Shipbroker McQuilling Ends Tanker Contracts with Venezuela’s PDVSA

HOUSTON, March 15 (Reuters) - A second maritime firm has told Venezuela's state-run oil firm Petroleos de Venezuela it would end all charter contracts with the company as a result of U.S. sanctions, according to an internal document and a person familiar with the matter. U.S.-based McQuilling Partners Inc, which provided PDVSA with four contract tankers, joined German tanker … [Read more...]

Venezuela’s PDVSA Says Still Working with German Shipping Firm

By Mircely Guanipa and Marianna Parraga PUNTO FIJO, Venezuela, March 7 (Reuters) - Venezuela's state-run oil company PDVSA said on Thursday it has not halted business with maritime contractor Bernhard Schulte Shipmanagement (BSM), after the German firm notified it would remove crews operating 10 of 15 PDVSA vessels over unpaid fees and return the tankers. PDVSA's maritime … [Read more...]

Venezuela’s PDVSA Declares Maritime Emergency as Tankers Return

By Marianna Parraga March 6 (Reuters) - Plans by the German operator of a portion of the Venezuelan state oil company's tanker fleet to return 10 vessels because of unpaid fees prompted a unit of state-run PDVSA on Tuesday to declare a maritime emergency, according to a document from the state-run firm and sources. PDVSA's weak finances, the result of mismanagement, a sharp … [Read more...]

16 Tankers Are Stuck With 8.36 Million Barrels Of Crude That Nobody Wants

by Lucia Kassai (Bloomberg) Venezuela is running out of space to store its sanction-stained crude that few dare to buy, forcing it to reduce output at a time when the world is thirsty for heavy, sulfurous oil. Tankers holding 8.36 million barrels of Venezuelan crude worth upwards of a half-billion dollars are floating off the country’s coast as the nation struggles to find … [Read more...]

Armada of Tankers with Venezuelan Oil Forms in U.S. Gulf

By Collin Eaton and Marianna Parraga HOUSTON/MEXICO CITY, Feb 4 (Reuters) - A flotilla loaded with about 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 traders, shippers and Refinitiv Eikon data. The Trump … [Read more...]