Major Charterers Shun Venezuela-Linked Tankers

As the United States increases sanctions against Venezuela, major oil charterers are shunning tankers linked to visiting Venezuela, carrying Venezuelan oil or being chartered to or with sanctioned entities. This is reflected in freight contracts for several oil majors and appears to be precautionary as sanctions have heightened since primary sanctions were imposed in January. Such sanctions could have effects on U.S. entities.

"Back in January, we thought there was no secondary sanctions. But then clearly we were wrong," said International Trade Partner Jonathan Epstein. "We are in sort of a limbo. I have advised my clients to stay out of this trade."

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