the visit which he believed will further boost the cordial relationship between the two parties

“I am glad that you’re here today. It’s a special day. I’m glad to have you in our midst today” Osagie enthused.

The two parties engaged in frank discussion aimed at enhancing their operations and further boost their shared values and partnership.

Ayodele informed his hosts that MARAN will continue to practise responsible journalism that will enhance the operations of NIMASA in particular and boost the credibility of the country to the outside world.

He therefore asked NIMASA to reciprocate this gesture through action that will enhance the professional integrity and impact the welfare of his members.

Osagie however pledged the support of the agency for the new caretaker committee and the MARAN as a whole, a situation he said is in alignment with the belief of NIMASA’s management in the values which the agency shares with the association.