México

Guyana

Trinidad
& Tobago




Very usefull links



PW
Bookstore





News links

AP

AFP

Aljazeera

Dow Jones

Oil price

Reuters

Bloomberg

Views and News
from
Norway

 

 

 

Sanctions push trans-Atlantic product freight to Venezuela to huge premium

 

 


 

By Arthur Richier, Solomon Lanitis / Platts

LONDON
Petroleumworld 03 18 2019

US sanctions on Venezuela are driving freight rates for clean oil products heading across the Atlantic to the country to enormous premiums, according to shipping reports.

The Torm Lotte, a 50,000 deadweight Medium Range tanker, was heard on subjects on Friday to load a 37,000 mt gasoline cargo from Cartagena, Spain with options to discharge trans-Atlantic at Worldscale 185 points or Venezuela at w270, the latter believed to be its final destination. The tanker has been reported by multiple shipbrokers as chartered by Repsol.

The rate to discharge in Venezuela represents a Worldscale 90 points premium to the freight rate for loading a cargo in the Mediterranean and discharging in Brazil, currently at w180 according to market participants surveyed.

Repsol and Venezuela's PDVSA have a term agreement, which sees Venezuela exchange crude for products. Due to the swap deal, Repsol is continuing to look to import gasoline into Venezuela, but rising freight costs have become an issue.

"There could be many reasons for the premium being this high, but it could be as simple as this being the only owner agreeing to go there," said a shipbroker.

According to S&P Global Platts software cFlow, the Torm Lotte was off the coast of Morocco on Friday, 424 nautical miles from the port of Cartagena, Spain.

 


________________________


We invite you to join us as a sponsor.

Circulated Videos, Articles, Opinions and Reports which carry your name and brand are used to target Entrepreneurs through our site, promoting your organization’s services. The opportunity is to insert in our stories pages short attention-grabbing videos, or to publish your own feature stories.

________________________

Story by Arthur Richier, Solomon Lanitis from Platts / SPGlobal.

- newsdesk@spglobal.com

spglobal.com
03 15
2019

Hit your target - Advertise with us

PW 300.000 plus request per week

Copyright© 1999-2019 Petroleumworld or respective author or news agency. All rights reserved.

We welcome the use of Petroleumworld™ (PW) stories by anyone provided it mentions Petroleumworld.com as the source.

Other stories you have to get authorization by its authors. Internet web links to http://www.petroleumworld.com are appreciated.

Petroleumworld welcomes your feedback and comments, share your thoughts on this article, your feedback is important to us!

We invite all our readers to share with us
their views and comments about this article.

 

Write to editor@petroleumworld.com

By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to: editor@petroleumworld.com

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels

Twitter: @petroleumworld1


 

TOP

Contact: editor@petroleumworld.com,

Editor & Publisher: Elio Ohep/
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2019, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2019, Petroleumworld   / Elio Ohep - All rights reserved

 

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.