Chevron Tankers Chartered for Venezuelan Crude Being Marketed Elsewhere

Recent developments have seen tankers chartered by Chevron to transport crude from Venezuela to the United States being marketed for spot contracts elsewhere. This shift comes after the state-owned company PDVSA canceled loading permits and instructed Chevron to return cargoes due to payment uncertainties related to sanctions.

The decision to market these vessels indicates that Chevron does not anticipate loading all the usual cargoes it ships from Venezuela in a month, even if a resolution is reached with PDVSA in the future.

One of the affected tankers, Sea Dragon, which had previously discharged Venezuela’s Boscan heavy crude in Philadelphia, is now being marketed by Agelef Maritime Services according to sources familiar with the matter. Additionally, Chevron is marketing vessel Andromeda, which recently unloaded Venezuelan Hamaca crude at Port Arthur.

As of now, at least six more tankers chartered by Chevron to transport Venezuelan crude to the U.S. in the coming weeks as part of the wind-down of its U.S. license through May 27 are currently stalled in the Caribbean Sea awaiting further instructions. PDVSA’s recent actions, including ordering the return of two cargoes and canceling loading permits for others, have accelerated this process.

For instance, the Chevron-chartered tanker Dubai Attraction, which completed loading Venezuelan Boscan crude in early April, is still awaiting customs paperwork to return its cargo. Similarly, Carina Voyager, managed by a Chevron unit, is near Aruba after returning its 500,000-barrel cargo to PDVSA last week.

Meanwhile, Sea Jaguar’s loading window at Venezuela’s Jose terminal was canceled by PDVSA, with the vessel currently hovering around Aruba. Despite these challenges, other tankers chartered by trading house Vitol continue to load and discharge normally at Venezuelan ports. Additionally, vessels chartered by Reliance Industries for delivery to India and Maurel & Prom for Europe have departed on schedule ahead of the May 27 deadline to wind down cargoes and operations.

Both PDVSA and Chevron have not responded to requests for comment on the situation.

These developments highlight the complex challenges faced by oil companies operating in Venezuela amidst sanctions and payment uncertainties. The shifting dynamics in the tanker market reflect the ongoing impact of geopolitical factors on global oil trade.

(Source: Reuters)