What would be the future of NUL after Privatization?
Article 2 of the national shipping Policy Act of 1987, which is based on the recommendations of the United Nations Conference on Trade and Development (UNCTAD), makes it mandatory for indigenous shipping lines under the code cargo sharing formula of 40:40:20, carry at least 40% (forty per cent) of the cargo generated in that country. A majority of the oil producing and exporting countries in the world, either the governments or the producing and marketing organisations of those countries, adopt operational and marketing strategies that exploit the revenues and profit opportunities of all the modal interfaces of the oil marketing chain, including shipping. For example Saudi Arabia through Aramco owns Vela one of the largest tanker owing and chartering companies in the world, and Cameroon owns tankers that lift crude oil as well as other cargoes. Nigeria Unity line plans to offer the following services in the near future: • Deep sea transportation of net cargo • Ocean transportation of b
