Tanker market report dated 23 August 2019

In January 2019 the Trump administration announced tough sanctions against PDVSA, designed to halt US imports of Venezuelan crude. The US government also blocked access to its financial system for PDVSA transactions. Overall, sanctions have had the desired effect. Crude trade to US refineries came to a halt since February, down from approximately 0.5 million b/d in 2018. US also stopped exporting clean petroleum products (CPP) to Venezuela, most notably naphtha, used to dilute extra heavy grades to make synthetic crude for exports. Venezuela was largely unable to find a replacement for US clean products, with the volume of CPP imports into the country down by more than 50% compared to levels in 2018.

The weekly tanker market report by Gibson Shipbrokers.

MEMBER SECTION

If you are a member, please login using the orange button at the top of the page to view the full article, or register.

If you are unsure of your membership, or wish to become a member, please contact membership@bimco.org.

BACK TO: News & Trends NEXT: Tanker market report dated 19 July 2019

Posted: 26 August 2019

Latest tanker reports

Latest market analysis

ELSEWHERE ON BIMCO

Contracts & Clauses

All of BIMCO's most widely used contracts and clauses as well as advice on managing charters and business partners.

Learn about your cargo

For general guidance and information on cargo-related queries.

Search cargo databases

More about cargo

BIMCO Publications

Want to buy or download a BIMCO publication? Use the link to get access to the ballast water management guide, the ship master’s security manual and many other publications.

View all