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Fin bank finances N156m vessel acquisition

By Godfrey Bivbere
FinBank plc has part  nered 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 the 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 tonnes 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.


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