A report from C4ADS and IBI Consultants sets out to provide a comprehensive analysis of maritime shipping activity in Venezuelan waters since OFAC designated oil company PDVSA under Executive Order 13850 in January 2019. Before January 2019, Venezuela’s oil trade accounted for more than 95% of the country’s export revenue and provided the country with an important source of foreign currency. Now, using an analysis of AIS data from maritime analytics platform Windward and corporate network data from IHS Markit, the report highlights trends in tanker vessel activity such as port calls and dark voyages in order to highlight the ways EO 13850 disrupted shipping networks active in the Venezuelan oil sector. It finds 3 key trends in the year after the designation of PDVSA –
- port calls in the Venezuelan EEZ decreased by 46%, but dark voyages only decreased by 2%;
- China, India and Cuba became top destinations for tanker vessels leaving Venezuelan ports – though in the year after sanctions, vessels leaving Venezuelan ports directly visited over 40 international destinations; and
- while many shipping companies withdrew from Venezuelan oil exports, others entered or increased their involvement in the Venezuelan oil sector – but over 100 tanker vessels made their first port call in Venezuelan waters after sanctions were imposed on Venezuela’s oil sector.
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