PDVSA quietly building fleet of tankers to avoid Treasury sanctions

The winding up of CV Shipping PTE. LTD (a PetroChina / PDVSA joint venture) in late February resulted in PDVSA acquiring four tanker ships that used to be controlled by CV.

Similarly, PDVSA added tankers Kelly, Marbella and Rene to its fleet. These had been managed by AKRON SHIPPING C.A., a local shipping co. In addition, Parnaso, Arita, Terepaima and Paramaconi are also under PDVSA’s control.

The aim of the move, according to our sources, is to build a fleet of tankers (11 so far) that will allow PDVSA to deliver crude -under CFR and DAP incoterms- practically anywhere, without having to rely on shipping companies that may renege on contracts at the last minute due to sanctions imposed by U.S. Treasury.

Sources have mentioned Wilmer Ruperti as one of the people involved in this operation. It follows similar moves, organised by Ruperti back in 2002, when he became PDVSA’s shipping arm for all practical purposes.

It also explains scenarios like the one in which tanker Kelly is involved: sailing the seas since end of April, with 2MB of crude, without any client, anywhere, demanding release of cargo or initiating legal actions to recover it.