• 2 minutes Rational analysis of CV19 from Harvard Medical School
  • 4 minutes While U.S. Pipelines Are Under Siege, China Streamlines Its Oil and Gas Network
  • 7 minutes Renewables Overtake Coal, But Lag Far Behind Oil And Natural Gas
  • 6 hours Tesla Begins Construction Of World’s Largest Energy Storage Facility
  • 4 hours Joe Biden the "Archie Bunker" of the left selects Kamala Harris for VP . . . . . . Does she help the campaign ?
  • 2 hours Will any journalist have the balls to ask Kamala if she supports Wall Street "Carried Interest" Tax Loophole
  • 1 day Trump Hands Putin Major Geopolitical Victory
  • 5 hours America Could Go Fully Electric Right Now
  • 1 day Those Nasty White People and Camping Racism
  • 4 hours In 1,267 days, Trump has made 20,055 false or misleading claims
  • 2 hours Buying votes is cool now.
  • 16 hours .
  • 13 hours The Truth about Chinese and Indian Engineering
  • 15 hours Brent above $45. Holding breath for $50??
  • 22 hours COVID&life and Vicious Circle: "Working From Home Is Not Panacea For Virus"
  • 2 days China wields coronavirus to nationalize American-owned carmaker
  • 15 hours The World is Facing a Solar Panel Waste Problem
  • 2 days Oil Tanker Runs Aground in Mauritius - Oil Spill

‘Stolen’ Oil Cargo Shows U.S. Sanctions On Venezuela Work

A legal fight over a gasoline cargo anchored near Houston is indicative of the shipping industry increasingly refusing to have anything to do with Venezuela and the efficiency of the U.S. sanctions on Nicolas Maduro’s regime, The Associated Press reports in a new investigation citing court documents and emails.

Companies ultimately owned by Greek shipping magnate Evangelos Marinakis and Venezuelan shipping tycoon Wilmer Ruperti are suing each other in U.S. courts over an attempt by a company of Ruperti’s to have a tanker ultimately owned by a Marinakis company to deliver a gasoline cargo to Venezuela via a ship-to-ship transfer (STS) off Aruba and close to Venezuela’s shores.  

The tanker Alkimos, operated by Marinakis’s Capital Ship Management Corp, has been anchored off Houston for more than two months after it refused to do an STS transfer off Aruba, the AP says.

The shipowner’s broker of Alkimos suspected in March that something was wrong when it was chartered by Ruperti’s ES Euroshipping with instructions that it would do an STS transfer to a ship that has exclusively called at Venezuelan ports over the past year.

“Just to be clear in advance. Owner WILL NOT participate in any illegal trading,” the shipowner’s broker wrote in an email at the end of March, according to the AP investigation.

Alkimos’s broker asked for alternative instructions after suspecting a potential sanctions breach with an STS transfer off Aruba. It never received them within two provided deadlines, so it turned around and headed for Houston at the end of April.

Ruperti’s Euroshipping now claims that the operator of the tanker Capital Ship Management hijacked the cargo, demanding US$2.3 million, while the Greek firm is suing Euroshipping for losses because of delays and staying adrift and is seeking a US$1.7-million lien.   

U.S. officials say that the saga shows that sanctions on Venezuela are working.

“The most reputable firms, including the largest Greek shipping companies, have been cooperative and have shown that they value their reputations and their global businesses,” Elliott Abrams, the Trump Administration’s special representative for Venezuela, told the AP.

According to Reuters estimates, oil tankers carrying at least 18.1 million barrels of Venezuelan oil are currently idling at sea across the world unable to find buyers – some for as long as six months – as many potential and previous customers of Venezuela’s crude are not taking chances with delivery for fear of incurring secondary U.S. sanctions.

By Tsvetana Paraskova 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