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Fin bank finances N156m vessel acquisition
FinBank plc has partnered an indigenous shipping company, Jevkon Oil and Gas
Limited, to acquire a 2006 built, double hull vessel, MT Breakthrough to the
turn of N156 million ($10.4 million).
The bank’s decision to embark on the financing of the vessel acquisition
hinges on its belief that shipping takes 80% of global trade. The new
vessel which just arrived Nigeria from South Asia, has as part of its
features 7500 deadweight, a double bottom/ double hull oil tanker and a
pumping rate of 1000 tones per hour.
Other features include a gross net of 4393/2460, group/tank capacity of 10
10 x 8973.0cbm, a slop tank of 252.38MT, in addition to its being epoxy
coated. It has a one diesel engine of 2800hp with 11knots of economic speed.
Diesel generators: 3 x 160.7KW x 150r.p.m 50HZ 400V (Guangzhou NT6135).
Expressing his appreciation to the bank for its patience and understanding
while the financial process lasted, Dr. M.K. George Onyung, Chairman and CEO
Jevkon Oil and Gas, announced that the vessel which is going to be on the
Nigerian flag register, would be on charter to do marine transportation and
chartering transshipment within the nation’s territorial waters and West
Africa.
He said with the vessel acquisition, Jevkon Oil and Gas is set to contribute
its share in further development of maritime industry as well as the
Nigerian flag.
According to Onyung, “The Nigeria flag Administration, Nigerian Maritime
Administration and Safety Agency (NIMASA), is looking for more tonnages… Our
flag administration is not the most popular in terms of the number of ships.
So they (NIMASA) is trying to build a ship register for our flag
administration, and this is an encouragement.”
“We are proud because we have bought a brand new ship and we are putting in
the Nigerian flag. The vessel is going to be classified by the IRS and has a
substantial Protection and Indemnity (P&I) against third party claims. We
are going to have a huge protection between N25 million and above so that we
are fully ready to operate it.”
The Jevkon Oil and Gas boss said as part of the company’s commitment to
expand its horizon, Jevkon Oil and Gas has acquired a huge property in Ubaka
in Akwa Ibom State. The said property which is about 18.3 hectares on a
waterfront of 555metres, according to Onyung, “will serve as the company’s
logistic jetty for storage tanks, fabrication yard, maritime warehousing as
well as a number of facilities.”
He said the location which is just about one mile to the Atlantic Ocean, is
a sheltered anchorage, noting that the Akwa Ibom government is also planning
to put up a seaport there because of its being less prone to too much
current, waves and storms when compares to other locations in the Niger
Delta.
Furthermore, Onyung, also said as part of its expansion, the company is also
into talks with Hyundai
Ship-grounds for the purpose of diversification.
We also have discussion with Hyundai Ship-grounds to be able to provide for
us other types of ships apart from tankers. We are going to diversify into
deep water anchor handling thugs that have up to 1500 horse power engines.
We are also going to ensure that we have the divers support vessel because
our future plan is to acquire Very Large Crude Carriers (VLCC), and in the
future operate a drill ship which is the ultimate.
