This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Abandoned Ships A Rusting Hazard In Nigeria Waters

Stocks in this article: RDS.B

From the air, one can see the wooden ships that carry crude through the Niger Delta's winding creeks to makeshift refineries to cook into crude diesel and kerosene. Much of the oil, however, makes it to large tankers that then carry the oil out to sea and into the black market.

Those tankers are later discarded along the coast. Outside of Lagos at Tarkwa Bay, about a dozen abandoned vessels dot the coastline, including one from Zenon Petroleum & Gas Ltd., run by billionaire Femi Otedola, a supporter of President Goodluck Jonathan.

Coves in the area are being rapidly destroyed by ships, which deflect the force of waves in a different way, causing massive erosion, said Onyema, the professor. Oil from the ship and other debris, visible along the sandy beaches of Tarkwa Bay, cause damage as well, he said.

Yet the ships remain on the beaches. Ziakede Patrick Akpobolokemi, director-general of the Nigerian Maritime Administration and Safety Agency, told The Associated Press in a recent interview the ships would be removed â¿¿ but could not say when or exactly how many abandoned vessels there actually are. Last August, Nigeria's Transport Minister Yusuf Suleiman promised to remove the wrecks within weeks, though nothing was done.

"No sane-minded man or person should be happy with such a situation when abandoned vessels can cause environmental problems, when they can cause navigation problems, when they can aid and abet criminal activity," Akpobolokemi said. "Why should you be happy?"

While the government hasn't begun removing the ships, others have. Groups of salvagers move along the coast, removing whatever electronics and communication gear remaining inside. Gas tanks and blow torches follow, leaving behind exposed metal skeletons along the beach.

But that scavenging takes months, as the heavy waves carry in new ships all the time.


Jon Gambrell can be reached at

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs