The crisis in Greece looks likely to put to an end a big bareboat programme between a number of Greek and Nigerian owners, according to local media in Nigeria. The $250m deal for 40 ships to be used on Nigeria’s cabotage trades is in jeopardy due to the European nation’s worsening economic climate.

Nigerian owners are anxious to increase their fleet size and make the most of the government’s additional ship funding.

At the end of June, the Nigerian Ship Owners Association (NISA) signed a memorandum of understanding (MOU) to bareboat 40 vessels from a consortium of Greek shipowners for use in its cabotage trade.

The vessels will be of various classes and tonnage, and will all be delivered within the next two years, NISA said.

The sale was agreed at a meeting between the two parties held in Lagos, which was attended by Greek owners Constantine Kokkos, Panagiotis Papandopoulus and Dimitris Nomikos, who signed the MOU on behalf of a consortium of shipowners from the country.

Nigeria has founded and will disburse funds from the Cabotage Vessel Financing Fund (CVFF) to domestic shipping companies with which to acquire vessels.