October 14th, 20190One in five VLCCs in operation today face restrictions from US sanctions, according to data from Braemar ACM. Research carried out by the shipbroking house also shows that just over a sixth of the world’s suezmax fleet and 10% of the aframax/LR2 fleet face similar trading restrictions from Washington, something that has sparked the...
June 7th, 20190Shippers must brace for more expensive calls to crisis-hit Venezuela. MSC, the world’s second largest liner, yesterday told clients it was imposing surcharges for shipments bound for the politically unstable Latin American nation. “Amid the imposition of sanctions related to Venezuela, and the ongoing political volatility in that...
February 11th, 20190One of the Middle East’s largest shipping lines, National Shipping Company of Saudi Arabia (Bahri), yesterday clarified that its tanker was not breaching the US sanctions on Venezuela. The ship hit the headlines over the weekend as it was alleged it was contravening sanctions placed on the Latin American nation. The ship is bound...
February 8th, 20190Reuters is reporting that sanctions on Venezuela are creating a sizeable tanker traffic jam off the US Gulf coast. More than 20 tankers loaded with 9.6m barrels of Venezuelan oil have anchored off the US Gulf Coast in the past few days after the US imposed sanctions on the South American nation. Moreover, there are a number of tankers...
June 26th, 20180A crude oil tanker that spent a month in a holding pattern waiting to deliver to Venezuela’s state oil firm PDVSA has been able to unload its cargo by a ship-to-ship transfer in the Caribbean, according to Reuters. The 2011-built aframax tanker had been caught up in a dispute between PDVSA and Houston-based multinational energy...
June 14th, 20180Venezuela is contemplating using foreign crude oil to produce fuel for the first time, according to Reuters. The country sits on the world’s largest oil reserves, many of them offshore, but is in an economic recession and has been badly hurt by the crisis at state oil firm Petroleos de Venezuela S.A. (PDVSA), which has been...
June 12th, 20180Venezuela’s state-run oil company PDVSA has completed its first ship-to-ship (STS) fuel transfer and it may provide a chance for the country to reduce the backlog of crude deliveries at its ports, according to Reuters. PDVSA had warned some customers it may have to invoke force majeure, allowing it to temporarily suspend export...
May 11th, 20180Venezuela has fixed the price of shipping fees for services rendered to international vessels in euros or the virtual currency the Petro, which is backed by oil reserves. Fees covered are for mandatory services such as piloting, custody, towing, inspection and refloating, and they are to be paid to the country’s National Institute...
May 8th, 20180Houston-based multinational energy corporation ConocoPhillips is asking a court in the Dutch Antilles to give it control of offshore facilities operated by Venezuela’s state oil firm Petroleos de Venezuela SA (PDVSA), according to the Associated Press and Reuters. ConocoPhillips is trying to recoup more than $2 billion from a...
April 19th, 20180Foreign ships in Venezuela will have to use the recently created cryptocurrency, Petro, to pay for services while in the South American country. And that could put the shipping firms on collision course with the US and its sanctions. Venezuela has vast offshore oil and gas resources. Its embattled government introduced the Petro as...
