WAF Shipping Focus: Week 8
- Agwe Logistics Solutions
- Feb 26, 2024
- 2 min read
Nigeria has officially opened the US$1.5 billion Lekki Deep Sea Port on 23 January 2023, located in the eastern part of Lagos. The port one of the largest in West Africa is expected to reduce congestion in existing ports, and transform the country into a transhipment hub hub. Although Nigeria has six major seaports, only two are in Lagos, Nigeria’s largest city and commercial hub. Between the two, they handle more than 80% of the country’s imports, leading to major congestion, which the new port is expected to ease.
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Red Sea shipping delays and OPEC+ supply cuts are tightening physical oil markets in Europe and Africa as well as the Brent crude market structure, lending further support to oil futures prices, according to traders, LSEG data and analysts. A sustained rise in crude prices would lift energy, transportation and manufacturing costs and threaten to unwind some of the recent falls in global inflation, just as major central banks are expected to begin cutting interest rates.
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Very Large Crude Carrier freight rates for voyages loading in West Africa fell by more than 10% on the day Feb. 21, with sources pointing to a rebalancing of supply-demand fundamentals following the significant rise in rates seen earlier in the month. Platts, part of S&P Global Commodity Insights, assessed the rate for the key 260,000 mt WAF-East route on Feb. 21 at $26.31/mt, down 13% from $30.22/mt on the previous day. Rates for voyages discharging in the UK/Continent region also came under pressure on the day. Platts assessed freight for the 260,000 mt WAF-UKC route on Feb. 21 at $13.09/mt, down 12% from $14.91/mt on the previous day. T
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