Business

First Direct Ship From China Arrives Lagos PTML In 27 Days

Published

4 months ago

February 16, 2025

Editor

PTML Terminal, the largest multipurpose terminal in West Africa, recently made history with the arrival of the MV Great Cotonou, the first Con-Ro (Container-Roll-on/Roll-off) vessel, which reached Lagos from Shanghai in a record 27 days.

In a statement over the weekend, PTML stated that this milestone marks a significant advancement in maritime trade between China and Nigeria, reducing transit times and enhancing logistics efficiency.

Owned by global shipping giant Grimaldi Group, which also operates PTML Terminal, the MV Great Cotonou is set to transform regional trade by offering the fastest transit time on this route—just 27 days.

Unlike other shipping services that require transshipment at intermediary ports, this direct service ensures faster and more reliable delivery for Nigerian importers, eliminating delays and additional handling costs.

With this innovative service, Nigerian businesses can now receive not only containerized cargo but also vehicles—including cars, vans, trucks, and project cargo—all on the same vessel.

This unique multimodal transport solution presents a substantial logistical advantage, streamlining supply chains and reducing overall costs for importers.

PTML Terminal is well-equipped to handle this new service, boasting state-of-the-art facilities, easy port access, and a dedicated workforce to ensure seamless operations.

The terminal’s highly efficient cargo-handling capabilities will further enhance the benefits of this direct shipping route.

The vessel’s arrival was commemorated with a high-profile welcoming event attended by key figures in the maritime industry. Among those present were Andrea Grimaldi, representing the Grimaldi family, alongside Giampaolo Vitale, Line Manager, and Salvatore Califano, Director of Grimaldi. PTML’s Managing Director, Ascanio Russo, also attended the event, emphasizing the significance of this milestone.

Speaking at the event, Russo stated: “The arrival of the Great Cotonou at PTML represents a pivotal moment for Nigerian importers.

“This service will significantly reduce transit times and logistics costs while offering unmatched convenience by accommodating various types of cargo in a single shipment.”

“We have the infrastructure, the expertise, and the human capital, and we will offer great service to our importers and exporters.

“The arrival of this ship and this new service will definitely create many more opportunities for our terminal, workers, host community, and Nigeria as a whole.

“This is the largest container-RoRo ship coming to Africa, and we have upgraded our facilities to receive this kind of vessel.

“We have recently acquired a massive mobile harbor crane costing more than USD 10 million. Additionally, we had to upgrade our infrastructure, including the quayside, with an investment exceeding USD 5 million just to accommodate these ships,” Russo said.

Also speaking, Andrea Grimaldi said, “Our goal is to create a fast and efficient trade link between Shanghai and West Africa, particularly Lagos.

“The Great Cotonou offers a direct connection with a rapid 27-day transit. We are starting with Shanghai, but as demand grows, we plan to expand our coverage to other Chinese ports and beyond.”

With this groundbreaking development, Nigerian businesses and logistics operators now have access to a faster, more efficient, and cost-effective trade link with China

Rhe direct Shanghai-to-Lagos route reinforces Lagos as a key hub in global maritime logistics, strengthening Nigeria’s position as a leading player in West African trade.

As PTML Terminal continues to expand its service offerings, the launch of this direct shipping route stands as a testament to its commitment to enhancing trade, boosting economic growth, and providing world-class logistics solutions in Nigeria.

Business

JUST IN: Dangote Refinery Hikes Petrol Ex-depot Price

Published

7 days ago

June 20, 2025

Editor

Nigerians may soon pay more for petrol as the Dangote Petroleum Refinery on Friday increased its ex-depot price for Premium Motor Spirit to N880 per litre, raising fresh concerns over fuel affordability and price volatility in the downstream sector.

Checks on petroleumprice.ng, a platform tracking daily product prices, and a Pro Forma Invoice seen by The PUNCH confirmed the hike, representing a N55 increase from the previous rate of N825 per litre.

The increment would ripple across the entire fuel distribution chain, likely pushing pump prices above N900/litre in some parts of the country, especially in areas far from the distribution hubs.

The hike comes despite global crude prices falling. Brent crude dipped by 3.02% to $76.47, WTI fell to $74.93, and Murban dropped to $76.97 on Friday. The decline in benchmarks offers little relief due to persistent fears of sudden supply disruptions.

The refinery has increased its reliance on imported U.S. crude and operational costs amid exchange rate instability, which adds to its pricing pressure.

On Thursday, the President of the Dangote Group, Aliko Dangote, said his 650,000-barrel capacity refinery is “increasingly” relying on the United States for crude oil.

This came as findings showed that the Dangote Petroleum Refinery is projected to import a total of 17.65 million barrels of crude oil between April and July 2025, beginning with about 3.65 million barrels already delivered in the past two months, amid ongoing allocations under the Federal Government’s naira-for-crude policy.

Dangote informed the Technical Committee of the One-Stop Shop for the sale of crude and refined products in naira initiative that the refinery was still battling crude shortages, which had led it to resort to imports from the United States.

On Monday, the president of the Petroleum and Natural Gas Senior Staff Association of Nigeria, Festus Osifo, accused oil marketers of exploiting Nigerians through inflated petrol prices, insisting that the current pump price of PMS should range between N700 and N750 per litre.

He criticised the disparity between falling global crude oil prices and the stagnant retail price of petrol in Nigeria.

“If you go online and check the PLAT cost per cubic metre of PMS, convert that to litres and then to our Naira, you will see that with crude at around $60 per barrel, petrol should be retailing between N700 and N750 per litre.”

He asserted that if Nigerians bear the brunt of higher fuel costs, they should be allowed to enjoy the benefit of low pricing.

His forecast of increased costs now appears spot on, considering the latest developments.

Marketers are already adjusting. Depot owners and fuel distributors in Lagos and other cities anticipate a domino effect, with new price bands expected to follow Dangote’s lead.

Many had held back pricing decisions since Tuesday, when the refinery halted sales and withheld fresh PFIs. The delay fueled speculation, allowing opportunistic price hikes across various depots.

Business

Naira Appreciates At Official Market

Published

1 month ago

May 24, 2025

Editor

The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

The local currency maintained consistent strength throughout the week, recording gains daily.

On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.

Business

BREAKING: Again, Dangote Refinery Cuts Petrol Price

Published

1 month ago

May 22, 2025

Editor

The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.

The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.

Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.

Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.

A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.

In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.

“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.