Inflation: Marine Equipment Owners introduce new leasing rates

"MEOLAN members are among the few sectors, If not the only one that has not done price increment for the past 10 years."

Inflation, new leasing rates. Marine Equipment Owners and Leasing Association of Nigeria, MEOLAN

Inflation, new leasing rates. Marine equipment owners and leasing association of nigeria, meolanThe Marine Equipment Owners and Leasing Association of Nigeria (MEOLAN) has said the exponential hike in the cost of operations of its members has forced the association to introduce new rates with effect from March 1, 2024, for the leasing of its tugboats and barges.

MEOLAN made this announcement in a communique signed by its President, Chief Hope Kuku, and released after its General Meeting held on February 27th, 2024, with more than 22 companies in attendance.

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The meeting which was held at the Association’s secretariat discussed extensively the difficult operating conditions as a result of gallopping inflation in the country and thus the need to adjust rates the reflect the new realities and remain in business.

The meeting thus approved new price regime for tugboats and barges and agreed on the following highlights:

  1. MEOLAN members are among the few sectors, If not the only one that has not done price increment for the past 10 years.
  2. The cost of building new equipment has Increased more than 300%.

3   Cost of maintenance of our equipment has skyrocketed.

4  the cost of lubricants, oils, diesel etc has increased more than 300%.

  1. As at 10 years ago we know the value or the dollar against the naira, today a dollar is more than N1500.00

The following resolutions were also reached:

  1. Daily rate for a double screw pusher tugboat shall be for a minimum of N250,000.00
  2. Daily rate for a 700 tons barge and above shall be for a minimum amount of N250,000.00
  3. Barges below 700 tons shall be open for negotiation.
  4. This new price regime will take effect from the 1st of March 2024.

Meanwhile, MEOLAN President, Hope Kuku also assured the association’s teeming clientele and the people and government of Nigeria that its members  will continue to provide top notch services and work hand-in-glove with stakeholders in the marine sector to realise their lofty goals and objectives. This is by ensuring that they abide by the highest levels of professionalism in order to deliver optimal customer fulfilment at all times.

 

 

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