By Marianna Parraga and Roslan Khasawneh MEXICO CITY/SINGAPORE, June 24 (Reuters) - Tankers carrying nearly two months' worth of Venezuelan oil output are stuck at sea as global refiners shun the nation's crude to avoid falling foul of U.S. sanctions, according to industry sources, PDVSA documents and shipping data. Washington is tightening sanctions to cut Venezuela's oil … [Read more...]
Trafigura’s Big Bet on Shipping Pays Off With Frontline Deal
By Andy Hoffman (Bloomberg) -- Commodities trader Trafigura Group Pte Ltd.’s big bet on shipping paid off as it agreed on a tanker sale that will give it much-needed cash and a stake in one of the world’s largest oil-freight firms. Frontline Ltd., the Oslo-based oil tanker company backed by billionaire John Fredriksen, will buy 10 newly built Suezmax tankers from Trafigura. … [Read more...]
Trafigura Takes Stake in Frontline
By Victoria Klesty and Terje Solsvik OSLO, Aug 23 (Reuters) - Frontline has agreed to buy 10 Suezmax oil tankers from Trafigura in a cash and share deal worth up to $675 million which will make the Geneva-based trading firm the group's second biggest shareholder. Under the terms of the deal Trafigura will take an 8.5% stake in Frontline valued at $128 million, and will … [Read more...]