By Barnabas Esiet.
The Managing Director/Chief Executive Officer of NLNG Shipping and Marine Services Limited (NSML), Abdulkadir Ahmed, has emphasized the crucial role of access to finance in acquiring and constructing ships that can propel the Nigerian maritime sector to global prominence.
He stressed that strict adherence to standards is essential to ensure that ships are built and operated to the highest quality and safety standards, enabling them to trade both locally and internationally.
Ahmed made these remarks as a special guest at the 2024 Association of Maritime Journalists Association of Nigeria (AMJON) Maritime Finance Conference in Lagos.
He highlighted the need for shipowners and prospective players to understand the dynamics leading to success in the constantly evolving maritime sector.
Ahmed emphasized that shipping is a capital-intensive activity, and accessing financing is key for acquisition and construction activities.
He noted that the importance of finance cannot be overstated, regardless of the role market owners play.
Ahmed added that having fully compliant vessels trading internationally is paramount, and all stakeholders must understand the ever-changing dynamics to ensure compliance from the conceptualization phase.
The NSML boss pointed out the significance of financial institutions, including insurance institutions, in the acquisition, construction, and operations of vessels globally.
According to the Petrofin Index for Global Ship Finance, the top 40 banks lending to shipping in 2023 was US$284.27bn, with total global bank lending approaching US$375bn in 2023.
Ahmed highlighted the importance of technical competence and expertise in shipping acquisition and construction, given the complexity of modern vessels with advanced technology features.
He stressed the need for a high level of skill and knowledge from the design and acquisition phase to operation.
Regarding shipping standards, Ahmed noted that the landscape of maritime regulations is becoming more stringent, impacting the design and operations of both new and existing assets.
“NSML ensures that clients’ vessels are maintained to the highest global standards, guaranteeing seaworthiness, cargo-worthiness, and global tradeability.” He said.
Ahmed emphasized the importance of compliance with conventions, regulations, and guidelines issued by the International Maritime Organisation (IMO), including SOLAS and MARPOL conventions.
He noted the drive for decarbonization and the need to reduce greenhouse gas emissions, highlighting new rules and regulations owners must be aware of when acquiring vessels.
NSML has been at the forefront of driving compliance with standards and regularly training personnel to future-proof them in the dynamic maritime industry
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