By Ayomide Otitoju
The Nigerian National Petroleum Company (NNPC) Limited has secured a milestone crude export deal, marking a significant shift in the nation’s oil trading framework. The state-owned energy giant will deliver its first crude cargo on an ex-ship basis this April, in what is being described as a strategic breakthrough.
According to shipping data obtained by TradeWinds, the 164,000-deadweight-tonne Meltemi I, owned by Greek operator Delta Tankers and chartered by NNPC’s shipping subsidiary, is scheduled to load the cargo on April 9 or 10.
“This is a milestone for NNPC and Nigeria. So far, the market had operated primarily on a free-on-board basis,” said Panos Gliatis, Managing Director of NNPC Shipping. “NNPC Trading concluded in March a deal to sell the first delivered crude cargo to one of the big oil majors.”
The ex-ship delivery model—where the seller handles both shipping and insurance responsibilities—represents a shift in strategy for NNPC, which traditionally sold crude under free-on-board terms, placing logistical burdens on the buyer.
This latest development follows NNPC’s first ex-ship liquefied natural gas (LNG) deliveries in 2024. At the time, TradeWinds reported the initiative aligned with NNPC’s strategic goal of becoming “a dynamic and reliable global energy supplier of choice.”
The inaugural LNG cargo was transported aboard Knutsen OAS Shipping’s Grazyna Gesicka, a 174,000-cbm carrier, to Futtsu, Japan, with subsequent shipments heading to China.
Further expanding its logistics capabilities, NNPC is now partnering with Sweden’s Stena Bulk and Nigerian firm Caverton Marine to establish a joint venture focused on tanker and gas carrier operations in West Africa. The venture aims to build a modern, efficient fleet, leveraging both newbuilds and existing vessels, depending on market dynamics.
The joint venture appears to be an extension of a suezmax charter deal NNPC Shipping reached last year with the Stena group. In October 2024, NNPC chartered crude tankers from the Stena Sonangol Suezmax Pool to supply Nigeria’s newly launched Dangote Refinery. Two suezmax tankers were contracted on a time-charter basis to facilitate deliveries.
The latest ex-ship crude deal underscores NNPC’s growing role not just as a producer, but as an integrated global energy trader, with increasing control over logistics and delivery channels.
