Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you an email with your password.

  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list

Venezuelan loadings require a premium in Caribbean Aframax market

Oil | Crude Oil | Shipping | Storage | Tankers

From boom to bust: How long can tankers benefit from the floating storage craze?

Shipping | Marine Fuels

Platts Bunkerworld

Oil | Refined Products | Fuel Oil | Shipping | Dry Freight | Marine Fuels | Tankers

Mediterranean Bunker Fuel Conference, 9th Annual

Oil | Shipping | Tankers

Americas Aframax freight plummets to approach zero TCE revenue

Venezuelan loadings require a premium in Caribbean Aframax market

Houston — The Caribbean Aframax market is settling into two distinct camps as Venezuelan loadings were booked at a premium to non-Venezuelan loadings Thursday, according to sources and the S&P Global Platts fixture log.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

Exxon was seen booking the Esther Baikal to load a 70,000 mt cargo for a Covenas-US Gulf Coast run at Worldscale 117.5 without a reported loading date as market chatter centered on a pair of Venezuelan liftings on subjects at w122.5.

Valero had the Aries Sun booked for what sources said would be a Venezuela-USGC run loading a 70,000 mt cargo on May 31 at w122.5.

The Caribbean-USGC assessment ticked up w0.5 day on day to w120 as a result of firmer rates being paid or asked for in the Venezuelan market.

Register today

"I think Venezuela is just bad news, something will happen sooner rather than later and everyone will catch wind and boom everyone says no [we won't call there]," a source close to the market said as market chatter was heard of shipowner resistance to calling in Venezuela.

Rumors abounded of vessel arrests due to financial liens on cargoes associated with Venezuelan oil assets, but firm details were hard to come by.

"Venezuela is having issues with just about everything that comes along with not being able to pay and not having money [to maintain ongoing crude operations]," said one source.

Owners were looking for a w5 premium to load in Venezuela over other locations in the Caribbean amid the ongoing issues.

There were some players who saw no premium in favor of one market and saw Venezuela versus non-Venezuela loadings at parity.

A source with a shipowner said it "depends who you ask but I am rating any Caribs cargo at no less than" w122.5.

Others remained perplexed by the situation, stating information on the ground was hard to come by.

"I am wondering what the ... rates are because it seems like people tried to sit back to take out steam for rates, but it doesn't change the picture [in Venezuela] too much," a shipbroker said.

The most recent monthly US Energy Information Administration crude import information showed Colombia outpacing Venezuela on imports.

Colombian crude imports averaged 426,000 b/d in February, compared with Venezuelan imports of 409,000 b/d.

From the start of May through the middle of the month, the scenario was reversed, with the US importing 3.95 million barrels of crude from Colombia, compared with 7.6 million barrels from Venezuela, according to US Customs Bureau data compiled by Platts Analytics.

--Alan Tomczak,

--Edited by Keiron Greenhalgh,