BIMCO Search Results

Results for:Venezuela

Showing 11 - 20 of 477

Filter by area
Filter by location
Filter by content

Tanker market report dated 28 June 2019

02 July 2019

2019 so far has proved to be a year dominated by geopolitical events. The US Administration has placed sanctions on both Iran and Venezuela in a bid to reduce crude exports to zero. Tanker sabotage and disruption in the Middle East Gulf has pushed insurance premiums up and led to some shipowners to avoid the region. Potential disruptions to Libyan supply remain. The US-China trade war has threatened to generate an economic slowdown, adding further market uncertainty. Crude prices have ebbed and flowed, touching highs of $74.57/bbl in April and lows of $54.91/bbl in January as both supply, demand and geopolitical signals vie for supremacy.  The weekly tanker market report by Gibson Shipbrokers.

Tanker market report dated 8 February 2019

11 February 2019

On the 23rd of January the US president recognised Venezuela’s national assembly speaker Juan Guaido as interim president of the country and called Maduro’s government “illegitimate”. Soon afterwards, Washington announced tough sanctions against PDVSA, designed to halt US imports of Venezuelan crude. The government stopped short of placing an outright ban; instead, refiners will be able to continue to receive Venezuela’s crude until the 28th of April as long as payments are placed in to a blocked account. Sanctions have already caused chaos and confusion.  Reuters reported earlier this week that over a dozen of tankers involved in oil trade with Venezuela were anchored in the US Gulf, as shippers seek clarity and payment instructions.  The weekly tanker market report by Gibson Shipbrokers features an overview of the crude oil and oil product tanker market.

Tanker market report dated 16 November 2018

20 November 2018

To say its been tough for Venezuela in recent years would very much be an understatement. The economy has shrunk more than half since 2013, almost 10% of their 30 million population have fled and their oil output – which accounts for 90% of their exports – has plummeted to levels not seen since 1940’s. A chronic lack of investment in the vital oil infrastructure, years of mismanagement and hyperinflation has sent the country’s oil production into ‘free fall’.  The weekly tanker market report by Gibson Shipbrokers features an overview of the crude oil and oil product tanker market.

Tanker market report dated 4 May 2018

07 May 2018

Opec’s decision in November 2014 to remove all production limits hit Venezuela particularly hard as the oil price fell to historically low levels. As a result, the nation’s economy slumped from what was already a precarious position and despite the country sitting on the world’s largest proven oil reserves. The weekly tanker market report by Gibson Shipbrokers features an overview of the crude oil and oil product tanker market.