According to business insider Africa, 2024, Africa’s vast coastline and numerous ports offer immense potentials for maritime trade. A well equipped merchant fleet will enhance connectivity between African Nations and rest of the World facilitating regional integrated and cooperation. Newly built ships will strengthen merchant maritime fleet and improves intra-African trade, which remain relatively low at 10% compared to other regions.
Accessing up to $1 billion dollars fund for new ship building projects can increase number up to 10 VLCC considered at $100,000,000 each and up to 20 new vessels at building cost of $50,000,000 or 40 other vessels at cost amounting to $25,000,000 each depending on the ship types, sizes, classes and trade purpose.
Several types of ships of various sizes are scarce in Africa making it difficult to deliver maritime projects and sea transportation as African charterers greatly depend on foreign shipping companies. Most of the vessels available are sub-standard and so newly built vessels are required for blue economy.
With sufficient funding African ship-owners can build new vessels of different categories and types such as utility vessels for offshore projects and marine services, tanker vessels for safe cargo transportation and safe storage, new cruise vessels for passengers’ movement, security vessels for maritime security, etc.
Through Vessel Operators Ltd, adequate finance/funding is now available new ship building/offshore projects in Africa. Vessel Operators Ltd also provides comprehensive business plans required of the beneficiaries to access funds.