Seeking Alpha

Navios supertanker hijacked off Nigerian coast

|About: Navios Maritime Holdings Inc. (NM)|By:, SA News Editor

A Very Large Crude Carrier was hijacked by pirates off the coast of Nigeria, with 19 members of the crew kidnapped, vessel owner Navios (NM, NMM, NNA) confirms.

The Nave Constellation, which can carry 2M barrels of oil, was boarded late Tuesday as it was preparing for departure after loading at the Bonny Island offshore terminal.

Navios says the crew that was not kidnapped sailed the vessel to a safe location, and the tanker sustained no damage.

"This is a really bad situation and will raise flags with insurance companies," a VLCC tanker broker based in India - a popular destination for crude oil from Nigeria - tells S&P Global Platts.

Try Seeking Alpha PREMIUM for unlimited analysis on NM