Venezuela closed its maritime border with Dutch Caribbean islands, because of the opposition’s plan to bring in humanitarian aid on February 23, in order to alleviate an economic crisis. Namely, the border is closed with the islands of Aruba, Curacao and Bonaire. This decision was taken after Curacao said that it would help store aid destined for Venezuela.
BIMCO’s analyst, Mr Peter Sand published its analysis on the tanker market, highlighting that after the downfall the market experienced in October, it made a bounce reaching a peak in late November and early December. As prices were pushed down by all-time high Saudi Arabian crude oil production that peaked at 11.1m barrels per day in November.
The Swedish Club has previously advised that sanctions against Iran cause payment problems because banks have proven reluctant to make any payments having even a connection with Iran notwithstanding that the payment may be perfectly legitimate. In line with its previous announcement, the Club now informed that the problem is not isolated to Iran.
UK P&I Club issued a circular concerning the Venezuelan Sanctions the US imposed to PDVSA on January. The Club addressed that PDVSA has been made a target of the US. In the meantime, a number of General Licences have been issued with authorisations of varying duration to allow U.S. citizens to wind down existing business with PdVSA or its subsidiaries.
in 2018, around 450 kb/d was shipped to the US. The decrease in exports also shows the collapse of production over the same period from 3.4 mb/d to about 1.3 mb/d today. In quantity terms, in 2019 the US will rise its crude oil production by more than Venezuela’s current output. In quality terms, it is more complicated, IEA notes.
Saudi Arabia’s tanker owner Bahri has dismissed reports that one of its very large crude carriers (VLCCs) was breaching U.S. sanctions on Venezuela. The company reports that the cargo, they’re accused of, was contracted on January 9, 2019, well before the U.S. sanctions were imposed against Venezuela on January 28, 2019. The company’s 303,000 dwt oil tanker Abqaiq is on its way from the Red Sea to pick up a cargo from the Port of Jose Terminal in Venezuela for one of its Indian customers.
More than 20 tankers loaded with 9.6 million barrels of Venezuelan oil were anchored off the US Gulf Coast as of 7 February. Some buyers had purchased the cargoes before US imposed the sanctions in late January, using the vessels as floating storage, while others weighed how to pay under the new rules.
US sanctions on Iran have forced South Korea to look for alternative sources of condensates, thereby impacting tonne-mile demand, shipping consultancy Drewry said. Meanwhile, as Asian petrochemical consumption is likely to slow down, intra-regional trade will weaken and will therefore lead to lower charter rates for small gas carriers.
A flotilla loaded with approximately 7 million barrels of Venezuelan oil has formed in the Gulf of Mexico, some holding cargoes bought ahead of the latest U.S. sanctions on Venezuela and others whose buyers are weighing who to pay, according to Reuters. Trump’s decision to impose sanctions last week was meant to undercut support for Venezuelan President Nicolas Maduro.
According to Drewry, US sanctions on Venezuela are possible to shift the pattern of crude tanker trade, with long-haul trade replacing the short-haul trade. In fact, while the expected change in trade pattern will favour VLCCs, it will raise challenges for Aframaxes. These measures could halt Venezuela’s crude exports. Namely, Rajesh Verma, Lead Analyst, Tanker Shipping, explains.
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