Project Afropax - Ahorlu Marine Limited

Company Description

Ahorlu Marine Holding Company, incorporated in 2014, and subsequently changed its name to Ahorlu Marine Limited, and incorporated in 2024, has principal activities such as maritime advisory, consulting, and project development.

Countries of Operation

• Ghana
• Nigeria
• Ivory Coast

Ownership of Company

Local Company | Entreprise locale (100%)

Number of years since incorporated

2

Project Pitch

Project Afropax

The Abidjan - Lagos Corridor is 1,028km long, spanning 5 countries across 4 costal borders. The corridor currently supports approximately 75% of trade activities of the sub-region. Road travel prone to significant delays as high as 75 hours for trucks caused by numerous barriers and checkpoints along the road corridors. Irregular payments as much as US$510 in bribes for a single truck trip between Accra and Lagos.

Road transport generates 10 times the amount of carbon generated by shipping for every tonne of carbon. Dual-fuel ships generating low emissions in the compliance with the greenhouse gas reduction targets of the International Maritime Organisation. Ferry solution boosting the blue economy of the countries along its route.

A timely, cost-efficient means of transport for small and medium sized, women used businesses to trade across borders, while travelling with their goods. Avoids non-traffic barriers to trade like long queues at border posts and irregular payments. Will operate under African Continental Free Trade Area (AfCFTA) protocols. Improving transport infrastructure and enhancing connectivity is a key solution for boosting intra-African trade.

Attractive returns of the project estimated at internal rate of return of greater than 15%. The project can be expanded with more vessels and routes. Blended with finance instruments to share risks, and has high value assets (ships and port infrastructure) as security.

The project sponsor has synergies with; National Port Authorities as shareholders in terminal infrastructure, and existing maritime repair business.

Team

An estimated 500,000 persons and 15,000 vehicles are moving along the corridor by road each year, majority between Ghana and Nigeria. 70% of traders crossing the borders are women traders travelling with their goods, largely agricultural produce.

Industrial players like Dangote Cement, Dzata Cement, Nestle, Kasapreko, etc move cargo by road along the corridor due to limited availability of adequate shipping solution.

This maritime infrastructure project will see the creation of a vehicle and passenger ferry service connecting the ports of Lagos, Tema, and Abidjan. The project involves the purchase of retrofitting of a methanol-ready ferry, the construction or modification of terminal infrastructure and the procurement of digital infrastructure to support its operation.

Type of Project

Private Company project | Projet d’entreprise privée

Stage

Concept stage | Stade conceptuel

Annual Revenue (in EUR)

0 - 10.000 EUR

Number of employees

1-10

Total Project Cost (in EUR)

EUR 153,050,400.00

Financing needs (in EUR)

EUR 153,050,000.00

Type of financing needed

• Debt | Dette
• Equity | Fonds propres
• Grant | Subvention

The Company is looking for

• Financing | Financement
• Joint Venture/Partnership | Coentreprise / partenariat
• Suppliers for products/services | Fournisseurs pour des produits / services

Planned allocation of fundraising capital

• Greenfield (new activity for the company) | Greenfield (nouvelle activité pour l’entreprise)
• PPP (Public-Private Partnership) | PPP (Partenariat public-privé)