Marine Equipment Owners Give Reasons For New Price Regime

The Marine Equipment Owners and Leasing Association of Nigeria (MEOLAN) have shed light on the hike in prices for tugboats and barges services, saying it became necessary due to high inflation and increased costs.

In a communique issued after its general meeting in Port Harcourt on Tuesday, February 27, 2024, the group outlined the driving factors behind this significant shift.

The communique which was signed by MEOLAN’s President, Chief Hope Ingo Kuku, emphasized its unique position as the only sector that has not raised prices in the past decade.

The equipment owners lamented that a 300% increase in new equipment costs and soaring maintenance expenses, coupled with the need for continuous innovation to meet evolving safety standards, have placed immense pressure on owners of equipment.

At the meeting which was attended by 22 members, the group resolved that daily rate for a double screw pusher tugboat shall be #250k while daily rate for a 700 tons barge shall have a minimum daily rate of #250k.

The group however resolved that barges below 700 tons shall be open for negotiation.

“Maintaining the highest quality standards while remaining competitive in a global market has become increasingly challenging,” MEOLAN added.

Despite these hurdles, MEOLAN has reassured stakeholders that the new price regime aims to foster long-term sustainability and resilience within the sector.

They promised to improve services and requested understanding from their valued customers, as the new pricing structure went into effect on Friday, March 1, 2024.

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