By Jonathan Franklin (Bloomberg) Their industry all but destroyed, former fishermen now run guns one way, diapers another. On the sea with the desperate and ruthless. Venezuela and the island of Trinidad are separated by only 10 miles of water and bound together by the most lawless market on Earth today. Playing out at sea and on the coasts, it is a roiling arbitrage—of … [Read more...]
Banned at Sea: Venezuela’s Crude-Stained Oil Tankers
By Marianna Parraga and Mircely Guanipa HOUSTON/PUNTO FIJO, Venezuela, April 18 (Reuters) - In the scorching heat of the Caribbean Sea, workers in scuba suits scrub crude oil by hand from the hull of the Caspian Galaxy, a tanker so filthy it can't set sail in international waters. The vessel is among many that are constantly contaminated at two major export terminals … [Read more...]
Venezuela Piles Up $1 Billion Bill for Late Shipping Containers
By Corina Pons and Jonathan Saul PUERTO CABELLO, Venezuela/LONDON, April 22 (Reuters) - Venezuelan state agencies have run up close to $1 billion in debts with shipping firms due to delays in returning containers, potentially boosting the cost of importing staple goods as the country struggles with product shortages and an economic crisis. The agencies have held … [Read more...]
PDVSA to Receive First U.S. Crude Cargo from BP, Backlog Eases Around Curacao
HOUSTON, April 6 (Reuters) - Venezuela's PDVSA will discharge in the coming days its first cargo of U.S. crude bought from British BP, who along with China Oil was awarded a tender to supply the state-run company with some 8 million barrels in the second quarter, traders close to the deal told Reuters on Wednesday. PDVSA, who is facing delays to load and discharge tankers at … [Read more...]
Delays at Venezuela’s Main Crude Port Trigger Vessels Backlog
By Marianna Parraga and Alexandra Ulmer HOUSTON/CARACAS, March 24 (Reuters) - Serious delays to load and unload vessels at Venezuela's main crude port started to create a backlog of tankers last week that is now extending to the island of Curacao, according to traders, a union representative and Thomson Reuters data. Some 70 tankers were anchored around state-run PDVSA's … [Read more...]