Riverlake Reports – Live from West Africa: A Slowdown Hits Smalls and Intermediates in WAF

Straight from our desk in Africa, Riverlake reports a sharp cooldown in the West African market for small and intermediate tankers. After months of solid momentum, the pace has dropped — and it shows.

Spot tonnage is piling up, rates are sliding, and owners are adjusting fast. Lome to Lagos (10,000 metric tons) is now fixing at $160,000–$170,000 lumpsum, down from last week. Offshore delays caused by rough weather in Lome are forcing charterers to push stems forward, adding pressure to an already sluggish market.

The Handy/MR segment? Not faring any better. A gasoline fixture with MT Central, Lekki (Dangote Refinery) to Lagos failed at $290,000 lumpsum for 38,000 metric tons. The culprit: weak Nigerian demand as retail prices drop again — NNPC Retail just shaved pump prices from N895 ($0.59) to N890 ($0.58) per liter, stalling import appetite.

Going rates? Lome–Port Harcourt (20,000 metric tons) is fixing around $39,000–$40,000/day on a 10-day TC (local taxes in), while Lome–Lagos is whispered at $33,000/day — still to be tested. Owners are getting more realistic, fast.

And a quick rebound? Unlikely. Market players are in wait-and-see mode, watching closely as Dangote rolls out CNG-powered trucks to supply directly to stations. With diesel trucks losing ground, delivery costs are dropping — and fuel prices could fall even further at the pumps.

Riverlake is watching. Stay tuned. Want the full intel?
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