Nigerian Shipowners in Dire Financial Straits

MarineLink.com
Thursday, February 20, 2014
Nigeria ensign: Image CCL

The Nigerian Ship Owners Association, NSA, has informed that some of its members are currently grappling with huge financial indebtedness to some banks, which has been aggregated at over $3billion (N480bn) reports the country's National Mirror.

NSA, formerly known as the Indigenous Shipowners Association of Nigeria ISAN, is the umbrella body for all fully Nigerian- owned shipping firms made up of over 40 companies, most of which have closed down or at the verge of being closed down.

Citing the NSA Chairman, Chief Isaac Jolapamo, the National Mirror reports that apart from huge financial indebtedness, more than 50 per cent of the members of the association have shut down due to the harsh [maritime] operating environment.

Source: National Mirror

 

 

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

AEU Presents Safety Awards

The American Equity Underwriters, Inc. (AEU) presented its 2014 Safety Awards at the annual American Longshore Mutual Association, Ltd. (ALMA) Conference on July 19, 2015, in Key Biscayne, Fla.

Hapag-Lloyd Names Haeser Next CCO

Container shipping line Hapag-Lloyd AG’s supervisory board has appointed Thorsten Haeser as a new executive board member in charge of Hapag-Lloyd’s global sales

MARAD to Host Meeting on Proposed Delfin LNG License

MARAD Announces Public Scoping Meetings for Proposed Delfin Liquefied Natural Gas Deepwater Port Export Facility.   On July 29, the Maritime Administration

Finance

Shanghai 6th Best Shipping Center Globally

Shanghai has moved up the rankings of the world’s top shipping centers to sixth place, surpassing Dubai thanks to Free Trade Zone regulations and the Belt and Road Initiative,

Pacific Basin Returns to The Black

Pacific Basin Shipping cut its half-year underlying losses by 32 per cent to US$14.6 million from a year ago, thanks to stringent cost-cutting efforts that helped

Oceanteam Acquires Oceanwind

Oceanteam Shipping has acquired the remaining 48% stake in fellow Dutch firm Oceanwind and is now the sole owner of Oceanwind Cable Storage & Handling Solutions.

News

SSE Rolls Out Two Shipping Indices

Shanghai Shipping Exchange launched on Wednesday the "Belt and Road" shipping indices, tracking trade data and shipping freight rates under the initiatives of

Shanghai 6th Best Shipping Center Globally

Shanghai has moved up the rankings of the world’s top shipping centers to sixth place, surpassing Dubai thanks to Free Trade Zone regulations and the Belt and Road Initiative,

China Cosco Guides H1 Profits at $306mln

China Cosco Holdings, the flagship unit of Cosco Group, is expecting a net profit of Yuan1.9bn ($306m) for the first half, against the Yuan2.3bn loss during the same period last year.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2701 sec (4 req/sec)