Sovcomflot takes PDVSA to court over missing $30m charter fees

Sovcomflot has gone to court over a charter dispute with struggling state run Venezuelan energy firm PDVSA.

Reuters is reporting that the Russian line has taken a $20m cargo of PDVSA oil on one of its own ships hoping a UK court will allow it to be used as part payment for some $30m it claims it is owed in charter fees by PDVSA.

Sovcomflot provides around 15% of PDVSA’s tanker transport needs. The Venezuelan company has been hit hard by the low price of oil and owes many other firms around the world – including terminals and shipyards – millions of dollars.

Neither party was willing to comment on the case when contacted by Reuters.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
Back to top button