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

People & Company News

Illegal Fishing Threatens to Revive Somali Piracy

Somali officials say foreign ships plundering fish stocks; Somali piracy greatly reduced due to security measures. A rise in illegal fishing off Somalia could spark a resurgence in piracy,

USCG Rescues 9 from Canadian Tall Ship

Coast Guard search and rescue crews from Station Gloucester, Air Station Cape Cod and the Coast Guard Cutter Ocracoke rescued nine crewmembers from the Canadian

MOL to Name New Chairman, President

Mitsui O.S.K. Lines, Ltd. today announced the appointment of a new chairman and president.   Current President and Representative Director Koichi Muto will assume

Finance

BP Terminates GoM Rig Contracts

BP terminated contracts for two deepwater oil drilling rigs in the Gulf of Mexico as the British oil company slashes its exploration budget due to fallen oil prices.

Cargotec Solely owns China Crane

Cargotec and CAG Marine Holding Limited, which is in turn wholly owned by Carlyle Asia Growth Partners IV, L.P. and CAGP IV Coinvestment, L.P., now jointly own

COSCO China's Piraeus Bid Back on Track

China Ocean Shipping (Group) Co will bid for a majority stake in Greece's port of Piraeus after the country's new socialist government apparently reversed course

News

Illegal Fishing Threatens to Revive Somali Piracy

Somali officials say foreign ships plundering fish stocks; Somali piracy greatly reduced due to security measures. A rise in illegal fishing off Somalia could spark a resurgence in piracy,

BP Terminates GoM Rig Contracts

BP terminated contracts for two deepwater oil drilling rigs in the Gulf of Mexico as the British oil company slashes its exploration budget due to fallen oil prices.

USCG Rescues 9 from Canadian Tall Ship

Coast Guard search and rescue crews from Station Gloucester, Air Station Cape Cod and the Coast Guard Cutter Ocracoke rescued nine crewmembers from the Canadian

 
 
Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Ship Simulators
rss | archive | history | articles | privacy | terms and conditions | 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: 0.2672 sec (4 req/sec)