Home Business 50% foreign vessels exit Nigeria, freight hike looms – Shipowners
50% foreign vessels exit Nigeria, freight hike looms – Shipowners
Aminu Umar, the President of the Nigerian Chamber of Shipping, has stated that poor government policies and rising insecurity have caused approximately 50% of trading vessels to leave Nigerian waters within the past year.
This has resulted in a shortage of ships in the West African region, leading to a 70% increase in freight rates.
Umar noted that there is currently a stronger market for vessels in Europe due to the ongoing Russia-Ukraine conflict and easier trading restrictions and policies.
He however explained that despite the fact that these vessels bring wet and dry cargoes to Nigeria, the country would not experience scarcity of the products.
source; punchng.com
https://punchng.com/50-foreign-vessels-exit-nigeria-freight-hike-looms-shipowners/
0 Comment
Related Post