• 5 minutes 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 8 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 12 minutes Will Uncle Sam Step Up and Cut Production
  • 4 hours OPEC will consider all options. What options do they have ?
  • 4 hours Danish Royal Palace ‘Surprised’ By Trump Canceling Trip
  • 53 mins Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 7 hours What to tell my students
  • 5 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 4 hours A legitimate Request: France Wants Progress In Ukraine Before Russia Returns To G7
  • 11 hours Recession Jitters Are Rising. Is There Reason To Worry?
  • 5 hours China Threatens to Withhold Rare Earth Metals
  • 7 hours With Global Warming Greenland is Prime Real Estate
  • 20 hours TRUMP'S FORMER 'CHRISTIAN LIAISON' SAYS DEEPWATER HORIZON DISASTER WAS GOD'S PUNISHMENT FOR OBAMA ISRAEL DIVISION
  • 19 hours Maybe 8 to 10 "good" years left in oil industry * UAE model for Economic Deversification * Others spent oil billions on funding terrorism, wars, suppressing dissidents, building nukes * Too late now
  • 16 hours CLIMATE PANIC! ELEVENTY!!! "250,000 people die a year due to the climate crisis"
  • 21 hours Flaring is at Record Highs in Texas
Gibraltar Releases Iranian Tanker

Gibraltar Releases Iranian Tanker

The authorities of Gibraltar have…

PDVSA Tankers To Be Detained For Lack Of Payment

Tanker

Three PDVSA tankers that are late with payments to German operator Bernhard Schulte Shipmanagement (BSM) are being detained, according to Reuters sources, as BSM gives up on waiting for payments while conducting business as usual with floundering state-run PDVSA.

BSM operates almost half of PDVSA’s fleet of tankers, and has made a move to “arrest” three tankers due to the outstanding debt PDVSA has amassed.

BSM and PDVSA have a troubled past, as PDVSA struggles to pay its bills while oil production and exports fall to new lows each month.

In March, BSM announced that it was removing its crews from 10 of these tankers due to a lack of payment, adding that it would return the tankers. PDV Marina—PDVSA’s shipping subsidiary—had declared an emergency following the announcement, saying it did not have the staff to accept the return of the 10 tankers. The amount of outstanding debt at that time was at least $15 million, according to Reuters. Three other tankers remained anchored in Portugal and Curacao while other financial disputes with PDVSA came to light, and BSM abandoned two vessels in Portugal after the staff had been onboard for 20 months.

Mid-March, BSM said it was considering scrapping its agreement with PDVSA entirely as of the end of March or in April due to the sanctions levied against PDVSA. What’s more, BSM said, the political situation in Venezuela made it “an almost impossible task” to manage PDVSA’s assets.

Following that announcement, another ship management firm, US-based McQuilling, announced in March as well that it would end its contracts with PDVSA due to the US Sanctions.

The three tankers BSM arrested are the Arita in Singapore, and the Parnaso and the Rio Arauca in Portugal, according to Reuters.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play