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OUR VISION
To deliver exemplary transshipment operations, procurement and charter services "on time" and "on budget" according to global safety and quality standards.
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Nigeria’s Excess Crude Account Shrinks from $35.37m to $376,655
By: ThisDay Newspaper
The balance in Nigeria’s Excess Crude Account (ECA) has reduced significantly from the $35.7 million it was as of June 2022 to $376,655.09 as at July 25, 2022.
A communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting for July 2022, held in Abuja yesterday disclosed this.
Also, the International Monetary Fund (IMF) has advised Nigeria and other African countries currently experiencing high debt levels to as a matter of urgency take proactive measures to restructure them in order to avoid debt crises.
But no explanation was given for the huge drop in the ECA. The slump in the ECA came as allocation to the federal, state, and local governments increased by N121.624 billion as FAAC shared a total sum of N802.407 billion for June.
The sum of N680.783 billion was shared in the preceding month of May and N656, 602 in April.
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Nigeria’s oil revenue suffers further blow as 180,000 bpd Trans-Niger pipeline runs dry due to oil theft
By: Nairametrics
An oil pipeline that is capable of moving 180,000 barrels of crude every day across Nigeria, has stopped transporting the product since the middle of June as a result of theft.
This further brings to the fore the numerous unresolved incidents of crude oil theft, which has become a major challenge in the upstream sector of the industry, which some stakeholders have referred to as organized crime.
According to Bloomberg, an insider who is knowledgeable about the matter but wishes to remain anonymous said that the Trans-Niger pipeline has not yet been officially closed with the communication bandwidth estimated to be about 15% of Nigeria’s latest average daily production output.
What you should know...
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Malaysian port deploys artificial intelligence to improve efficiency
By: Ships & Ports
The Malaysian Port of Tanjung Pelepas (PTP), a joint venture between APM Terminals and the MMC Group, has entered into an agreement to deploy Innovez One’s AI-powered Port Management Information System (PMIS) to improve efficiency and optimise its scheduling.
Port information management systems provider Innovez One said it will supply its MarineM solution to PTP to aid the port in its journey towards digitalisation. The system’s integration at the port is scheduled by the early third quarter of 2022.
MarineM will provide an interface where agents can register their vessels and order services to support arrivals such as supplies, logistics and marine services. Using algorithms powered by artificial intelligence (AI) and machine learning, MarineM’s planning module will automatically manage schedules and dispatch resources.
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UKHO to phase out traditional paper nautical charts by 2027
By: Ships & Ports
For more than two centuries, mariners, shipping companies and international governments have relied on UK Hydrographic Office (UKHO) charts to safely navigate the world’s oceans. However, the agency has announced that it will cease its paper chart production and transition to fully digital products by 2027.
Plans to withdraw the UKHO’s portfolio of ADMIRALTY Standard Nautical Charts (SNCs), which are among the most trusted and widely used official paper charts in the world, come as more marine, naval and leisure users primarily rely on digital products and services for navigation.
UKHO’s Thematic Charts will also go digital.
The phased withdrawal of paper charts will take place over a number of years and is anticipated to conclude in late 2026. In parallel, the UKHO says it will develop viable, official digital alternatives for sectors still using paper chart products.
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