Oil tankers carrying two months of Venezuelan output stuck at sea | Hellenic Shipping News Worldwide

At least 16 tankers carrying 18.1 million barrels of Venezuelan oil are stuck at sea around the globe as buyers shun them to avoid falling foul of sanctions, according to Refinitiv Eikon data. That is the equivalent of almost two months of output at Venezuela’s current production rate. Some of the vessels have been at sea for more than six months, and have sailed to several ports but failed to unload. Oil cargoes are rarely loaded onto a tanker without a buyer. Those that are on the water with no buyers are generally seen as distressed in the industry, and typically sold at a discount. Each tanker is incurring hefty demurrage charges for every day’s delay in unloading. The cost for a vessel transporting Venezuelan oil is at least $30,000 per day, according to a shipping source.

Oil tankers carrying two months of Venezuelan output stuck at sea | Hellenic Shipping News Worldwide