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Shipbroker McQuilling ends tanker contracts with Venezuela’s PDVSA

Logistic News - Published on Tue, 19 Mar 2019

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According to an internal document and a person familiar with the matter, 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 US sanctions.

US-based McQuilling Partners Inc, which provided PDVSA with four contract tankers, joined German tanker operator Bernhard Schulte Shipmanagement in withdrawing from providing oil-shipping services to Venezuela. The United States levied sanctions in January on PDVSA and Venezuela aimed at restricting oil revenues to the government of President Nicolas Maduro, whom the United States and 50 other countries no longer recognize as Venezuela’s legitimate leader.

The withdrawal of both maritime services provider undermine the OPEC member’s ability to supply its crude to global markets. Oil provides more than 90 percent of Venezuela’s export revenue.

Oil exports from Venezuela dropped by about 40 percent in the first month after sanctions were imposed on Jan. 28. More than 6 million barrels of oil were stranded on tankers after PDVSA demanded prepayment for the cargoes.

According to a document seen by Reuters, “McQuilling will not engage in any ship brokerage activity and services involving charters with PDVSA” until the sanctions against PDVSA are lifted by the US Treasury.

A McQuilling shipbroker said that “We’re steering clear. We obviously are not moving any barrels over there.”

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Posted By : Rabi Wangkhem on Tue, 19 Mar 2019
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