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VESSEL CHANDLING BUSINESS IN NIGERIA;THE OPPORTUNITIES.
Chandling business in Nigeria is one of the easiest business that one could venture in. Unlike oil trading and other upstream and midstream businesses which requires expertise, chandling business is one that requires little or no expertise.
Due to increased vessel activities within sub-Saharan Africa and the poor turn around maintenance of vessels in sub-Saharan Africa has resulted to large amounts of demurrage being paid to the owners of these vessels but at the same time it has been able to create opportunities in the areas of chandling.
A ship chandler is a retail dealer who specializes in supplies or equipment for ships, known as ship's stores. The job of a ship chandler is very unique because it caters specifically to only one line of business therefore allowing a complete exclusivity to both parties – the seller as well as the client. Because of this exclusivity and the nature of the profession, it so happens that each and every ship chandler is held in high esteem and regard.
Items that could be found in a chandlery might include: cornflakes, Fresh water, evaporated milk, butter, sausages, indomie noodles, cracker biscuits, eva water, canned drinks, sardines, fruit juice, tissue paper etc
A few of these services are stated below
(1) Supply of provisions to the crew members/vessels: on requisition by the crew members you will be hinted on a list of provisions such as drinks, biscuits, cigarettes, milk, sugar, sausages, bacon, cornflakes, bottled drinks, sardines, baked beans, ketchup. other items such as toothpastes, toiletries etc
(2) Provision of stationeries: where you will be requested to provide stationeries such as writing paper, biros, pens, pencils, markers, colours etc
(3) Provision of bunker fuel: in this aspect the captain and chief engineer of the vessel contacts you of the type of bunker (fuel) that they would require. They would also advise you on the time they would be ready for this. Once you have this information as the chandler it is your responsibility to get bunkering companies that will handle the process
(4) Provision of fresh water: this will be the responsibility of the chandler to provide once the crew members have made their requests in this regards. This fresh water does not refer to bottled water but water that is used on the vessel by the crew for washing, taking their bath and cooking this is one of the best opportunities that abounds in this area
(5) Adhoc requests: this will entail other various requests by members of the crew such as maybe medical services, protective agency, electrical and other forms of repair works that maybe required on the vessel
For the scope of this feasibility study we will restrict ourselves to the ones that have been mentioned above. The advantage here is that there are always demands to be made from this crew members and there is no complexity that comes servicing these orders which come in the form of purchase orders(POs) which will be sent to you via email from the vessels.
It depends on what structure that you intend having or putting in place as you can either execute these services yourself or you get other experienced hands to do so factoring your own commission into the orders. Also the area of concentration matters for example if you want to deal in supplies of provisions alone or maybe 3 aspects or if possible all aspects will determine how you would structure your business but if you intend to do a lot of them it means that you should be looking at having much more capital to trade with.
The return on investment on the business ranges from 20%- 50%per transaction. This can be done depending on your area of interest in which of the sector(s) that you want to be involved in.
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At Foraminifera Market Research {www.foramfera.com}, we provide bespoke and up to date market research reports for start-ups and those already in business.
Our reports are designed to assist start-ups to understand the legal and financial requirements of starting the business, the market trends vis-a-vis demand and supply, competition, risk identification and mitigation strategies.
You can order our detailed feasibility report on Vessel Chandling in Nigeria by clicking on the link below.
Report Title: VESSEL CHANDLING BUSINESS IN NIGERIA; THE FEASIBILITY REPORT.
Report Code: FORA/2013/3074841/08574
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