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Drewry: US sanctions on Venezuela to advance tanker tonnage demand

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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US to impose sanctions on Venezuela’s state-owned oil group

Trump administration has moved forward, imposing new financial sanctions on Venezuelan state oil firm PDVSA, as part of a pressure campaign to make the government of Venezuelan president Nicolás Maduro step down. The new US measures aim to affect the pattern of petroleum shipping in the Caribbean and beyond, since the US has trade relations of oil and refined products with Venezuela.

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